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What’s
Celebrants Trumpet the Arrival of Spring Trump
News Moves
Business & Finance To Close
 SoftBank signed a deal to
buy U.S.-based chip designer
Education
Ampere for $6.5 billion, the
Japanese company’s latest in-
vestment to advance its artifi-
cial-intelligence initiatives. B4
Agency
 Early U.S. stock gains fal- Executive order
tered and reversed, leaving seeks to shutter a
the S&P 500 and Nasdaq
down 0.2% and 0.3%, respec- department that
tively, at the close. The Dow Congress established
fell less than 0.1%. B9
 Several leveraged ETFs BY KEN THOMAS
have seen most of their value AND MATT BARNUM
erased in a matter of weeks
after the funds last year WASHINGTON—President
emerged as a go-to investment Trump signed a much-antici-
for short-term traders. B1 pated executive order direct-
ing Education Secretary Linda
 The economic outlook weak-
McMahon to dismantle the
ened for a third-straight month
Education Department, esca-
in February, enervated by fal-
DAN KITWOOD/GETTY IMAGES

lating a bitter political fight

tering consumer confidence. A2
over the future of the agency.
 The family of a whistle- The order directs McMahon
blower who took his own life to facilitate the closure of the
filed a wrongful-death lawsuit agency to the maximum extent
against Boeing, accusing it of possible and permitted by law.
harassing and intimidating the McMahon will face a number

.
former quality manager after he WINTER’S END: A member of the Druid Order blows a horn for a celebration at Tower Hill in London on Thursday. The of complications in shuttering
the department, a task she has

ly
complained of safety lapses. B1 vernal equinox marks the start of the spring season for the Northern Hemisphere and fall in the Southern Hemisphere.
called its “final mission.”
 Nike posted lower profit and
Trump, a Republican, staged
sales for its latest quarter, as

Fossil-Fuel Industry Exacts

the signing ceremony from the
the company stepped up dis-
counts to clear inventory in the
early days of a turnaround. B3
 CK Hutchison in its earn-
on East Room of the White House,
where schoolchildren sat at
desks and appeared to sign
miniature versions of the order
ings report flagged supply-

Its Revenge on Green Activists as the president signed the of-

us ,

chain and geopolitical risks ficial document. He was joined

l

ahead, though it didn’t ad- by a group of Republican gov-

e
al a

dress Beijing’s scrutiny of its ernors, including Govs. Greg

Panama ports deal. B2 Abbott of Texas and Ron De-
Environmentalists million verdict against Green- mand of his oil-and-gas do- Galperin, an associate profes- Santis of Florida.
ci on

 Darden recorded higher

peace that could spell the end nors—including Warren, co- sor of law at Pace University. “It sounds strange doesn’t
sales and earnings in the reel under Trump’s of the group’s U.S. presence. founder of pipeline giant Oil-and-gas executives who it? Department of Education,
winter quarter as it expanded
pro-fossil fuel and These are major setbacks Energy Transfer. The Trump have seen their projects chal- we’re going to eliminate it,”
its footprint and attracted
for green groups. They have team also is making deep cuts lenged by environmentalists and Trump said, adding he hoped
cost-conscious diners. B3 anticlimate actions opposed new exports of U.S. at the Environmental Protec- mired in lengthy permitting McMahon will be “our last
er s

 PDD reported slower natural gas, sought to stop tion Agency, which played a have applauded Trump’s actions. secretary of Education.”
quarterly profit and revenue BY BENOÎT MORENNE new pipelines and asked the central role in the Biden ad- “We’ve just kind of been the The order followed an an-
m er

growth, capping a turbulent government to step up sup- ministration’s rollout of cli- frog in the boiling pot, and it’s nouncement from the depart-
year for the owner of the The oil-and-gas industry is port of communities affected mate policies. just gotten worse, and worse, ment this month that it was
Temu bargain app. B4 landing blow after blow by climate change. The defeats Legal experts said that and worse,” said Alan Arm- slashing its staff by about half,
against climate activists. herald the challenges that ac- while green groups have dealt strong, the chief executive of cutting 1,950 staff positions in
The Trump administration tivists face as President with previous administrations’ pipeline company Williams. total, including 1,315 federal
m rp

World-Wide has cranked out approvals of Trump and his allies move to attempts to weaken environ- Green groups in recent employees through a reduc-
major projects to ship lique- expand fossil fuels’ footprint mental standards, they are fac- years have become proficient tion-in-force process.
fied natural gas from the Gulf here and abroad. ing an extraordinary challenge at litigating against and pro- “See you in court,” Randi
 Trump signed a much- Coast and killed a host of cli- Trump, a Republican, has under Trump 2.0. testing new pipelines, starting Weingarten, president of the
anticipated executive order mate-related initiatives. Mean- directed federal agencies to “What we’re seeing now is with Keystone XL. American Federation of
co Fo

directing Education Secre- while, Texas billionaire Kelcy speed up permits for oil-and- sort of this sense of the oppor- They also have opposed Teachers, said Thursday. The
tary Linda McMahon to dis- Warren has won a nearly $700 gas infrastructure, a key de- tunity for revenge,” said Josh Please turn to page A2 Please turn to page A6
mantle the Education De-
partment, escalating a

Behind the Celtics Sell for $6.1 Billion

Wife Fights to Free
bitter political fight over
the future of the agency. A1
BIG GREEN: A deal to sell the Boston Celtics to private-equity
 Elon Musk is set to receive

Rapid-Fire Prisoner of Russia

firm managing partner William Chisholm sets a record for the
a briefing on the U.S. military’s
highest price paid for a team in American sports history. A12
top-secret war plans for China,
according to two U.S. officials,
giving the wealthy business-
man and presidential adviser
insight into one of the Penta-
Migrant Global largest sales of sport franchises, in billions

Boston Celtics (2025) $6.1B

n-

gon’s most closely guarded

operational blueprints. A3 Removals Washington Commanders
(2023)
Chelsea Football Club
6.0
Thousands of Ukrainian civilians are
behind bars, some enduring torture
 The Taliban released 5.3
(2022)
BY IAN LOVETT
no

American George Glez- The proclamation hit the alien place where Russian
mann, ending his two-year White House website just be- Denver Broncos (2022) 4.7 AND NIKITA NIKOLAIENKO troops cruised the streets in
detention and giving Trump fore 4 p.m. Eastern Time Sat- armored vehicles and en-
a diplomatic victory that urday: President Trump was Phoenix Suns (2023) 4.0 Natalya Barchuk edged tered apartments at will.
could reshape U.S. relations invoking wartime powers to nervously toward the prison Once, she saw a Russian sol-
with Afghanistan. A7 immediately deport alleged Dallas Mavericks (2023) 3.5 in the Russian-occupied city dier batter an old woman
members of the Venezuelan of Kalanchak in southern with a rifle butt.
 A judge temporarily Charlotte Hornets (2023) 3.0
gang Tren de Aragua. In less Ukraine clutching a parcel of “I’m sitting in a hornet’s
blocked members of Musk’s
than four hours, three planes food and a bag of clothes. nest,” she wrote in a text
DOGE from Social Security New York Mets (2020) 2.4
carrying more than 250 mi- She’d been told her hus- message to a Wall Street
Administration systems con-
grants were in the air. band might be inside, one of Journal reporter.
taining personal information, Brooklyn Nets (2019) 2.35 thousands of civilians de- At the jail days after her
saying their work was likely an
illegal “fishing expedition.” A5 By Juan Forero in tained in an opaque prison first visit, a guard handed
Carolina Panthers (2018) 2.2
Bogotá, Colombia, system on occupied terri- her a bag. Ripping it open,
 Trump rescinded an order and Vera Bergengruen Source: staff report tory. Guards accepted the she found a familiar blue T-
targeting Paul Weiss, as the in Washington care packages but wouldn’t shirt among other dirty
law firm bent to White tell her whether her Oleksiy clothes. She pressed it to her
House pressure and agreed In an immigration deten- was there. face and inhaled a recogniz-
to a series of concessions to
avoid a client exodus. A4
tion facility in Texas that
morning, many of the men
Congrats, You’re the Oldest Natalya, then 55, had trav-
eled from her hometown in
able scent. She began to sob.
She had found him.
 Netanyahu fired his do-
knew they were about to be
deported but thought they
Person in Town. Now Prove It. search of him and now
found herself alone in an
Now came the hardest
Please turn to page A9
mestic spy chief, extending a
were headed home to Venezu- i i i
purge of rivals in Israel’s se-
ela. Some told family members

INSIDE
curity establishment while
further overhauling the cabi-
they were even happy that Emerging focus on longevity puts age
their ordeal in the U.S. ap-
net that presided during the
Oct. 7, 2023, attacks. A7
peared to be over. claims under new scrutiny; off by 30 years
“He was relieved because
 Four Canadian nationals he was ready to leave the hole BY AMY DOCKSER MARCUS aging: It’s really hard to prove
were executed in China on where he had been,” Eirisneb someone is as old as they say.
drug-related charges, Cana- Rodríguez said, recounting a Ben Meyers heard about a For a range of reasons—
CHRIS WALTER/WIREIMAGE/GETTY IMAGES

dian authorities said, in a call last Friday from her hus- Japanese woman believed to from incorrect or missing re-
rare case of China carrying band, Obed Navas, a barber be the world’s oldest barber at cords to early-life lies that
out the death penalty who lived in Sherman, Texas. 106. So he sent a colleague to stuck—the stated ages of the
against Westerners. A16 The next night, the Venezu- her salon outside of Tokyo super-old often don’t hold
elans stepped off planes to for a haircut. up to scrutiny.
CONTENTS Markets........................... B9 learn they had landed in El He wanted to know For Meyers, a
Arts in Review... A10-11 Markets Digest...... B7
Business & Finance.. B2 Opinion................ A13-15
Salvador. There, President if Shitsui Hakoishi’s commercial insur-
Business News...... B3 Sports.......................... A12 Nayib Bukele’s government story checked out. ance broker, veri-
Crossword................. A11 Technology................ B4 met them with hundreds of People who live fying people’s
Heard on Street... B10 U.S. News.............. A2-6 soldiers and police to film their beyond 100 are get- ages is a pas-
Mansion............... M1-12 World News... A7-8,16 Do you have ID?
handover and lock them up in ting more attention sion. It’s also his
the Terrorism Confinement than ever, with billionaires new gig. He co-founded a BUSINESS & FINANCE MANSION
> Please turn to page A4 and entrepreneurs plowing company called Longeviquest Biggie Smalls’s mother With a mix of tenacity
money into longevity compa- in 2022 focused on improving
 DOJ, court face off over nies and scientists looking for old-age verification. He and
won fight for control and creative marketing,
deportations........................ A4 treatments to slow aging. But his team dig through old re- of rapper’s work just real-estate agents sell
s 2025 Dow Jones & Company, Inc.
 Visa holders, tourists get the added scrutiny has re- cords, construct elaborate before her death. B1 after disaster. M1
All Rights Reserved harsher welcome............... A5 vealed a challenge of studying Please turn to page A9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A2 | Friday, March 21, 2025 * ***** THE WALL STREET JOURNAL.

U.S. NEWS
CAPITAL ACCOUNT | By Greg Ip

Europe Comes to Life as U.S. Stumbles

A
t the World Eco- U.S. growth prospects have European vs. U.S. stock performance debt brake in 2009 when its ambivalence toward the North
nomic Forum in actually slipped since leaders were determined to Atlantic Treaty Organization
15%
Davos two months Trump’s arrival. In January, avoid the instability that ex- and promised tariffs have cre-
ago, the mood economists expected growth cess debt had wrought on its ated in Europe an urgency
around Europe was of 2.2% annualized in the cur- 10 EURO STOXX European neighbors. around rearming and breaking
funereal. Its economy and rent quarter. Now, estimates 50 Index They succeeded, but at a down internal barriers to in-
markets had underperformed are around 1% to 1.5%. On cost. An aversion to borrow- vestment and innovation.
the U.S. for years. Now a Wednesday, Fed officials low- 5 ing kept German demand de- German conservative leader
newly inaugurated President ered expected growth this pressed and its trade surplus Friedrich Merz, likely the next
Trump promised to sledge- year to 1.7% from 2.1%. high while starving the mili- chancellor, said last month
hammer Europe with tariffs The exact reasons for the 0 tary and infrastructure. that his priority will be to
while juicing U.S. growth downgrade are unclear; the Marking the shift in mindset, “strengthen Europe as quickly
with lower taxes, less regula- first-quarter slowdown re- Defense Minister Boris Pisto- as possible so that, step by
tion and cheaper energy. flects data that predated –5 S&P 500 Index rius said ahead of Tuesday’s step, we can really achieve in-
As usual, the Davos con- Trump’s first full month in vote: “The threat situation dependence from the U.S.A.”
sensus got it wrong. Since office. Still, his trade war has comes before the financial French President Emman-
then, the moods across the taken a toll on business and –10 situation.” uel Macron last month cited
Atlantic have switched places. consumer confidence. Jan. 2025 Feb. March
Germany isn’t the only Trump’s mantra “drill, baby,
European stocks are up nicely, Moreover, the risk that tar- place where pro-growth policy drill” to tout his own agenda
while the American market iffs keep inflation above the Source: FactSet is in fashion again. U.K. Prime of boosting nuclear-gener-
has had a correction (a 10% Federal Reserve’s 2% target Minister Keir Starmer is roll- ated electricity: “Here there
drop). On Wednesday, Federal means the central bank is for U.S., the ECB has cut rates the European Union’s execu- ing out permitting reforms to is no need to drill, it is plug,
Reserve officials revised their now keeping interest rates at twice this year, to 2.5%, and tive arm, is pushing in the speed up the construction of baby, plug.”
outlook for inflation up and 4.25% to 4.5%, though it will likely cut them again, a same direction, proposing to houses, infrastructure and nu- Trump isn’t just changing
for growth down. The dollar, hasn’t ruled out later cuts. useful tailwind to consumers. exempt defense from the clear power plants. Chancellor the policy calculus in Europe.
which shot up after Trump European growth pros- bloc’s deficit caps. On of the Exchequer Rachel In China, his tariffs are eas-

M
was elected, has sunk. pects haven’t changed much. eanwhile, European Wednesday, it proposed a de- Reeves vowed this week to ing the way for more fiscal
Some perspective is in or- In fact, the threat of tariffs leaders have been gal- fense fund of 150 billion eu- ease restrictions on mergers. stimulus. Andrew Batson of
der. A market reversal was led the European Central vanized to act on ros, the equivalent of $164 France, meanwhile, signaled Gavekal Research estimates
overdue; the valuation gap Bank earlier this month to their stagnant economies, no- billion. Participation by U.S. that it would approve loans to that China will run a budget
between European and Amer- mark down expected growth where more than in Germany. weapons suppliers would be finance six new nuclear reac- deficit of 10.9% of GDP this
ican stocks was becoming ab- in the eurozone this year to This week, its legislature limited unless America signs tors, estimated in 2022 to cost year, its largest ever, bringing
surd. Even with revisions, the just 0.9%. amended its constitutional a security agreement with €52 billion. additional stimulus equal to
U.S. is still likely to grow But several positives are “debt brake” to effectively the EU. 2.4% of GDP.

T
faster than the European pushing in the opposite direc- permit unlimited defense “WWII got the US out of hese steps could take There is an irony here. If
Union and Britain this year. tion. Though European leaders spending. Evercore ISI, an in- the Great Depression; Eu- years to bear fruit, and Europe and China succeed in
Business activity indicators in are nervous about Trump’s vestment bank, estimates rope’s rearmament should do there’s no guarantee ex- firing up internal engines of
Europe remain weak. eagerness to strike a peace that defense and infrastruc- wonders for Europe’s cyclical ecution will match intent. growth, that could, along

.
Yet a more fundamental deal in Ukraine with Russian ture spending will rise by the outlook,” Stephen Jen and Still, it’s notable that political with the weaker dollar, help
reappraisal of the two re- President Vladimir Putin, the equivalent of 3% of gross do- Fatih Yilmaz of Eurizon SLJ leaders have mustered the in- narrow their trade surpluses

ly
gions’ prospects might be in prospect has brought Euro- mestic product. The equiva- Capital wrote this week. tent. Why now? Trump can with the U.S. Tariffs would
order, and it has a lot to do pean natural-gas prices down. lent in the U.S. would be More important than the take some credit, though not have achieved Trump’s goal
with Trump—though not the And with underlying infla- nearly $1 trillion a year. numbers is the change in in the way Europe would of reducing the trade deficit,
way most expected. tion lower in Europe than the onThe European Commission, mindset. Germany enacted its want. His overtures to Russia, but not the way he expected.

Home Sales Rise Leading Index

us ,
l

Dropped 0.3%
e
al a

As Some Adapt In February

ci on

To High Rates BY ED FRANKL

The outlook for the U.S.

er s

economy weakened for a

BY NICOLE FRIEDMAN February sales fell 1.2% third-straight month in Febru-
m er

from a year earlier, snapping a ary, dragged by weakening

Sales of existing homes rose four-month streak of year- consumer confidence amid un-
in February, reflecting an in- over-year increases, NAR said. certain federal policies from
crease in shopping activity and The national median exist- the Trump administration.
in the number of homes for sale ing-home price in February was The Leading Economic In-
m rp

since the start of the year. $398,400, up 3.8% from a year dex, or LEI, published Thurs-
U.S. existing-home sales earlier and the highest median day by research group The
rose 4.2% in February from the home price for any February, Conference Board, dropped
ADAM FONDREN/RAPID CITY JOURNAL/AP

prior month to a seasonally NAR said. 0.3% in February, after an up-

adjusted annual rate of 4.26 “Home buyers are slowly en- wardly revised 0.2% fall in
co Fo

million, the National Associa- tering the market, in my view, January.

tion of Realtors said Thursday. even though mortgage rates “Consumers’ expectations
That was far better than ex- have not changed all that of future business conditions
pectations. Economists sur- much,” said Lawrence Yun, turned more pessimistic,” The
veyed by The Wall Street Jour- NAR’s chief economist. Conference Board’s Justyna
nal had estimated a monthly More homes on the market Zabinska-La Monica said.
decrease of 3.2%. also helped. Nationally, there Manufacturing new orders
It was the first month-over- were 1.24 million homes for sale Demonstrators protested against the Keystone XL pipeline in 2019 in South Dakota. also retreated after improving
month increase in two months. or under contract at the end of in January, she added.
Some buyers and sellers who
have been waiting for the mar-
ket to improve are getting used
February. That was up 5.1%
from January and up 17% from
February 2024, NAR said.
Fossil-Fuel amine the legality of Wright’s
approval. The environmental
nonprofit has sued over the Fed-
These arguments failed to
sway the jury, which found
some of the Greenpeace enti-
The LEI continues to point
to troubles ahead, she noted.
Given “substantial policy un-
to current mortgage rates and That is partly cyclical. Hous-
Sector Gets eral Energy Regulatory Commis- ties liable for defamation and certainty” and weaker con-
n-

deciding to make a move any- ing inventory usually rises in sion’s greenlighting of the proj- trespassing. sumer sentiment and spending
way, economists and real-estate the spring, when sellers antici- ect; that agency last year set Greenpeace has said a legal since the turn of the year, eco-
agents said. Many of these
moves are spurred by life
pate more buyers. And inven-
tory is still tight compared with Revenge aside its authorization in order
to conduct further environmen-
defeat could force its U.S. affil-
iate to declare bankruptcy and
nomic growth is expected to
slow to around 2.0% this year,
no

events such as having a baby, before the pandemic. tal studies. Venture Global is would have a profound impact less than the 2.3% forecast just
getting a divorce or relocating But, Yun said, “to truly get now waiting for the agency to on the group’s ability to ad- a month ago, she said.
for a new job. sustained increase in home Continued from Page One reaffirm the authorization and dress climate change. However, the LEI’s six-
“The shock is gone,” said Ju- sales, we do need lower mort- new LNG terminals on the Gulf allow the firm to start con- “No matter this verdict, this month and annual growth
nior Torres, a real-estate agent gage rates.” Coast and last year notched a struction. is just one chapter in a rates, while still negative,
in Seattle. “People are coming Mortgage rates rose starting big victory when the Biden ad- Separately, green groups are broader movement to ensure have been on an upward trend
to realize mortgage rates are in the fall to a recent peak ministration paused authoriza- contending with Trump’s target- environmental and climate jus- since the end of 2023, sug-
going to be between 6% and 7%, above 7% in mid-January, ac- tions for new exports of U.S. ing of Biden climate initiatives. tice and to stand in solidarity gesting headwinds as of Feb-
and this is exactly where we are cording to Freddie Mac. They natural gas. Last month, his administration with indigenous allies,” said ruary may have moderated
right now.” have declined since then, to Under Trump, their gains began notifying workers at the Sushma Raman, interim execu- compared with last year.
Overall, though, low afford- 6.67% as of this week. Real-es- are rapidly unraveling. EPA that they were on adminis- tive director at Greenpeace
ability for home buyers has tate agents said that could spur The president on his first day trative leave, a move that was USA. She said the group would
been keeping market activity more demand heading into the in office lifted Biden’s pause on expected to affect more than appeal the verdict. THE WALL STREET JOURNAL
slow for the third straight crucial spring selling season. LNG exports. Energy Secretary 100 employees in the agency’s Michael Gerrard, a legal
(USPS 664-880)
year. Buyers are turned off by But economists don’t expect and former oil chieftain Chris environmental-justice and civil- scholar at Columbia Law (Eastern Edition ISSN 0099-9660)
high home prices, elevated a big drop in mortgage rates in Wright has already granted per- rights office. School, called the outcome (Central Edition ISSN 1092-0935)
mortgage rates and rising the coming months. The Fed- mits to four LNG projects, in- The EPA received tens of bil- “devastating” and said it (Western Edition ISSN 0193-2241)
costs in many areas for home eral Reserve held its benchmark cluding a conditional approval lions of dollars to spend on cli- would likely force groups op- Editorial and publication headquarters:
1211 Avenue of the Americas,
insurance and property taxes. federal-funds rate steady at its to Venture Global’s Calcasieu mate-related projects from the posed to fossil-fuel projects to New York, N.Y. 10036
Homeowners with low mort- meeting this week. Pass 2 terminal, known as CP2. Biden administration’s 2021 in- revisit their approach. Published daily except Sundays and general
gage rates have also been re- February sales rose the most CP2 has been a test case for frastructure package and the Warren, whose $65 billion legal holidays. Periodicals postage paid at
luctant to sell, keeping the in- in the West, up 13.3% from the supporters and opponents of 2022 Inflation Reduction Act. company owns a lattice of oil- New York, N.Y., and other mailing offices.
ventory of homes lower than prior month, and in the South, new natural-gas-export facili- And environmentalists suf- and-gas conduits across the Postmaster: Send address changes to
The Wall Street Journal, 200 Burnett
normal and pushing prices up. up 4.4%, NAR said. ties. fered yet another blow on U.S., hasn’t hidden his disdain Rd., Chicopee, MA 01020.
In 2024, home sales fell to News Corp, owner of the More than 230 climate Wednesday, when a jury for environmentalists, once All Advertising published in The Wall
the lowest level since 1995 for Journal, operates Realtor.com groups and others urged Biden awarded about $670 million in saying that green activists Street Journal is subject to the applicable
the second year in a row. under license from NAR. to reject the project, arguing damages to Energy Transfer in a should be “removed from the rate card, copies of which are available
from the Advertising Services Department,
that emissions linked to LNG lawsuit against Greenpeace. gene pool.” The tycoon do- Dow Jones & Co. Inc., 1211 Avenue of the
U.S. existing-home sales produced there would equate to Energy Transfer had sued nated more than $15 million to Americas, New York, N.Y. 10036. The
February: 4.26M 20 times the annual emissions Greenpeace in a North Dakota Trump’s re-election. Journal reserves the right not to accept
5.0 million an advertiser’s order. Only publication of
+4.2% from January of ConocoPhillips’s Willow oil state court, accusing several of an advertisement shall constitute final
project in Alaska—a project Bi- its entities of funding attacks
CORRECTIONS 
acceptance of the advertiser’s order.
4.0
den approved, to green groups’ against its Dakota Access Pipe- Letters to the Editor:
Northeast
dismay. line project, as well as of Fax: 212-416-2891; email:
–2.0%
South
Environmental activists
blasted the new authorizations,
spreading misinformation about
the company and its project.
AMPLIFICATIONS [email protected]
Need assistance with your subscription?
3.0 By web: customercenter.wsj.com;
+4.4% saying additional LNG exports It said Greenpeace played a By email: [email protected]
would lock in greenhouse gas pivotal role in coordinating the Israeli strikes Tuesday in By phone: 1-800-JOURNAL
emissions for decades and harm 2016 protests against the pipe- the Gaza Strip killed more (1-800-568-7625)
2.0
local communities. line, which at times turned vi- than 400 people, according to Reprints & licensing:
By email: [email protected];
Midwest “The planet is enduring the olent. Palestinian authorities. A Page By phone: 1-800-843-0008
1.0
(unchanged) highest temperatures in at least Greenpeace said it played a One headline on Wednesday WSJ back issues and framed pages:
125,000 years. These follies will supporting role in the demon- incorrectly implied that Is- wsjshop.com
West make the damage worse,” said strations, which it claimed rael’s leader provided the Our newspapers are 100% sourced from
0 +13.3% prominent environmentalist Bill were organized by Native death toll. sustainably certified mills.
McKibben, the founder of advo- American groups. It said the
Feb. 2024 ’25 Readers can alert The Wall Street
cacy group Third Act. group never took part in any Journal to any errors in news articles GOT A TIP FOR US?
Note: Seasonally adjusted at an annual rate; February 2025 is preliminary. The Natural Resources De- property destruction or vio- by emailing [email protected] or SUBMIT IT AT WSJ.COM/TIPS
Source: National Association of Realtors fense Council said it would ex- lence. by calling 888-410-2667.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * * Friday, March 21, 2025 | A3

U.S. NEWS

Musk to Receive Texas Wildfire Battled, Evacuations Ordered

Briefing on U.S.’s
China War Plans
BY ALEXANDER WARD ing “China will not even be
AND NANCY A. YOUSSEF mentioned or discussed” at
the Pentagon meeting.
WASHINGTON—Elon Musk Michael Sobolik, a senior
is scheduled to receive a brief- fellow for U.S.-China competi-
ing Friday on the U.S. mili- tion at the Hudson Institute in
tary’s top-secret war plans for Washington, said Pentagon
China, according to two U.S. leadership might be trying to
officials, giving the wealthy protect themselves against
businessman and presidential Musk cutting sensitive mili-
adviser insight into one of the tary programs. “But they
Pentagon’s most closely don’t need to give Musk the
guarded operational blue- full briefing to avoid that out-
prints. come,” he said.
Musk is to be briefed on Details of the U.S. war

JON SHAPLEY/HOUSTON CHRONICLE/ASSOCIATED PRESS

how U.S. forces would fight in plans for China aren’t known
a potential China war, includ- and are only discussed pub-
ing maritime tactics and tar- licly by Defense Department
geting plans, the officials said. officials and senior officers in
China will be one of several the broadest terms. The Pen-
topics to be discussed at the tagon maintains operational
Defense Department, one of plans for many potential ad-
the officials said. versaries and updates them
The meeting underscores regularly.
the crosscutting interests Adm. Sam Paparo, the head
Musk has as a senior adviser of the Indo-Pacific Command,
to President Trump with a said last month in remarks at
powerful and expansive role a defense forum in Hawaii
in the new administration. It that the U.S. has “war-win- AIR SUPPORT: A helicopter pulled water from Kade Lake on Thursday to help fight a growing blaze near Cleveland, Texas.
could give him as the head of ning advantages” in any possi-
Tesla, which relies on China ble conflict with China in
for car production, and
SpaceX, a U.S. defense con-
tractor, access to sensitive
space and cyber capabilities,
as well as a “generational ad-
vantage” in submarines.
Florida Looks at Scrapping Its Property Tax

.
military secrets unavailable to Paparo is expected to par-
business competitors. ticipate in the Musk briefing

ly
Musk, according to one with Hegseth, Deputy Defense BY ARIAN CAMPO-FLORES Annual growth of Florida’s formation Institute and state
person familiar with the ar- Secretary Steve Feinberg and AND DEBORAH ACOSTA taxable real property values data.
rangements, is receiving the Adm. Christopher Grady, vice Double-digit Florida’s effective property-
briefing because he asked for
one. He has a security clear-
ance but isn’t in the military
chain of command or known
chairman of the Joint Chiefs
of Staff.
The National Security
Council and Indo-Pacific Com-
on Florida’s leaders are con-
sidering a far-reaching rem-
edy to cut the soaring costs of
owning a home: ditching prop-
15%
increase tax rate ranked 28th nation-
ally in 2023, according to an
analysis by the Tax Founda-
tion. But as real-estate values
to be a military adviser to mand, which is responsible for erty taxes. have surged, the total amount
us ,

Trump. U.S. military operations in Killing property taxes 10 levied has roughly doubled
l

Defense Secretary Pete Asia, declined to comment would leave the state more re- over the past decade, reaching
e
al a

Hegseth confirmed that Musk about the Pentagon briefing liant on its sales tax and strip more than $55 billion in the
would visit the Pentagon on for Musk, which was earlier local governments of revenue 2024-25 fiscal year, according
Friday in a statement on X, reported by the New York to fund everything from 5 to a recent presentation by
ci on

Musk’s social-media site. “It’s Times. schools to social services. A Azhar Khan, staff director of
CHERI RAPELYE

an informal meeting about in- Musk, who leads the De- full repeal is unlikely soon, the Florida Senate’s finance
novation, efficiencies & partment of Government Effi- but the idea is gaining politi- and tax committee.
smarter production,” he said, ciency, has taken a growing cal traction, reflecting the 0 In 2022, Zoe Tosteson
denying that the presidential interest in U.S. national-secu- strain homeowners are under. Property taxes have jumped 2015 ’20 ’24 Losada, now 69, purchased her
er s

adviser would receive a sensi- rity policy. The visit will be The property-tax system is for Zoe Tosteson Losada and Source: CoStar analysis of Florida Department dream retirement home in
tive China briefing. Musk’s first known appear- among the top issues under her husband, Freddy Losada. of Revenue data Palm Beach Gardens for
m er

President Trump also ance at the Pentagon this discussion in the legislative $809,000. About a year after
posted to social media, claim- year. session that began this month. ber. “That American dream in vice president of state projects the purchase, she saw her an-
He has weighed in recently Eliminating property taxes Florida is taking five figures a at the Tax Foundation. nual property-tax bill explode,
on defense acquisitions, call- would be the first such move year in local taxes.” A number of states includ- to about $10,700 from about
ing on the Pentagon to stop in the nation. Revolts against property ing Wyoming, Kansas and $6,000, because the value of
m rp

buying Lockheed Martin’s Republican Gov. Ron De- taxes have erupted elsewhere Montana are weighing signifi- the home was reassessed after
F-35 fighter jets and to shift Santis urged the Legislature in in recent months as home- cant property-tax limitations, changing hands.
to a large fleet of drones. his recent State of the State owners’ tax bills have risen he said. In November, voters She has since realized that
“Manned fighter jets are obso- address to provide relief from alongside home values. Prop- in North Dakota rejected a the cost of the taxes, coupled
lete in the age of drones any- such taxes. And Florida’s law- erty values in the U.S. in- ballot measure that would with ballooning insurance
co Fo

way,” he posted to X in No- makers have filed dozens of creased 27%, adjusted for in- have eliminated property costs, makes staying there
vember. “Will just get pilots bills on the issue, ranging flation, between January 2020 taxes. unlikely. “I will not be able to
killed.” from proposals to end prop- and July 2024, according to Median home prices in retire in this house,” said
Lockheed Martin owns half erty taxes to smaller tweaks the Tax Foundation, a think Florida have skyrocketed, qua- Tosteson Losada, who lives in
of a rocket company that is to give targeted help to home- tank. drupling in the Miami metro the home with her retired
one of SpaceX’s biggest com- owners. “You’re seeing a ground- area since 2012 and more than husband, Freddy Losada, who
petitors in space launch. “People are getting crushed swell of opposition to prop- tripling in the Orlando and is in his 80s, and their son.
KEVIN LAMARQUE/REUTERS

Musk recently made an un- not just by home insurance erty taxes generally”—one Tampa metro areas, according DeSantis has said his goal
announced visit to the Na- but by property taxes,” said reminiscent of a wave of pro- to real-estate brokerage Red- is to get a constitutional
tional Security Agency, an in- GOP state Sen. Jonathan Mar- test in the 1970s and 1980s fin. Average home-insurance amendment abolishing or re-
telligence agency focused on tin, who is sponsoring a bill that triggered ballot measures premiums in Florida have ducing property taxes on the
communications intercepts, to that would require a study on including Proposition 13 in climbed, rising to $3,731 in ballot in 2026, which would
discuss operations and staff the elimination of property California that capped prop- 2024 from $1,973 in 2018, ac- require at least 60% approval
n-

Elon Musk reductions. taxes be completed by Octo- erty taxes, said Jared Walczak, cording to the Insurance In- from voters to pass.
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A4 | Friday, March 21, 2025 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

DOJ, Court Face Off Over U.S. Deportation Flights

BY JAN WOLFE the judge of “continued intru- suit said it is an abuse of
sions into the prerogatives of emergency powers to acceler-
The Trump administration the Executive Branch.” Trump ate mass deportations.
is framing a legal fight over went so far as to call for Boas- During an emergency hear-
flights deporting alleged gang berg’s impeachment on Tues- ing on Saturday, Boasberg is-
members as a constitutional day, triggering a rare rebuke sued a restraining order that

SECRETARIA DE PRENSA DE LA PRESIDENCIA/REUTERS

showdown pitting the vast from Supreme Court Chief temporarily blocked Trump
power of the executive branch Justice John Roberts. from using the Alien Enemies
against a judiciary determined Boasberg has remained un- Act to deport Venezuelans. He
to thwart it. deterred in demanding an- said his restraining order
The clash with U.S. District swers, in writing and under wasn’t a final ruling on
Judge James Boasberg in oath, from Trump officials whether Trump’s proclama-
Washington, D.C., which could about two weekend flights tion was lawful, but would
be headed to the Supreme that deported hundreds of al- preserve the status quo until
Court, has emerged as an leged Venezuelan gang mem- he could consider the legality
early top test case for the bers, despite his order that of Trump’s move.
president’s sweeping asser- the airplanes turn around. “Any plane containing these
tions of executive authority. He was appointed to the El Salvador police escort alleged Venezuelan gang members deported by the U.S to be imprisoned. folks that is going to take off
The Trump administration bench by both a Republican or is in the air needs to be re-
has faced more than 100 law- and a Democrat—first to DC’s der, the Justice Department board. The department said but to determine if the Gov- turned to the United States,”
suits since it took office this Superior Court by President on Thursday provided him those repeated demands rep- ernment deliberately flouted Boasberg said at the hearing.
year, and a string of injunc- George W. Bush before being with a six-paragraph declara- resent “grave encroachments its Orders issued on March 15, About 30 minutes later,
tions and orders have paused tapped for the federal bench tion from a regional ICE offi- on core aspects of absolute 2025, and, if so, what the con- Boasberg issued a written or-
or halted some of its priori- by President Barack Obama. cial that offered no new infor- and unreviewable Executive sequences should be,” Boas- der that blocked deportation
ties. This week, President Boasberg initially gave the mation about the flights. Branch authority relating to berg wrote when he granted flights but made no mention
Trump and his administration Justice Department a Wednes- Calling the declaration “woe- national security, foreign rela- the extension. of his directive to turn around
have singled out Boasberg as day deadline to provide infor- fully insufficient,” the judge tions, and foreign policy,” ac- The standoff, which began flights. The Justice Depart-
the face of its attacks on what mation about the flights, but gave the government until cording to Wednesday’s brief. Saturday, has quickly come to ment has argued that the
it describes as activist, Demo- extended that to Thursday so Monday to provide him with Boasberg rejected the no- a head. The lawsuit, filed by written order is what matters,
cratic-appointed judges who the department could deter- an update on whether it plans tion that he is exceeding his the American Civil Liberties and that “the Court’s earlier
are seeking to derail Trump’s mine whether it is invoking to invoke the state secrets authority, while pushing back Union and Democracy For- oral statements were not inde-
agenda and undermine his au- the “state secrets doctrine,” privilege. at the government’s charac- ward, challenged the presi- pendently enforceable as in-
thority on critical issues. which allows the government The Justice Department has terization of his actions. dent’s move to invoke powers junctions.”
A court filing Wednesday to withhold information in lit- largely stonewalled Boasberg’s “To begin, the Court seeks under the Alien Enemies Act Boasberg has yet to rule on
signed by Justice Department igation when disclosure would requests for information about this information, not as a ‘mi- to swiftly deport members of that argument, but called it a
officials, including Attorney compromise national security. when the deportation flights cromanaged and unnecessary Tren de Aragua, a violent Ven- “heck of a stretch” during a
General Pam Bondi, accused According to a Boasberg or- took off and who was on judicial fishing expedition,’ ezuelan gang. The ACLU law- hearing on Monday.

Trump Sets Deal With

CLOCKWISE FROM TOP LEFT: MIRELYS CASIQUE, YULAINY HERRERA, JOHANNY SANCHEZ, EIRISNEB RODRÍGUEZ

.
Law Firm He Targeted

ly
BY ERIN MULVANEY The president alleged the
on President Trump on Thurs-
day rescinded an executive or-
der targeting Paul Weiss, as
firm used its position to under-
mine the judicial process and
criticized an array of its work,
including a lawsuit brought by
one of the nation’s top law the District of Columbia attor-
us ,

firms bent to White House ney general’s office against in-

l

pressure and agreed to a se- dividuals who stormed the U.S.

e
al a

ries of concessions to avoid a Capitol on Jan. 6, 2021.

client exodus. Trump also cited the firm’s
The agreement between ties to Mark Pomerantz, who
ci on

Clockwise from left, four

deported Venezuelans: Paul Weiss and the White had a two-decade-long associ-
Francisco Javier Garcia; House includes a commitment ation with the firm before go-
Cesar Francisco Tovar; by the firm to provide $40 ing to work on an investiga-
Franco José Caraballo with million in pro bono legal ser- tion at the Manhattan district
his wife, Johanny Sanchez; vices to support the adminis- attorney’s office into Trump
er s

and Obed Navas with his tration’s initiatives, such as and his business.
wife, Eirisneb Rodríguez. assisting veterans and fight- “We look forward to an en-
m er

ing antisemitism. gaged and constructive rela-

Rapid-Fire quests for comment about To-

var and the other detained
Venezuelans whose families
Trump agreed to lift the or-
der after meeting with the
firm’s chair Brad Karp, who
tionship with the president and
his administration,” Karp said.
As part of its deal with the

Immigrant the Journal contacted. worked behind the scenes to White House, the firm agreed
m rp

“They identify the gang mitigate the fallout for Paul not to adopt any diversity, eq-
members with the tattoos, and Weiss following the presi- uity and inclusion practices, and

Removal so they say they’re with the

Tren,” said Herrera, who has a
9-month-old child with Tovar
dent’s sanctions against the
firm last Friday.
Trump’s executive order
committed to “merit-based hir-
ing, promotion and retention,”
Trump said on social media.
co Fo

and is expecting another baby. had directed federal agencies Karp, a prominent donor to
Continued from Page One “But many people have those to remove any of Paul Weiss’s the Democratic Party, chose to
Center, home to the country’s in Venezuela.” government security clear- make peace with Trump even
most violent gang members. The use of tattoos by Tren ances, restrict its access to though another firm in a simi-
On Sunday morning, family de Aragua isn’t as central as it federal buildings and to strip lar predicament, Perkins Coie,
members began recognizing is with, say, El Salvador’s government contracts from recently secured a rebuke of the
the Venezuelans in a video MS-13, said Steven Dudley, co- companies it represents. White House by a federal judge.
posted on social media and director of InSight Crime,
shared by the White House. It worked as barbers and at other Of the 261 deportees, about which tracks organized crime
shows the deportees—now
prisoners—being marched into
jobs, are married with small
children. They were detained in
half were removed under
Trump’s wartime authority, ac-
groups in Latin America.
Herrera said she had lost all
U.S.WATCH
the maximum-security prison, the days after Trump took of- cording to the White House, 101 contact with her husband in El
stripped of their clothes and fice in January, accused of be- were removed under Title 8, Salvador. He has no access to
n-

made to kneel while their hair ing affiliated with TdA and sent regular immigration proceed- a lawyer and no way to get
was sheared. One young Vene- to detention centers in Texas. ings, and 23 were members of home to Venezuela, she said.
zuelan man began weeping and Some families said the accu- El Salvador’s MS-13 gang. She said their dream of
begging to see his mother, said sations of gang membership ICE officials said they vet- building a new life in the U.S.
no

a person who was present. weren’t true. Lawyers for the ted each Venezuelan, taking is gone. “We wanted to come
The White House signaled migrants said the Venezuelans’ court records, interviews with here and make a living and
that the use of wartime pow- abrupt transfer to a Salvadoran suspected members, surveil- save up then go back to Vene-
ers to send deportees to a Sal- prison was illegal and based on lance and other evidence into zuela and buy a house and
JUSTIN LANE/EPA/SHUTTERSTOCK

vadoran prison and broadcast- flimsy evidence—the tattoos account. “ICE did not simply have a business,” she said.
ing their treatment was meant that many of the men wear. rely on social-media posts, Venezuelan officials said
as a deterrent. The Trump ad- Their affiliation with the gang photographs of the alien dis- they attempted to pick up the
ministration is “encouraging wasn’t adjudicated by a court, playing gang-related hand deportees last Friday for repa-
illegal immigrants to actively their lawyers said, and many gestures or tattoos alone,” triation, but poor weather pre-
self-deport, to maybe save weren’t accused of any crimes. Cerna said in his statement. vented their landing in Texas.
themselves from being in one U.S. District Judge James Among those detained was Instead, the migrants were
of these fun videos,” White Boasberg ques- César Francisco designated as the first to leave
House press secretary Karo- tioned whether Tovar, 23 years under Trump’s wartime-powers SPEAKING OUT: Supporters and employees of the U.S. Postal
line Leavitt said. She de- the administra- old, who had invocation, which immigration Service rallied in New York City Thursday in opposition to a plan
scribed the deportees as “hei- tion defied a Accusations of come to the U.S. officials said they considered to transfer control of the USPS to the Commerce Department.
nous monsters” and gang court order that membership in with his family official when the proclamation
members who had invaded the any planes be in October posted to the White House MICHIGAN NEW YORK
U.S. intent on violent crime. turned around the gang TdA 2023, claimed website Saturday afternoon.
Ex-Coach Indicted Noncitizens Can’t
Immigration officials said until he could political asylum Boasberg held an emer-
they saw peril in having the determine
are untrue, some and started gency hearing to temporarily Over Photos, Videos Vote, Court Rules
Venezuelans—whom they said whether the families said. work in a bar- block the deportations. When Former NFL and University New York state’s top court
were members of Tren de Ara- wartime powers bershop. His the order was issued Saturday of Michigan assistant football put an end Thursday to New
gua, or TdA, as police call were invoked wife, Yulainy evening, one plane was still on coach Matt Weiss hacked York City’s effort to empower
them—on U.S. soil. The presi- properly. Boas- Herrera, said the ground in Texas, and two into the computer accounts noncitizens to vote in munici-
dent had designated TdA a berg scheduled a hearing for police on Jan. 27 pulled him others were hours from El Sal- of thousands of college ath- pal elections.
foreign-terrorist organization, Friday on whether to extend his over in San Antonio, where vador. All three landed in Hon- letes seeking intimate photos In a 6-1 ruling, the high
and his invocation of the Alien earlier order blocking Trump they had been living, and asked duras, at Soto Cano Air Base— and videos, according to an court said “the New York
Enemies Act of 1798 cited an from using the Alien Enemies to see his driver’s license. where last month deportees indictment filed Thursday. constitution as it stands to-
invasion by TdA, giving what Act for deportations. Justice She watched as the officers had been transferred to Vene- Weiss, who worked for the day draws a firm line restrict-
immigration authorities said Department officials said two had him take off his jacket so zuelan aircraft to go home. Baltimore Ravens before join- ing voting to citizens.”
was the legal tool to carry out of the planes were out of U.S. they could see the tattoos of This time, the planes were ing Michigan’s staff in 2021, New York City never actu-
lightning-fast expulsions. airspace by the time the judge’s roses, clocks, an eye and a cross routed to El Salvador. In Vene- was charged with 14 counts of ally implemented its 2022
“It was critical to remove written order came down, and on his left arm. They took pho- zuela, families began wonder- unauthorized computer access law. Supporters estimated it
TdA members quickly,” Robert the other held migrants de- tos of them, she said, and put ing what happened when they and 10 counts of identity would have applied to about
Cerna, an acting Immigration ported under a different law. him in the patrol car. An officer lost contact with their detained theft. The indictment was 800,000 noncitizens with le-
and Customs Enforcement Martín Rosenow, a Miami told her he was being held be- relatives. Francisco Javier Gar- filed in federal court in Detroit. gal permanent U.S. residency
field-office director who works immigration lawyer, said his cause he didn’t have a license. cia, a 24-year-old Venezuelan Weiss was fired in 2023 as or authorization to work in
on removal operations, said in client Franco José Caraballo The next day, calling from who migrated to the U.S. to Michigan’s co-offensive coor- the nation.
a federal court filing this week. was taken to El Salvador with- the South Texas ICE Process- work as a barber, called his dinator. Messages seeking The measure would have
“These individuals were desig- out a chance to show he ing Center in Pearsall, Tovar mother every day—and then comment from his attorney let them cast a ballot for
nated as foreign terrorists.” wasn’t a gang member. told her “it wasn’t because of suddenly stopped on Sunday. weren’t returned. mayor, city council and other
The Wall Street Journal “They’re using tattoos to the license” but rather his tat- Then his mother, Mirelys Weiss accessed databases local offices, but not for
spoke with the families of seven show that people are members toos. She said he was told im- Casique, saw the video of mi- of more than 100 colleges and president, Congress or state
of the deported Venezuelan mi- of the gang, and that is all migration authorities tied him grants in El Salvador. She im- universities that were main- officials.
grants, who had all left their they’re using,” Rosenow said. to Tren de Aragua. The Bexar mediately recognized her son. tained by a third-party vendor State Republican officials
homes between late 2023 and He said immigration agents had County Sheriff’s Office didn’t “It’s my son, I can tell by and downloaded personal in- quickly sued over the law,
last year for the U.S., where detained Caraballo on Feb. 3 respond to a detailed email his ears, his head, his body— formation of over 150,000 ath- and state courts at every
they applied for political asy- when he had gone for his immi- seeking comment. ICE officials I’m his mother,” said Casique. letes, the indictment states. level rejected it.
lum. Many of the men, who gration appointment in Dallas. also didn’t respond to re- “I felt my heart sink.” —Associated Press —Associated Press
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * Friday, March 21, 2025 | A5

U.S. NEWS

Family of Slain DEA Agent Sues Cartel

Relatives seeking their remains to be found.
Their bodies, blindfolded,
assets from Mexican gagged, bound and wrapped in
gang that Trump plastic sheets, were found in a
ranch some 60 miles south-
declared terrorists east of Guadalajara.
The DEA mounted a world-
BY JOSÉ DE CÓRDOBA wide manhunt for the drug
bosses involved in the killing.
MEXICO CITY—For de- As part of the investigation,
cades, drug boss Rafael Caro police found an audiotape of
Quintero sat in a Mexican Caro Quintero interrogating
prison serving a 40-year sen- Camarena under torture at a
tence for the brutal 1985 mur- house belonging to Fonseca in
der of a federal narcotics Puerto Vallarta, where the lat-
agent whose death set off a ter was arrested in April 1985,
crisis in U.S.-Mexico relations. according to the lawsuit. Fon-
In a sign of how dramati- seca, now 94, was convicted in
cally President Trump has re- Mexico of Camarena’s murder.
shaped the U.S. posture toward Since 2016, he has been serv-
Mexican kingpins and drug ing his 40-year sentence un-
gangs, Caro Quintero was sued der house arrest.
Thursday by the family of Drug Félix Gallardo, now 79, was
Enforcement Administration the last to be captured. He
agent Enrique “Kiki” Cama- was arrested in Guadalajara in

LENNY IGNELZI/ASSOCIATED PRESS

rena, in one of the first appli- 1989. In an interview with the
cations of the U.S.’s new desig- Telemundo network four years
nation of Mexican cartels as ago, Gallardo, who suffers
foreign terrorist organizations. from ill health and said he is
The lawsuit adds to the U.S. blind in one eye, denied re-
legal jeopardy faced by Caro sponsibility for Camarena’s
Quintero, one of the Sinaloa death. He said he had been a
drug cartel’s founders. In Feb- farmer and a cattleman, not a
ruary, Mexico transferred Caro U.S. Marine Corps pallbearers carried the casket holding the body of Drug Enforcement Administration agent Enrique ‘Kiki’ drug smuggler.
Quintero and another 28 al- Camarena, who was murdered by members of Mexico’s Sinaloa drug cartel, after the return to San Diego in 1985. Caro Quintero was captured
leged drug traffickers to the in Costa Rica in 1985 and ex-
U.S., where he pleaded not unprecedented power and rations are shown to have sup- methamphetamine, heroin and Zavala, who was also kid- tradited to Mexico, where he
guilty to murder conspiracy wealth after joining forces with ported the cartel, plaintiffs can cocaine north. napped, were tortured and in- was found guilty of Cama-
and drug-trafficking charges Colombian cocaine producers in also bring suit against them. In November 1984, Caro terrogated before being killed. rena’s death and sentenced to
in a Brooklyn federal court. the 1980s. In the following de- “It’s a very powerful tool,” Quintero and his colleagues The Camarena family law- 40 years. But in 2013, an ap-
“We have waited 40 long cades, Mexican cartels became said Elsner. were furious after the Mexi- suit also names as defendants peals judge found that Caro

.
years for the man who killed the world’s top smugglers and Camarena was a 37-year-old can army raided a huge mari- Ernesto “Don Neto” Fonseca Quintero had been wrongly
my husband to be under ar- distributors of narcotics with agent working in the DEA’s juana plantation known as El and Miguel Ángel Félix Gal- tried in federal court instead

ly
rest in the U.S.,” said Cama- operations on six continents. Guadalajara office when gun- Búfalo, causing enormous fi- lardo, who along with Caro of state court, ordering his
rena’s widow, Geneva “Mika” The terrorist designation men kidnapped him across the nancial losses. Caro Quintero Quintero were the founders of immediate release. The federal
Camarena, who filed the law- makes it easier for families of street from the U.S. Consulate believed the farm, which he the Guadalajara cartel, which government issued a new war-
suit on Thursday in federal
court in San Diego seeking re-
covery of damages in an
amount to be determined by a
victims of the cartels to seek
justice and obtain judgments
against cartel assets, said Mi-
chael Elsner, a lawyer with the
on
in broad daylight. His wife was
waiting for him at a Chinese
restaurant for a lunch date.
Caro Quintero and his col-
owned, had been spotted by
Camarena and his Mexican pi-
lot, Alfredo Zavala, while con-
ducting aerial surveillance,
broke up into the Sinaloa car-
tel and other gangs after Ca-
marena’s killing.
“I believe the evidence will
rant for his arrest, but by then
Caro Quintero was gone.
He disappeared into the
mountains of Sinaloa and soon
jury. “Kiki was a kind man Motley Rice law firm who is leagues first flooded the U.S. the lawsuit said. show that Caro Quintero was regained part of the power he
us ,

who spent his life fighting the representing the Camarena with Mexican marijuana and Four months later, cartel the leader,” Elsner said. “It once held, playing a major role
l

cartels, and now we are con- family. For one thing, the gov- Colombian cocaine in the gunmen kidnapped Camarena was his Búfalo ranch that Kiki in an organized-crime group
e
al a

tinuing this fight for him.” ernment accepts that the car- 1970s and 1980s. Today, the at gunpoint, shoved him into a identified and it was his prop- in the border state of Sonora.
The 72-year-old Caro Quin- tel is a terrorist organization, Sinaloa cartel is considered to car and drove him to Caro erty where Kiki and the pilot In 2022, Caro Quintero was
tero has long been seen as one freeing the plaintiff from hav- be the largest producer and Quintero’s home about a mile were held while they were be- apprehended in an operation
ci on

the pioneers of Mexico’s drug- ing to prove that accusation. smuggler of fentanyl to the away, the lawsuit said. For the ing tortured.” led by an elite task force of
smuggling industry that gained And if other persons or corpo- U.S., while still sending tons of next two days, Camarena and It took almost a month for Mexican marines.

Foreign Visa Holders, Tourists Treated Harshly DOGE

er s
m er

BY TARINI PARTI cases, or else put into deporta- Lucas Sielaff, a plumber “And that they put innocent with applications, and have
Is Blocked
AND MICHELLE HACKMAN tion proceedings. Generally, it
is rare that border authorities
from Germany, was driving to
the U.S. from Mexico with his
people in prison for nothing.”
Hilton Beckham, spokes-
been increasing searches of
cellphone contents at airports. On Social
m rp

WASHINGTON—Immigra- detain people with visa issues fiancée, a U.S. citizen, when im- woman for CBP, said she Kathleen Campbell Walker,
tion officers are using more ag-
gressive questioning tactics
with immigrants and tourists
long-term, especially those
with relatively minor viola-
tions, the lawyers and former
migration officers put him in
shackles at a border checkpoint.
Sielaff, 25, said immigration
couldn’t disclose specific cases
because of privacy regulations,
but added broadly of cases like
an immigration lawyer for
Dickinson Wright, told of “an
extremely difficult conundrum
Security
trying to enter the country, immigration officials said. officers chained him to a Sielaff’s: “If statutes or visa to figure out what sort of travel
co Fo

scrutinizing their visas and “I can’t remember anything bench, and de- terms are vio- should I allow” for her clients. BY MARIAH TIMMS
more frequently detaining quite that extreme,” said Gil nied him a lated, travelers A case involving German
them in a sharp break from Kerlikowske, the commissioner translator and a may be subject green-card holder Fabian A federal judge on Thursday
past practice, lawyers and for- of Customs and Border Protec- lawyer. They An executive to detention Schmidt, who was stopped at temporarily blocked members
mer immigration officials said. tion under former President also accused order called for and removal.” Logan Airport in Boston earlier of Elon Musk’s Department of
In a string of recent cases, Barack Obama. him of living in These in- this month, has drawn scru- Government Efficiency from
border authorities have de- An executive order President the U.S. instead ‘extreme vetting’ stances have tiny. “There were unnecessary Social Security Administration
tained holders of U.S. tourist Trump issued on his first day of visiting as a made U.S.-visa interrogation tactics im- systems containing personal
and work visas for lengthy pe- in office called on immigration tourist. He told
by immigration holders uneasy, posed…it broke him to the information, saying their work
riods after seemingly minor is- officials to apply “extreme vet- them he officials. lawyers say, point where, medically speak- was likely an illegal “fishing
sues. Among them: a German ting” to visa and green-card planned to re- with employers ing, he needed to be trans- expedition.”
national with a U.S. green card, applicants, including immi- turn to his of foreign na- ported to the hospital,” his The temporary restraining
who needed to be taken to the grants re-entering the U.S. home country tionals now lawyer, David Keller, said. order issued Thursday by U.S.
n-

hospital after his mother said “The Trump administration before the 90 days allowed to also seeking guidance. Brown Astrid Senior, Schmidt’s District Judge Ellen Hollander
he was strip-searched during is enforcing immigration German tourists were up. Sie- University warned interna- mother, said her son had a pre- in Maryland is the latest set-
questioning. A tourist was laws—something the previous laff was sent to a detention tional students and staff not to vious marijuana possession back for DOGE and Musk,
shackled and chained after a administration failed to do,” center in San Diego, where he travel outside the country af- charge that had been dis- whose quick work to shake up
no

routine stop driving into the said Tricia McLaughlin, was told he couldn’t volun- ter one of its professors with a missed. She said he had been and slim down federal agen-
U.S. from Mexico. spokeswoman for the Depart- tarily leave the country. After work visa was deported fol- strip-searched and put in a cies has drawn legal chal-
Immigrants with visa issues ment of Homeland Security. 16 days, the officers allowed lowing a trip to Lebanon. cold shower at the airport. Kel- lenges.
more often had been required “Those who violate these laws him to book a flight home. Officials now require most ler said the government has It bars DOGE employees or
to come back with additional will be processed, detained, “I’m shocked at how fast immigration applicants to sub- yet to file charges against him. affiliates, including Musk,
paperwork to resolve their and removed as required.” this all changed,” Sielaff said. mit their social-media handles Beckham denied the claims. from accessing the agency’s
systems until they receive
proper training on handling

School Principal Is Cleared of Stealing a $25 Gift Card sensitive information.

The judge also ordered
them to delete all nonanony-
mous personal information
BY JOSHUA CHAFFIN praised for her honesty and they have gathered from the
good ethics. agency.
The principal didn’t do it. The case against her was The SSA will “work to com-
That was the verdict an arbi- buttressed by video from one of ply with the court order,” a
trator delivered on Thursday in the school’s 38 cameras show- spokesperson said Thursday. A
the case of a missing $25 Ama- ing her emerging from the mail- White House spokesman, Har-
zon gift card that rumbled on room with a red envelope at rison Fields, called Hollander
for more than a year—all the 8:37 a.m., 13 minutes after Butts “another activist judge abus-
while upending a picturesque had supposedly delivered it. ing the judicial system to try
small town in the Hamptons (There was no camera inside and sabotage the president’s
and laying bare its petty politics the mailroom). attempts to rid the govern-
and seething rivalries. Dorr professed her innocence ment of waste, fraud and
On Thursday, arbitrator Tim- under questioning by Richard abuse.”
othy Taylor, found that the Loeschner, then the district’s In her order, Hollander said
woman at the center of the acting superintendent, produc- the DOGE team failed to pro-
case, Maria Dorr, wasn’t guilty ing a separate gift card and red vide an adequate justification
of the three charges against her envelope from her recycling bin for its sweeping access to the
and ordered that she be rein- as proof. But in February 2024 personal information of tens of
stated as principal of the the district initiated disciplinary millions of Americans, includ-
DEBBIE EGAN-CHIN FOR WSJ

Amagansett School. proceedings. The trial generated ing Social Security numbers,
Dorr, who has spent more some 1,400 pages of witness dates of birth, home addresses,
than a year on administrative testimony. income and assets, citizenship
leave after she was accused of Scheuermann and his col- status, medical information
stealing the card, couldn’t be league, Brian Dienhart, un- and disability status.
reached for comment. Her attor- earthed various inconsistencies “The DOGE Team is essen-
ney, Arthur Scheuermann, said: Maria Dorr has spent more than a year on administrative leave from her position. in the district’s case. tially engaged in a fishing ex-
“She fully intends to go back.” A central focus was Butts. pedition at SSA, in search of a
The arbitrator’s opinion not Dorr “flawed” and cited holes in days.” was intended. She reported to Dorr that the fraud epidemic, based on little
only cleared Dorr of wrongdoing the testimony of its star wit- The saga began on the morn- But the card vanished. gift card was missing at 10:08 more than suspicion. It has
but also gave further ammuni- ness, longtime receptionist ing of Dec. 15, 2023, when a par- Suspicion soon fell on Dorr, a.m.—more than 90 minutes be- launched a search for the pro-
tion to her lawyers’ contention Cassie Butts. ent at the Amagansett School the principal of the award-win- fore its intended recipient had verbial needle in the haystack,
that their client was framed, “Butts is not credible,” Tay- brought a passel of holiday ning school. Under her leader- even checked the mailroom for without any concrete knowl-
setting the stage for further lor wrote. cards to distribute to teachers ship the elementary school won it. Butts, who has since retired, edge that the needle is actually
theatrics in a hamlet at the far In a statement, the school before the holiday break. Butts a Blue Ribbon designation from was found in a previous case to in the haystack,” wrote Hol-
edge of Long Island. board president, Wayne Gauger, claimed she placed one of the the Education Department for have made “exaggerated and lander, who was appointed to
Specifically, Taylor called the said he expected Dorr to return cards in the mailbox of an occu- its academic excellence. In her unsubstantiated” claims against the bench by former President
school district’s investigation of to her post “in the coming pational therapist for whom it performance reviews, Dorr was the school’s administrators. Barack Obama.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A6 | Friday, March 21, 2025 * **** THE WALL STREET JOURNAL.

U.S. NEWS

Musk Allies Put

Terror Label on
Tesla Attacks
BY SADIE GURMAN cocktails at vehicles at a Tesla
dealership and scrawled
Teslas set on fire. Bullets “NAZI” on one of its signs; an
and bombs aimed at show- Oregon man fired bullets and
rooms and charging stations. explosives into a dealership
Is it terrorism? and its cars; and a South Caro-
Attorney General Pam Bondi lina man spray-painted anti-

LINDSEY WASSON/ASSOCIATED PRESS

thinks so, declaring a Justice Trump messages on a Tesla
Department crackdown on charging station parking spot
what she views as politically before throwing five home-
motivated attacks against made bombs at the chargers,
Tesla leader Elon Musk, one of torching them.
President Trump’s most pow- Inside the man’s bedroom,
erful advisers. investigators found a purple
“Let this be a warning: if composition notebook with a
you join this wave of domestic three-page, handwritten state- A member of the Seattle Fire Department inspected a burned Tesla Cybertruck in Seattle this month.
terrorism against Tesla prop- ment that “asserted anti-gov-
erties, the Department of Jus- ernment beliefs and state- “It is an aggressive use of viewed the sometimes-violent cases. wider array of investigative
tice will put you behind bars,” ments opposed to the terminology, likely to send a racial justice protests of 2020 There is no catchall federal techniques, including launch-
Bondi said Thursday. Earlier in Department of Government Ef- message of deterrence, but it is as such. law that addresses domestic ing what is called an enter-
the week, she said prosecutors ficiency,” according to court not wrong,” said Barbara Mc- Former President Joe Bi- terrorism. Prosecutors are left prise investigation into groups
would pursue charges that documents. Quade, a former Obama-ap- den’s attorney general, Merrick to pursue attackers for other responsible.
carry long, mandatory mini- Federal agents have investi- pointed U.S. attorney in Detroit Garland, cited domestic terror- offenses, such as arson, prop- Early signs, however, show
mum sentences. gations open in several other who prosecuted ideologically ism as a top concern after the erty destruction, and gun and the crimes have been commit-
Law-enforcement agencies cities. motivated violent plots. Jan. 6, 2021, attack on the U.S. explosive charges, some of ted by “a handful of disaf-
have seen a surge in attacks on Crimes against Tesla can fit Each recent administration Capitol by a mob of Trump which can carry 20-year prison fected lone actors,” rather than
electric vehicles and other the legal definition of domestic has held up examples of what supporters, which the FBI said sentences. a well-organized leftist group,
property carrying the Tesla terrorism, former prosecutors constitutes domestic terror- was perpetrated by “domestic “If you’re going to touch a said Jon Lewis, a research fel-
logo since Musk’s government and extremism experts said, ism. Jeff Sessions, Trump’s violent extremists.” The Trump Tesla, go to a dealership, do low with George Washington
efficiency project began slash- but they said Bondi’s quick ele- first attorney general, quickly administration took the oppo- anything, you better watch University’s Program on Ex-
ing millions of dollars in jobs vation of the issue to the top condemned a 2017 car attack site view, with the president out, because we’re coming af- tremism. “Definitionally there
and programs. of her agenda is also an indica- by a white nationalist in Vir- granting clemency to the more ter you,” Bondi told Fox News. is certainly an avenue to call it

.
In the past few weeks alone, tor of her sensitivity to of- ginia as an “evil” act of domes- than 1,500 people charged in Designating an investigation domestic terrorism,” Lewis
federal prosecutors said a Col- fenses aimed at Trump and his tic terrorism, while his second the riot, and the Justice De- as a domestic terrorism case said. “But really what this is is

ly
orado woman threw Molotov circle. attorney general, William Barr, partment dismissing pending lets federal authorities use a messaging.”

Most Cybertrucks Are Recalled to Fix an Exterior Panel on

us ,

BY BECKY PETERSON and detach from the vehicle, which Tesla first released in isn’t aware of any collisions, fa- the accelerator pedal, which lence this year—including a
l

AND COLIN KELLAHER which the agency said could November 2023. talities or injuries related to the could become loose and trap Colorado woman throwing Mo-
e
al a

create a road hazard for mo- The flaw involves glue that issue, and that the electric-vehi- the pedal. lotov cocktails at vehicles at a
Tesla is recalling more than torists. The cant rail is a long can become brittle in certain cle maker will replace the cant Cybertrucks and other EVs Tesla dealership and burning
46,000 Cybertrucks over the piece of metal trim over the environments, the recall said. rail assemblies free of charge. made by Tesla have come un- of Cybertrucks and EVs in Se-
ci on

potential for an exterior panel left and right side windows. Fixing it requires Tesla to use This is the eighth recall is- der increased public scrutiny attle and Las Vegas—prompted
to fall off. The NHTSA said the recall a different adhesive and rein- sued on the Cybertruck, an an- in recent months as Chief Ex- Attorney General Pam Bondi to
The National Highway Traf- population includes 46,096 force the rail with a stud gular, stainless-steel, electric ecutive Elon Musk became a declare a Justice Department
fic Safety Administration said model year 2024 and 2025 Cy- welded to the stainless panel pickup truck, which is priced powerful senior adviser to crackdown on what she views
a cosmetic appliqué along the bertrucks made from Nov. 13, and a nut clamping the panel between $79,900 and $99,990. President Trump. as politically motivated vio-
er s

exterior of the vehicles, known 2023, to Feb. 27, 2025. That is to the vehicle structure. The company has also is- Several high-profile inci- lence and a form of protest
as the cant rail, can delaminate the majority of all Cybertrucks, The agency said that Tesla sued recalls for parts including dents of vandalism and vio- against Musk.
m er

Education ideological. McMahon has ar-

gued that test scores have
been falling since the depart-
m rp

Agency’s ment formed in 1979. (Scores

on a number of tests have de-
clined recently, but were typi-
ROBERTO SCHMIDT/AFP/GETTY IMAGES

End Sought cally rising in the 1990s and

early 2000s and in a number
co Fo

of cases remain higher today

than in decades past.)
Continued from Page One Trump recently suggested
union has been a fierce critic moving student loans to the
of the administration’s push to Small Business Administra-
scale back the agency. tion or the Treasury or Com-
Rep. Hakeem Jeffries of merce departments. The de-
New York, the House’s Demo- Education Secretary partment has reduced staff
cratic leader, said shutting Linda McMahon and encouraged others to vol-
down the department means untarily leave through buy-
“class sizes will soar, educa- and research funding. outs. McMahon made deep
tors will be fired, special edu- The department also man- cuts to the department’s Of-
cation programs will be cut ages the government’s $1.7 fice for Civil Rights.
n-

and college will get even more trillion student loan portfolio. The Heritage Foundation’s
expensive, at a time when the Each year it issues about $100 Project 2025, a conservative
cost of living is already too billion in new loans and gives blueprint for a GOP adminis-
high.” He pledged that Demo- away about $31 billion in Pell tration, proposed putting
no

crats will fight the order in Grants, which are distributed funding for students with dis-
Congress and the courts. on a means tested scale to abilities under the Depart-
Circuit Judge Lawrence VanDyke seen handling a gun in the YouTube dissent he recorded. At the moment, the effect students enrolled in postsec- ment of Health and Human
on school curriculum and stu- ondary education. Services and the Office for

Judge Posts Video Displaying dent loans will probably be

minimal. The department
doesn’t run schools.
White House press secre-
Each of these programs
have large constituencies and
various groups have mobilized
in opposition to
Civil Rights in the Justice De-
partment.
Trump can’t close the de-
partment en-

Handgun in Unusual Dissent tary Karoline Leavitt said

Thursday that the department
will still oversee major pro-
closing the de-
partment.
Another ma- Various staff
tirely on his
own and there
are open legal
grams including student loans jor department positions and questions about
BY JACOB GERSHMAN front of what appears to be an dissent or part of the case’s and major funding streams for role is enforcing just how far he
AK-style rifle mounted on the factual record and so should schools. Trump said during civil-rights laws, small programs can go without
A federal appellate judge wall behind him. be ignored, saying he had im- the signing ceremony that which prohibit Congress.
took the maxim “show, don’t “I have rendered inoperable properly cast himself as an ex- many of its largest programs federal money
were already Republicans
tell” to a new level on Thurs- all the guns and gun parts pert witness. “Even in an age would be preserved. from going to eliminated. hold a 53-47
day in a novel dissent to a that I used to demonstrate to- of online videos, written opin- But Trump and McMahon al- schools or uni- majority in the
closely watched Second day,” the judge said. The video ions are more clear, useful, ready eliminated various staff versities that Senate, giving
Amendment case. then cuts to him in front of a and accessible,” she wrote. positions and a number of discriminate them control of
“This is the first video like table, picking up an SIG Sauer VanDyke responded to the smaller programs, which could based on race, gender, national the chamber, but it is unlikely
this that I’ve ever made,” said P320 semiautomatic pistol to criticism, saying that it was affect schools directly or indi- origin and other protected they would be able to gain
Circuit Judge Lawrence Van- start his demonstration. the majority that had broken rectly. For instance, the re- classes. support from Democrats to
Dyke in a YouTube video he VanDyke said he thought with tradition and history by search arm of the department In the executive order, reach a filibuster-proof 60-
recorded, in his chambers, as his video would be a helpful excluding a commonly owned was dramatically scaled back, Trump directed McMahon to vote majority to completely
the bespectacled jurist in his visual aid. He sought to dem- firearm component from con- which will limit data collection “take all necessary steps to fa- unwind the agency.
black robes handled a handgun onstrate that magazines are stitutional protection. in education and perhaps edu- cilitate the closure” of the de- One lawsuit by a coalition
and explained its mechanics like other key gun components, California lawmakers in cators’ ability to understand partment, “to the maximum ex- of Democratic attorneys gen-
and operation to the camera. such as grips and sights, that 2016 prohibited possession of what is and isn’t working in tent appropriate and permitted eral asserts the mass reduc-
The unconventional video can be swapped out and make large-capacity magazines in schools. by law.” It calls for education tion in force has illegally dis-
accompanied a Ninth U.S. Cir- the weapon function. response to the Sandy Hook In K-12 schools, the Educa- authority to be sent to states mantled the department.
cuit Court of Appeals ruling The Ninth Circuit has em- school massacre and other tion Department’s two largest “while ensuring the effective Another lawsuit, by parents of
upholding California’s ban on braced technology more than mass shootings. Later that programs provide money for and uninterrupted delivery of students with disabilities, says
large-capacity magazines. most federal courts, and live- year, residents voted to make the education of students with services, programs and benefits the cuts means those students’
The appeals court’s major- streams its oral arguments. it a misdemeanor to violate disabilities and those from on which Americans rely.” rights won’t be protected.
ity held that firearm maga- But some on the bench were the restriction. low-income families. That The order mandates that ed- There are two suits that
zines that enable someone to outraged by VanDyke’s depar- The state’s restriction al- funding totals tens of billions ucation funding must be in claim Trump illegally canceled
fire more than 10 bullets with- ture from judicial norm of lows owners of large-capacity of dollars annually spread compliance with federal law, grants to support teacher
out reloading are an optional grounding arguments in writ- magazines to modify the de- across the nation’s schools. “including the requirement quality. Plaintiffs in both of
accessory, not an inherent ten words, not social media. vices into compliance, sell Most years the typical pub- that any program or activity those cases have won prelimi-
part of the weapon, and thus The “wildly improper video them to firearm dealers or lic K-12 school receives about receiving Federal assistance nary victories.
not protected by the Second presentation warrants addi- store them out of state. 10% of its funding from the terminate illegal discrimination
Amendment. tional comment, lest the genre A California affiliate of the federal government. In higher obscured under the label ‘di-
VanDyke, who was ap- proliferate,” wrote Judge Mar- National Rifle Association and education, it isn’t uncommon versity, equity and inclusion’ or Watch a Video
pointed to the federal bench sha Berzon, a President Bill several gun owners sued to for a quarter or more of the similar terms and programs Scan this code
by President Trump, linked to Clinton-appointed judge, in a block enforcement. The plain- operating budget of a large promoting gender ideology.” for a video on
his video posted on YouTube concurring opinion. tiffs Thursday said they would university to come from fed- Trump and many of his the closing of
in his dissent. The judge starts She said VanDyke’s video ask the Supreme Court to take eral sources in the forms of supporters said the depart- the Education
out sitting behind his desk in wasn’t technically part of his up the case. the student loans, Pell Grants ment has been ineffective and Department.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * Friday, March 21, 2025 | A7

WORLD NEWS
Netanyahu Hamas Struggles to Respond to Attacks
Dismisses The militant group’s
Spy Chief arsenal and ranks
are depleted and its
In Purge leadership is divided
BY SUMMER SAID
BY DOV LIEBER AND DOV LIEBER

Israeli Prime Minister Ben- Hamas delivered its first

jamin Netanyahu fired his do- response to three days of Is-
mestic intelligence chief, ex- raeli assaults on the Gaza
tending a purge of rivals in Strip, launching a volley of
the security establishment rockets at Tel Aviv on Thurs-
while further overhauling the day that set off alerts and sent
cabinet that presided during residents running for shelters.
the devastating Oct. 7, 2023, But the threat was quickly
attacks. neutralized—one rocket was
Netanyahu convened his intercepted and the other two
ministers Thursday for a vote landed harmlessly—highlight-
to remove Shin Bet Director ing how the militant group
Ronen Bar after arguing that has yet to mount an effective
the spy chief had lost his military response to Israel’s
trust. The move, which the renewed attacks.

OMAR ASHTAWY/APA IMAGES/ZUMA PRESS

prime minister had signaled Analysts believe that in part
last weekend, was controver- reflects a strategy of waiting
sial because the Shin Bet is for the right time, while por-
investigating some of Netan- traying Israel as the aggressor.
yahu’s aides. Bar was also a But Arab intelligence officials
key player in the negotiations and an Israeli security official
with Hamas to free the re- say it also reflects the militant
maining hostages and reach a group’s badly degraded arse-
cease-fire, and his ouster gives nal and fighting force after
Netanyahu’s close aides a more than a year of war.
tighter grip over the talks. The Arab intelligence offi- An Israeli attack destroyed a home in northern Gaza. A wave of airstrikes have left more than 500 people dead, Palestinians say.
Israel’s resumption of a cials say Hamas has just 10%
military campaign in Gaza this to 15% of the 20,000 projectiles as a calculation for how this to inflict casualties in guer- militant partner, Islamic Jihad. its leadership. Sinwar’s youn-
week has stoked fresh worries it had when it attacked Israel operation will develop,” said rilla-style combat. The group “They are weaker but not ger brother, Mohammed, is
over the fate of the hostages. on Oct. 7, 2023. Israel said the Michael Milstein, the former has gathered unexploded Is- something we can rely on and technically in charge but is on
Thousands of protesters assaults, which sparked the head of Palestinian affairs in raeli shells to use in am- create assumptions that they the run from Israel and

.
marched in Jerusalem on current war, left about 1,200 Israeli military intelligence. bushes, and is briefing newly will soon collapse,” Milstein doesn’t communicate much,
Thursday outside Netanyahu’s dead and roughly 250 taken Israel shattered a two- appointed commanders on said. “It won’t happen.” said the Arab intelligence offi-

ly
home to oppose Bar’s dis- hostage. Israel has destroyed month cease-fire Tuesday, be- where to position fighters if Hamas also could try to at- cials. He is struggling to ce-
missal and demand elections. many of Hamas’s rocket-manu- ginning a wave of airstrikes there is a new invasion, said tack Israel from the West ment control over the whole of
Police used water cannons to facturing sites, making it diffi- that Palestinian health author- the Arab intelligence officials. Bank, as well as from Lebanon Gaza from his power center in
disperse some of the demon-
strators.
Netanyahu shook off those
public concerns, protests this
cult to replenish the arsenal,
the intelligence officials said.
New recruits who have re-
placed fallen fighters are young
on ities say have left more than
500 people dead, including se-
nior Hamas political leaders.
It has kept up the strikes
It also is repairing its tunnel
system that connect key areas
of Gaza after it was severely
damaged during the war.
or Syria, he said.
Still, Hamas is much dimin-
ished. Israel’s military believes
it has killed as many as 20,000
the south, they said. In north-
ern Gaza, Izz al-Din Haddad is
now the top commander, the
Arab officials said.
week over the expected firing and poorly trained, and their and moved troops back into the The group’s leaders have fighters and much of its senior Israel said that its strikes
us ,

and objections raised by Is- senior leadership is divided fol- south and center of the Gaza passed out leaflets to new re- leadership. It also beat back on Tuesday targeted Hamas’s
l

rael’s attorney general to pro- lowing the deaths last year of Strip, partially reoccupying a cruits showing them guerrilla Hamas’s regional allies, limit- political leadership, midrank
e
al a

ceed with the dismissal. It leader Yahya Sinwar and many corridor that bisects the terri- tactics. One reviewed by The ing its opportunities to rearm. military commanders and in-
followed an earlier removal of of his top lieutenants, the intel- tory and restricting Palestinian Wall Street Journal shows The U.S.-designated terror frastructure, and that the at-
Defense Minister Yoav Gallant, ligence officials said. movement to a coastal road. how to attack Israel’s Merkava group’s arsenal of projectiles tacks would continue and ex-
ci on

another rival in the security The gaps mean Hamas has On Thursday, Israel’s mili- tanks, calling out “kill points” has dwindled to the point pand beyond airstrikes.
services, and the pushing to keep its capabilities in re- tary said its troops were oper- including the back door and where it needs to conserve An Israeli security official
out of Herzi Halevi, who serve until it can determine ating on the ground in the ammunition storage areas. rockets and long-range mis- said the strikes had caught
headed the country’s military. whether Israel’s moves are area of Beit Lahia in northern The military said on Tuesday siles capable of hitting the Tel Hamas off-guard, further im-
Several other senior military aimed at coercing it to release Gaza. The ground incursion night that it attacked militants Aviv area, said Arab intelli- peding Its ability to respond.
er s

commanders and officials more of the hostages it holds was preceded by airstrikes in in northern Gaza who were gence officials and security “They don’t have a lot of
have stepped down since the or are the prelude to a new the area, as well as dozens of preparing to shoot rockets at analysts. Milstein estimated firepower to begin with,” the
m er

intelligence failures of Oct. 7. Gaza ground invasion, said the others across the enclave, Is- Israel. The military also said it that it might have just dozens official said. “Add to that they
Bar, in a letter sent to min- Arab officials and analyst. rael’s military said. struck several vessels off Gaza’s within that range. were surprised by the strikes,
isters on Thursday, said his “They want to keep the Israeli analysts caution that coast that were planning at- Complicating matters for and it took them a few days to
dismissal was designed to pre- rockets and missiles they have Hamas still has the capability tacks for Hamas and its smaller the group are divisions among regroup.”
vent his agency from fulfilling
m rp

its duty and preventing it

Afghans Release Detained American U.S. Puts

from investigating thoroughly
the reasons for Israel’s failure
to prevent Hamas’s Oct. 7 at-
tacks, as well as other serious
Sanctions
co Fo

incidents. He also said his re-

moval from the negotiating BY ALEXANDER WARD
team harmed efforts to free
the hostages.
“The government is seeking
AND ANAT PELED

The Taliban has released

On Network
to take steps that will weaken
the [the state], internally and
against enemies,” Bar
American George Glezmann,
ending his two-year detain-
ment and giving President
Supporting
warned.
The government voted
unanimously to dismiss Bar,
Trump a diplomatic victory
that could reshape U.S. rela-
tions with Afghanistan.
Iranian Oil
who will leave his position on The Taliban agreed to send
April 10 or earlier if a replace- Glezmann back to the U.S. in BY ANTHONY HARRUP
QATAR MINISTRY OF FOREIGN AFFAIRS/ASSOCIATED PRESS
n-

ment is appointed. exchange for improved relations

The departures have tight- with Washington, U.S. officials The U.S. Treasury Depart-
ened Netanyahu’s control over said, forgoing its previous de- ment on Thursday stepped up
his government, which had mand that America hand over actions to enforce sanctions
no

been divided by disputes over imprisoned Taliban members. against Iranian crude oil, in-
the conduct of the war with Secretary of State Marco cluding designating a Chinese
Hamas following the Oct. 7 at- Rubio on Thursday said, refining company and its chief
tacks that left around 1,200 “George’s release is a positive executive.
dead and an additional and constructive step. It is The Shandong Shouguang
roughly 250 taken hostage. also a reminder that other Luqing Petrochemical Co., a
Netanyahu appointed a more Americans are still detained in so-called teapot refinery in
ideologically aligned defense Afghanistan.” China’s Shandong province,
minister in Israel Katz and Trump, he continued, “will has bought Iranian oil worth
this week cut a deal to bring continue his tireless work to George Glezmann, center, flanked by U.S. hostage envoy Adam Boehler, second left, and about $500 million, including
far-right politician Itamar free ALL Americans unjustly Zalmay Khalilzad, former U.S. ambassador to Afghanistan, second right, left Kabul on Thursday. from vessels linked to Yemen’s
Ben-Gvir back into his coali- detained around the world.” Houthi rebels and the Iranian
tion. Katz also appointed a The Taliban didn’t respond ment and diplomatic efforts U.S. officials weighed releas- ceased, who the Trump ad- Ministry of Defense of Armed
new military chief seen as to a request for comment. were instrumental in securing ing Afghans, including one ministration is actively work- Forces Logistics, the depart-
more in line with the govern- Dennis Fitzpatrick, a lawyer George’s release,” Rubio said. held at Guantanamo Bay, in ing to release, U.S. officials ment said.
ment’s plan for the renewed for the Glezmann family, Securing Glezmann’s return exchange for Glezmann. said. Teapot refineries are small
invasion of Gaza and potential praised the Trump adminis- home is a significant win for While then-President Joe Glezmann, a Delta Air Lines independent refineries in
military occupation. tration’s efforts to bring Glez- Trump’s early hostage-release Biden was still in charge in mechanic, was touring Af- China.
But the moves have also mann home after 836 days, di- efforts, which have become a January, the U.S. and Taliban ghanistan when the Taliban “Teapot refinery purchases
left Israeli society more rectly naming Rubio, U.S. major effort of his presidency. nearly swapped Glezmann and seized him in December 2022. of Iranian oil provide the pri-
sharply divided and distrustful hostage envoy Adam Boehler, While the Trump administra- one other American, Ryan The State Department desig- mary economic lifeline for the
of its leadership. Netanyahu, and national-security adviser tion brought back Americans Corbett, for three Taliban nated him as wrongfully de- Iranian regime, the world’s
emboldened by a string of mil- Mike Waltz. “George’s release from Venezu- members in tained 10 months after he was leading state sponsor of ter-
itary victories, has revived old was achieved based on the ela, Gaza and American cus- seized, giving the administra- ror,” Treasury Secretary Scott
disputes by again pushing leg- unique skill and dedication of Belarus, among tody. Among tion vast authority to secure Bessent was quoted as saying.
islation that would give him these people,” Fitzpatrick other places, The Taliban them was Mu- his release. The department said the
more control over the coun- said. Glezmann was freed George hammad Rahim The Biden administration’s Office of Foreign Assets Con-
try’s judiciary, a gambit that Aleksandra Glezmann, Glez- a priority for al Afghani, who struggles to bring him home trol also is imposing sanctions
sparked a year of mass pro- mann’s wife, spoke with her the new team Glezmann in the U.S. govern- at one point led Glezmann’s on 19 entities and vessels re-
tests ahead of the war. husband on the phone while and one of the ment alleges family to consider direct nego- sponsible for shipping millions
he was traveling home. more high-pro-
hopes of better was a senior al tiations with the Taliban. of barrels of Iranian oil, “com-
“I can’t wait to see George file outstanding U.S. relations. Qaeda aide and But it appears the Taliban prising part of Iran’s shadow
and help him on his road to cases, U.S. offi- is held in Guan- has let Glezmann go to cata- fleet of tankers supplying tea-
recovery as we rebuild our cials said. tanamo Bay. lyze talks that might, eventu- pot refineries such as Luqing
lives. We are forever grateful Waltz, Na- But Biden de- ally, end Afghanistan’s inter- Petrochemical.”
to President Trump for bring- tional Security Council coun- manded the Taliban release an national isolation. The sanctions are part of
ing George home,” she said. terterrorism chief Sebastian American the group denies In his first term, Trump the administration’s “cam-
Boehler traveled to Kabul to Gorka, and senior officials met holding, Mahmoud Habibi, and struck a deal with the Taliban paign of maximum pressure
get Glezmann, U.S. officials in recent weeks with Aleksan- decided he wouldn’t let go of that eventually led to the Bi- on Iran,” the department
said. dra Glezmann at the White Rahim. The deal fell apart. den-directed withdrawal of added.
The talks to secure Glez- House, vowing to deal for But on his last day in office, U.S. troops from Afghanistan, The stepped-up sanctions
mann’s release were mediated Glezmann’s release. Biden brought home Corbett— allowing the Taliban to sweep lifted crude oil prices, with
GIL COHEN-MAGEN/REUTERS

by Qatar, which has hosted se- Getting Glezmann back in who shared a cell in Afghani- into power in 2021. West Texas Intermediate
nior Taliban leaders since exchange for what Trump ad- stan with Glezmann—and Wil- The Biden administration crude traded on the New York
2013 with the support of the ministration officials describe liam McKenty for a convicted refused to recognize the Tali- Mercantile Exchange up 1.8%
U.S. as preliminary diplomatic Taliban drug trafficker. ban as the country’s leader- at $68.38 a barrel, and inter-
“We extend our deepest ap- talks is a marked departure There are still seven Ameri- ship, imposing sanctions on national benchmark Brent up
preciation to the State of Qa- from negotiations during the cans detained in Afghanistan, Afghanistan and freezing its 1.8% at $72.06 a barrel on ICE
Ronen Bar, head of Shin Bet tar, whose steadfast commit- Biden administration, when including one who is de- assets. Futures Europe.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A8 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

WORLD NEWS

Ukraine Nuclear Plants in Play Europe Tackles

Trump’s latest peace
idea is to take them
Plans for Ukraine
over, but biggest one
is in Russian hands Peacekeeping Force
BY IAN LOVETT BY LAURENCE NORMAN willing also wants a commit-
AND LAURENCE NORMAN AND MAX COLCHESTER ment from the U.S. that it will
intervene if Russia breaks the
The Trump administration’s Western allies are trying to terms of the peace. The specific
latest idea to bring peace to hash out a bold European idea: ask that Europe will make for
Ukraine is for the U.S. to take sending 10,000 to 30,000 an American insurance policy is
RUSSIAN DEFENCE MINISTRY PRESS SERVICE/EPA/SHUTTERSTOCK

control of the country’s power troops to Ukraine to help en- still being fleshed out, officials
plants, including its nuclear fa- force any eventual peace deal say. However, it would likely in-
cilities, as insurance against with Russia. clude asking at the very least
further aggression by Moscow. With cease-fire talks con- for logistical support, air-de-
Ukrainian President Volod- tinuing with the Kremlin, de- fense capabilities and intelli-
ymyr Zelensky said after fense officials from dozens of gence gathering to help moni-
speaking with Trump on Western nations met in the tor Russian forces, European
Wednesday that they only dis- U.K. on Thursday to hammer officials said. It would also re-
cussed the plant that is under out details of how the “coali- quire clearly stated U.S. politi-
Russian occupation. Zaporizh- tion of the willing” led by the cal backing for the European
zhia power station, the largest U.K. and France could help deployment, said Camille
nuclear plant in Europe, was Ukraine deter Russia from fu- Grand, a former senior NATO
seized by Russia in the first ture attacks. No U.S. troops official now at the European
weeks of the conflict. would be involved. Council on Foreign Relations.
If the Americans want to The unusual talks—Western President Trump hasn’t
take the plant from the Rus- International officials examine the damaged cooling system of the Zaporizhzhia power plant. military allies getting together committed to this. In a White
sians and invest in it and without the Americans—are House meeting with British
modernize it, then Ukraine is of its reactors. Most of its operations if the reactor itself cessing the plant increasingly the latest sign of the world’s Prime Minister Keir Starmer,
open to discussing it, the 11,000 staff have fled. tripped offline. difficult. Until recently, the shifting geopolitics. The pivot Trump said a deal to give the
Ukrainian leader said. “But As long as active fighting Power lines to and from the IAEA accessed the plant in U.S. diplomacy to accommo- U.S. preferential access to min-
the issue of ownership, we continues in the area, the risk plant also would need repair. through Ukraine, which re- date Russia has left Western erals in Ukraine would be
definitely did not discuss with of restarting the plant would Ukraine was the site of the quired crossing the front line. allies struggling with how to enough of a security guarantee
President Trump,” Zelensky likely keep any private compa- largest nuclear disaster in his- In December, a drone damaged help Ukraine find a lasting to deter Putin from re-invad-
said on Thursday. nies away. Moreover, Putin tory—the Chernobyl meltdown an IAEA vehicle, according to peace, especially since they ing Ukraine. Kyiv and Euro-
Ukraine operates 15 nuclear has indicated that he intends in 1986. The fighting around the agency, and in February lack the military capacity that pean capitals disagree.
reactors in four power plants to keep control of the plant. the Zaporizhzhia plant has “intense fighting” in the area only the U.S. can bring. European officials say that
across the country, according Bringing a reactor back on- raised the specter of a similar forced the IAEA to cancel a Already, however, discus- as military chiefs have got in-
to the country’s Nuclear En- line would require an exten- disaster. Nuclear experts say planned rotation of their staff sions among these allies are volved in the planning, there
ergy Agency. Most are operat- sive, highly trained crew to safeguards and technology stationed there. proving arduous. A major con- has been more realism about

.
ing normally, but Zaporizhzhia check a labyrinth of pipes, make a major meltdown far This month, the IAEA team cern is that coalition troops the constraints on sending a
is all but moribund. pumps and valves for leaks. less likely than it was in 1986. arrived through Russian-occu- could get larger force.

ly
Moscow’s forces man its Supplies ranging from diesel Still, the International Atomic pied parts of Ukraine for the sucked into a For Euro-
roof from machine-gun nests for backup generators to spare Energy Agency, which has a first time. Both sides had con- hot war with pean allies, a
and regularly fire rounds at in- parts for pumps and turbines team that monitors the site, sidered the route the IAEA Russia without The ‘coalition of large force
coming self-detonating drones.
Artillery regularly has passed
overhead during the war, and
drones in the past struck one
would be required. The plant
would have to establish sev-
eral reliable sources of backup
power, to sustain emergency
on
has continually warned about
the risks of military activity so
close to the nuclear plant.
Monitors recently found ac-
took as a de facto recognition
of sovereignty. Russia cele-
brated the change, while Kyiv
expressed outrage.
substantial U.S.
support to back
them up. There
is also a debate
the willing’
wants a
committed to
Ukraine could
drain vital
NATO resources
over whether
commitment from across the
us ,

the Western from the U.S. rest of the Eu-

l

West Wary of Russian Sales in Russia by companies headquartered in select countries troops in ropean front
e
al a

Ukraine would line with Rus-

2023 2022 2021 even be permit- sia, in particu-
U.S. ted to fire at Russians if there lar Finland and the Baltics. It
ci on

Climate for Business Germany

France
Switzerland
were an incursion.
So far, only Britain, France,
Sweden, Denmark and Austra-
would also be potentially a de-
cadeslong commitment that
could prove hugely expensive.
lia have said they are consider- The exercise shines a light
Japan
BY JEANNE WHALEN lowed to repurchase them for ing putting boots on the on Europe’s military weakness
er s

the same low price. U.K. ground. Eastern European na- after decades of cuts to de-
Russia is dangling the The Western firms that South Korea tions say they don’t want to fense spending following the
m er

promise of new investment would be best positioned to Sweden send troops into Ukraine for end of the Cold War. Countries
opportunities for U.S. compa- profit immediately after any fear of provoking Russia and such as Britain, France and
Netherlands
nies as the Trump administra- thaw likely would be those that weakening their own defenses, Germany are slowly ramping
tion seeks an end to the war never left Russia or the ones China but they could provide logisti- up defense spending, but the
in Ukraine, from energy and that could easily begin export- cal help instead. The group of process will take years.
m rp

0 $10 billion 20 30 40 50 60
critical minerals to space co- ing to the country again with- defense officials met on Thurs- For instance, if the U.K. sent
operation with Elon Musk. out having to make long-term Russia’s imports/exports to/from the EU and U.S. day to discuss “the nuts-and- a 5,000-strong brigade to
But the opportunities for investments, economists say. bolts planning as to what a Ukraine it would absorb about
Western businesses likely will Russia’s 2022 invasion set $30 billion force would look like,” U.K. half of Britain’s field army,
be limited, even if there is a full off one of the biggest corporate Russia invades Ukraine Armed Forces Minister Luke given the need to regularly ro-
co Fo

restoration of economic ties exoduses in history as Western Pollard said. tate troops to allow them to
with Moscow. President Vladi- allies hit Moscow with a wave IMPORTS EXPORTS In a speech to the partici- rest and train, says Ed Arnold,
mir Putin has put caveats on of sanctions, prohibiting many 20 pants at the meeting on a research fellow at the Royal
potential cooperation, and many types of trade and investment. Thursday, British Prime Minis- United Services Institute, a
Western firms would hesitate to Many companies have painful ter Keir Starmer said it was vi- military think tank. “It would
make new investments as they memories of how difficult it tal to start detailing plans now be better to not even attempt
weigh the political uncertainties was to get out. The Kremlin 10 EU* that would help ensure an operation at all, rather than
and reputational risks. seized the assets of some com- Ukraine’s future security, be- get bounced into a poorly de-
The potential for a thaw in panies, including those of fore a final peace deal. fined mission by Trump and
Moscow’s ties with Washing- French food producer Danone, “Because we know one thing be left with the consequences,”
ton gained fresh momentum Danish brewer Carlsberg and U.S. for certain, which is a deal he said.
0
on Tuesday as Putin agreed to energy giant Exxon. without anything behind it is Another option would be to
pause strikes on Ukrainian en- The Russian economy has 2019 ’20 ’21 ’22 ’23 ’24† 2019 ’20 ’21 ’22 ’23 ’24† something that Putin will send a smaller forward contin-
n-

ergy infrastructure. A call be- held up through more than *27 countries †Through December breach. We know that because gent that could prepare the
tween President Trump and three years of war largely be- Sources: Kyiv School of Economics (sales); Bruegel (trade) it’s happened before, and I am way for rapid reinforcement in
Putin largely focused on the cause of its ability to continue absolutely clear in my mind that times of crisis, said Malcolm
conflict but also addressed po- exporting oil, particularly to with Musk about a possible to comment on its plans. it will happen again,” he said. Chalmers, deputy director of
no

tential economic cooperation, China and India. But it is now mission to Mars. Nestlé and Mars didn’t respond As things stand, the chance RUSI, just as NATO has done
according to White House and slowing under the weight of As of January, nearly 500 in- to requests for comment. of this force ever heading to in case of a Russian attack on
Kremlin readouts. the sanctions, inflation and ris- ternational companies had left Companies exporting goods Ukraine is a long shot, said the Baltic states or Poland.
But just before speaking to ing interest rates, making it a Russia completely since the or services to Russia, such as Bence Németh, a defense ex- U.K. officials are hopeful
Trump, Putin told a Russian less attractive place to invest. 2022 invasion, according to the aircraft manufacturers, auto- pert at King’s College London. that other nations will join the
business convention that gov- Even if the U.S. were to ease Kyiv School of Economics. An- makers and software develop- European leaders say they will peacekeeping force. In addi-
ernment policy would still favor sanctions, Europe is unlikely to other 1,300 announced depar- ers, might consider re-engaging only send troops if there is a tion to European countries,
Russian firms if Western sanc- follow suit quickly, leaving tures but haven’t finished them. before those that would need to lasting peace in Ukraine. Rus- Canada and Japan have indi-
tions were eased. He also chas- Russia a compliance nightmare A rapprochement could ben- re-establish bricks-and-mortar sian President Vladimir Putin cated a willingness to play a
tised foreign companies that for international companies. efit some of the 2,200 foreign assets requiring long-term sta- has ruled out signing a peace role. The force wouldn’t be
“demonstratively slammed the Putin recently suggested firms that stayed in Russia. bility, such as McDonald’s, Star- deal that includes Western part of NATO and may require
door” when they quit Russia af- U.S. companies could join proj- Those include big food compa- bucks and Exxon, analysts said. forces in Ukraine. its own headquarters and com-
ter its 2022 Ukraine invasion. ects exploring Russia’s rare- nies such as PepsiCo, Nestlé A return could be politically But there may be ways mand structure.
“There will be no privileges earth mineral deposits, while and Mars. The companies, fraught. Russia’s deputy prime around Russia’s opposition to French and British officials
or preferential terms for re- other officials have pointed to which are selling scaled-back minister said Moscow would a peacekeeping force, Németh have ruled out the idea of using
turning companies,” he said, potential joint energy develop- product lines, maintained some require returning retail chains said, such as including troops a deployment as a tripwire
adding that firms that sold ment in the Arctic. Kremlin local production that they po- to open outlets in regions of Russia sees as friendly—from force that would man the bor-
Russian assets on the cheap envoy Kirill Dmitriev on Tues- tentially could expand if rela- Ukraine seized by the Russian China or India, for example. der between Russian-occupied
when they left wouldn’t be al- day said Russia plans to speak tions improved. Pepsi declined military. Crucially, the coalition of the Ukraine and the rest of Ukraine.

Italy’s Meloni Maneuvers to Hold Allies Together analyst at the European Coun-
cil on Foreign Relations.
Meloni recently proposed
extending the North Atlantic
BY MARGHERITA STANCATI regardless, with military tionship with Trump and his election, is better positioned to Treaty Organization’s mutual
chiefs of the “coalition of the multibillionaire ally Elon curry favor with Trump than defense guarantee to Ukraine,
ROME—Giorgia Meloni was willing” meeting in London on Musk. It is a sign of how even most of her European peers. even if it isn’t a member.
STEFANO CAROFEI/AVALON/ZUMA PRESS

reluctant to join the call with Thursday. Trump’s strongest European Her fiery rhetoric against im- Trump has dismissed calls for
European leaders to discuss Meloni is trying to act as a allies are struggling to salvage migration and “gender ideol- U.S. security guarantees for
sending peacekeeping troops bridge between Europe and the trans-Atlantic partnership. ogy” makes her a kindred Kyiv. She has endorsed an am-
to Ukraine, an idea she rejects. President Trump as doubts Trump has threatened spirit, and Trump has called bitious EU plan to boost mili-
When the Italian prime min- about U.S. commitment to the sweeping tariffs on European her a “fantastic woman.” tary spending, while warning
ister ultimately dialed in on Continent’s security mount. cars, wine and other products, Meloni, the only European that Europe should avoid rhet-
Saturday, she berated her col- She wants to keep Europe in declaring in February that head of government to attend oric and actions that could en-
leagues, including the leaders his good graces—and the U.S. “the European Union was his inauguration, also has be- courage the U.S. to further
of France and the U.K., for mak- firmly anchored to Europe. formed in order to screw the come personal friends with turn its back on its allies.
ing plans to support Ukraine But as Trump rattles Europe United States. That’s the pur- Musk. Giorgia Meloni wants to keep At a recent EU summit,
without U.S. involvement. by threatening sweeping trade pose of it.” The privileged relationship Europe on Trump’s good side. Meloni wanted to add a line to
“It’s simply counterproduc- tariffs while pressuring Meloni is urging the EU’s has helped Meloni. At Mar-a- a joint statement thanking
tive to antagonize the United Ukraine, rather than Russia, to executive in Brussels not to re- Lago in January, she won while her insistence that Eu- Trump for his peacemaking
States,” Meloni told the other make sacrifices for peace, much taliate. “Italy’s efforts should Trump’s blessing for a prisoner- rope should stick close to effort in Ukraine. Other lead-
leaders, an Italian government of the panicked Continent is focus on finding common sense exchange deal that freed an Washington risks leaving her ers balked, saying it was too
official said. “We cannot re- talking about how to reduce its solutions between the United Italian journalist held in Iran. politically isolated in Europe. unclear where Trump’s nego-
place American support.” military dependence on the States and Europe,” she said, Meloni, a champion of the “Washington has no desire tiations with Putin were
Meloni proposed a trans- U.S.—to Meloni’s chagrin. warning that an escalating Western alliance, is con- to build a bridge with the Euro- headed. Many of them fear
Atlantic summit on Ukraine So far, Italy’s right-wing trade war could drive up infla- fronted with the possibility pean Union—and no one in Eu- Trump will give priority to a
instead. But other European leader has little to show for tion and hurt Italian families. that the Trump administration rope asked Meloni to play that U.S. rapprochement with Rus-
countries are pushing ahead her carefully cultivated rela- Meloni, who won a 2022 could retreat from it. Mean- role,” said Teresa Coratella, an sia at Ukraine’s expense.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | A9

FROM PAGE ONE

Age Claims who said he was 121. Longevi-

quest researchers grew suspi-
cious when the only documen-
108th birthday party, prompt-
ing his team to start digging.
Faria dos Santos had an
in the late 19th century even
after official birth records
started to become more com-
of his son of the same name
had been conflated. Guinness
World Records removed his
her mother’s identity.
Jean-Marie Robine, who in-
terviewed Calment about 30

Are Hard tation was an identification

card the man got when he was
supposedly 95. They now be-
original copy of her marriage
record from 1956, which in-
cluded her date of birth. A
mon. Some people genuinely
weren’t sure how old they
were. Census takers guessed
name.
A team led by University of
California, Los Angeles, scien-
times starting when she was
117, helped verify her age
again in 2019 with the help of

To Prove lieve he may have assumed the

identity of a deceased uncle.
“I hate to accuse anyone of
search for public documents
from within two years of her
birth didn’t turn anything up.
based on how old someone
looked. Family Bibles, where
births were recorded, got lost.
tists is developing a “cente-
narian clock” that measures
biochemical changes in DNA
additional documents, though
skepticism persists.
Meyers said Hakoishi the
bad intentions but we think he The family provided a certi- When someone died, relatives that they hope might help set- barber came to the company’s
Continued from Page One inflated his age by about 30 fied copy of her birth registra- made rough age estimates. tle disputes. George Church, a attention after she was chosen
family trees, and listen to cen- years,” Meyers said. tion that she received in 2003. Others pretended they were Harvard geneticist who co- to be a torch bearer at the To-
tenarians’ stories. The process Being a supercentenarian– Meyers was persuaded by the older to join the military or wrote a scientific paper about kyo Olympics in 2021.
takes time. anyone 110 or older–comes document because it showed get married and stuck with the clock, said lifestyle factors They reached out to Hakoi-
“Interviewing someone who with perks. They become local Faria dos Santos’s parents had the claim. “They were young such as diet and exercise can shi and asked her to provide a
is 115 is not such a fast con- and international celebrities. registered her two days after liars and it snowballed,” said change its results. koseki, an official Japanese
versation,” he said. Not that they’re all in it for she was born. “Her parents Saul Newman, a demographer Church mused about the family register of events such
Meyers, 34, likes to ask fame. But the attention can would not have forgotten her at University College London. promise of another clock used as births and deaths. Some-
about habits he can apply to mean there’s less incentive to birth date if it was only two Correcting the record can to estimate the age of bow- times younger siblings are
his life. Elizabeth Francis, who correct the record, making the days later,” he said. take years. Pierre Joubert, long head whales, which are be- named for older siblings who
died in Houston last year at already delicate job of verify- On a recent call, Faria dos believed to be the oldest man lieved to live to 200. have died. The researchers
115, attributed her longevity to ing ages even trickier. Santos blew kisses as she was in the world, supposedly died The human longevity re- looked at the birth information
speaking her mind. Masu Usui, Longeviquest recently veri- surrounded by family includ- in 1814 at 113. Researchers cord is still held by Jeanne for Hakoishi’s siblings too.
a 114-year-old in Japan, told fied the 110-year lifespan of ing her daughter, Rachel. later found a death certificate Calment, a French woman Meyers traveled to Japan
Meyers she swears by steak. Jandyra Faria dos Santos, who “Everyone treats her like a for Joubert’s wife that said she who died in 1997 at 122. In re- last year to present her with a
Meyers has investigated sev- lives in Brazil. Meyers learned queen because she is the old- died as a widow in 1786. cent years, some researchers certificate as the world’s old-
eral claims, including one in- about her after a family mem- est one,” Rachel said. They concluded Joubert’s published papers claiming est barber. He got a haircut
volving a man who died in 2021 ber posted photos from her Age exaggeration flourished birth date and the death date Calment’s daughter took over during the visit.

of Henichesk for a hearing in

A Wife Oleksiy’s case.
Taking the stand as a char-
acter witness, Natalya scanned
Comes to the courtroom: the folding
metal chairs arranged into a

The Rescue makeshift gallery, the Russian

flag hanging behind the judge
and, inside the glass defen-
dant’s box, Oleksiy.
Continued from Page One Their eyes met. Ten months
part: getting him out. had passed since she’d last
Detention of civilians has seen him, in the Kherson
emerged as one of Moscow’s prison yard, and his transfor-
preferred tools to consolidate mation stunned her. His
its hold over the 20% of Ukrai- cheeks were sunken, shoulders
nian territory it controls. Any- too thin to fill out his shirt,

.
thing perceived as resis- hair gray at the temples. He’d
tance—from posting Ukrainian never looked so helpless.

ly
news on social media to refus- Determined not to cry, Na-
ing to collaborate—can land talya took a breath, then be-
civilians in custody, where gan her testimony about her
they face squalid conditions
and torture.
on life with Oleksiy. When she
finished, the judge sent her

JOSEPH SYWENKYJ FOR WSJ (2)

Ukrainian officials say out to the hall.
16,000 civilians are in Russian
captivity. Humanitarian groups
us ,

estimate the number could be ‘Don’t cry’

l

several times higher. Around An hour later, Oleksiy

e
al a

170 have been released as part emerged, flanked by guards.

of prisoner exchanges, accord- Natalya stepped forward, but
ing to Ukrainian officials, but a guard blocked her path.
ci on

Oleksiy Barchuk was arrested after Russian forces invaded his home city of Kherson. His wife, Natalya, went after him.
no clear legal process exists to He was so close—just a few
free them. buy a dacha on an island in asked. The soldiers ordered counting street parties with and had no idea if they were feet away—yet she couldn’t
Russian authorities release the Dnipro River where the her to leave. Oleksiy, Serhiy, everyone draped in blue-and- even alive. touch him. It was more than
almost no information about whole family would retreat on Artem and his wife were all yellow Ukrainian flags. “Everyone here praises you she could stand. She felt her-
detainees. Though Russian summer weekends to fish, detained and taken to a The window to return to when they hear that you fol- self tearing up.
er s

President Vladimir Putin wake board and barbecue. nearby police station. Kherson was closed. Natalya lowed your husband,” Oleksiy “Don’t cry,” Oleksiy said.
claims occupied territory as The Russian army shattered As she waited outside the was alone on the left bank. wrote to her in early 2023. “It’ll be OK”
m er

part of Russia, Moscow’s elec- their idyll when it thundered prison to deliver food one day By February, Natalya was “I’m so grateful.” Then a guard struck him on
tronic system for tracking over the river to occupy Kher- in September, Natalya caught learning to navigate the Rus- Still, Natalya couldn’t find a the back with a rifle butt.
prisoners doesn’t work there. son in February 2022. sight of Oleksiy raking leaves sian systems. lawyer for Oleksiy. Finally, Over the next several weeks
Civilians can languish in In the weeks that followed, on the other side of the fence. Oleksiy and the others had through a family friend, Nata- the Barchuks’ fortunes seemed
prison for years without most of the family joined large Her heart raced. It had been moved to another prison lya met Valery Geraskin, a 71- to turn. Geraskin tracked
m rp

charges, denied access to a anti-Russian demonstrations. been two months since she’d in the village of Chonhar. year-old lawyer. down a list of equipment
lawyer or communication with When soldiers began shooting last seen him—the longest There, she met the investigator Sitting in his car outside owned by the Russian pension
the outside world. at protesters, however, Nata- they’d spent apart since Soviet in their case: an old bowling ri- the prison on March 10, she service. The computers Serhiy
lya and Oleksiy’s daughter, times. They grasped hands val of Artem’s. He advised her realized that Geraskin, a fel- had taken weren’t on it.
Nadiya, fled to Ukrainian-held through the fence. low native of Kherson, had By the time Natalya re-
No rules
co Fo

territory. “It’ll all be OK,” he embraced the Russian inva- turned to court for Oleksiy’s
Any peace deal that left Natalya and Oleksiy wanted told her. sion. But Natalya liked his next hearing, on Aug. 23, only
Ukrainian territory under Rus- to leave as well. But Oleksiy’s Then, on Oct. 15, straightforward manner and Oleksiy and Serhiy remained
sian control would effectively 87-year-old mother supported the guards refused to hired him for a flat fee of in custody. The others had
cement that system in place. the Russians and refused to accept food. The $2,000 per client. been moved to house arrest.
“For prisoners of war, there go. Unwilling to leave her Ukrainian army was Geraskin was confident
are rules, but for civilians who alone, they stayed. closing in on Kherson, Oleksiy would be freed. But he
are detained, it’s much more and the Russians were Legal defense had a different judge, who de-
complicated,” said Leonid withdrawing. A guard Geraskin’s strategy was to nied the motion.
Kirkun, a Russian lawyer in Frantic call told her that Oleksiy prove that the Barchuks had
exile who represents the fami- One morning in late July, and the others had not stolen from the Russian
lies of civilian detainees. The Oleksiy and Natalya got a been taken across the government, because the com- ‘Waiting for you’
Russians, he added, “usually frantic call from Artem. His el- Dnipro River to terri- puters Serhiy had taken Natalya’s freed relatives
n-

refuse to acknowledge that dest son, Serhiy, who worked tory more firmly un- hadn’t belonged to the Rus- moved into her house in Chon-
they’re holding the person.” for the regional pension ser- der Moscow’s control. sian pension service. He as- har. There, Artem told her
Perhaps no one has gone to vice, wasn’t answering his As Natalya boarded sured Natalya the family what he’d been unable to say
greater lengths to try to res- phone. At Serhiy’s apartment, a ferry across the would get a fair hearing in the in letters: The further they got
BARCHUK FAMILY
no

cue loved ones than Natalya. he found dozens of computers, river on Nov. 1, 2022, Russian courts. from Kherson, the more bru-
After following Oleksiy, 56, which he realized Serhiy must her primary fear was To get cash out or mail let- tally they’d been treated.
into a Russian-controlled un- have taken from the pension that she wouldn’t be ters to Oleksiy, she had to take Arbitrary rules had been
derworld, she would sweet office to keep them from the able to find Oleksiy. a bus more than an hour. At imposed, like bans on talking
talk prison guards, trek back Russians, who were looking In her months sit- Natalya and Oleksiy at their wedding, checkpoints, soldiers would or lying down during daytime.
and forth across occupied for addresses of Ukrainians ting outside the jail in pull young men off for ques- Guards beat them for any sup-
parts of Ukraine and face they considered a threat. Kherson, she’d met dozens of to look up prisoners’ rights in tioning or demand passengers posed violation, or for no rea-
questioning by Russia’s secu- “He’s probably been de- other women looking for miss- the Russian legal code. fill out a form with questions son at all. Screams from men
rity service—all the time wor- tained,” Artem said. “We ing loved ones. The guards That night, at the aban- including whether they sup- being tortured with electric
rying whether she herself, should move the computers.” usually refused to tell them if doned house where she was ported what Russia calls its shocks carried through the
nevermind her husband, Oleksiy headed there with their relatives were there. staying, Natalya read online “special military operation.” corridors.
would get out alive. several others to help, while When the ferry docked, Na- that prisoners had the right to In June, unable to contain On Aug. 30, Natalya
Natalya went to register Ser- talya followed a tip from a exchange letters. The next her anger, Natalya answered boarded the bus to Simferopol,
hiy as missing. sympathetic guard and headed day, she marched into the jail no. Security officials took her a larger city to the south.
Love story When she arrived at Ser- to Kalanchak, an hour away. and demanded the guards de- fingerprints, searched her Her phone buzzed. It was
When Natalya first met hiy’s apartment several hours On Nov. 11, a few days after liver a message to Oleksiy. phone and questioned her. Geraskin. She felt the mix of
Oleksiy Barchuk, she was 17 later, she found at least a she received the laundry bag Natalya was soon passing Prison guards said she excitement and dread that al-
years old at a summer camp dozen Russian soldiers inside. confirming Oleksiy was there, messages to other prisoners’ would need a Russian pass- ways came over her when his
on Ukraine’s southern coast, Oleksiy and a family friend, she got news from home: relatives, many of whom pre- port to send packages to Olek- number popped up. Maybe
and he was the one keeping Oleh, were on the couch. Ukraine’s army had retaken viously hadn’t heard from siy—one of the few connec- there was a development in
tabs on her. “What’s going on?” she Kherson. Friends called, re- their loved ones in months tions she still had to him. the case? Or with Oleksiy’s
At a party one night, Nata- The next day, she sent in health?
lya found herself standing her application. When she answered, it
alone while others danced. It was a hot July day when wasn’t Geraskin.
Taking matters into her Natalya stepped into a small “You were waiting for me,”
own hands, she walked up to a courtroom in the nearby town her husband’s voice came
group of boys and demanded: through the phone. “Now I’m
“Why won’t anyone ask me to Serhiy Barchuk, below, took waiting for you.” He was at
dance?” One boy pointed to dozens of computers from the house in Chonhar.
Oleksiy—he liked her, the boy the Kherson region pension Geraskin told them he had
said, and had asked his friends office where he worked. paid $5,000 for each relative’s
to stay away. release, plus their family friend
Soon, they were dating. But Oleh—$25,000 in total. The
when the camp ended and Russian legal system hadn’t
they both went back to Kher- worked as he’d expected. A
son, he sent 10 letters before bribe had freed them.
she agreed to meet again. The Barchuks rustled up
They married a year later, in the money to pay him back.
1985, and had two children. Geraskin declined comment.
Over the next three de- Over the following weeks,
cades, the Barchuks built a they all made their way out of
modest network of businesses. occupied territory via Russia.
JOSEPH SYWENKYJ FOR WSJ (2)

Natalya worked at their Natalya and Oleksiy now live

kitchen-supply store. Oleksiy with Nadiya and their grand-
worked for the construction children in Estonia.
company. Artem Barchuk, “If Natalka hadn’t followed
Oleksiy’s elder brother, ran us, we’d still be sitting there,”
the whole operation. Oleksiy said, using a nickname
They did well enough to for Natalya.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A10 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

ARTS IN REVIEW
 Andrew Burnap and Rachel
Zegler in ‘Snow White,’ directed by
Marc Webb.

mother. But she doesn’t bring a lot

of wit to the role, and the script,
by Erin Cressida Wilson, does very
little to help. Her hello-I’m-evil
number, “All Is Fair,” is meant to
be the film’s comic showstopper
but it’s barely a showslower, a
wan imitation of “Gaston” from
“Beauty and the Beast” or “Poor
Unfortunate Souls” from “The Lit-
tle Mermaid.” The original songs,
from the songwriting team of Benj
Pasek and Justin Paul (“La La
Land”), also stack up poorly
against the three tunes carried
over from the original “Snow
White,” each of which has been
changed from a sweet bonbon into
high-energy, low-impact cruise-
ship entertainment. So unimagina-
tive is the staging of the numbers
that it suggests such straight-to-
Disney+ features as 2019’s “Lady
and the Tramp.”
After escaping a plot to kill her,
Snow White becomes friends with
a digital panoply of woodland ani-
mals and with the Seven Dwarfs,
who instead of being played by ac-
tors are also digital creations. The
warmth of the original animation
is totally absent here; the tiny
miners look like slightly creepy
garden gnomes, except for Dopey,
who looks like Alfred E. Neuman.
As for the prince, there isn’t one;
the love interest, Jonathan (a for-
FILM REVIEW | KYLE SMITH gettable Andrew Burnap), is a di-
rect lift of the rogue-thief Flynn

A Princess’s Pointless Return

Rider, from 2010’s “Tangled,” plus

.
some Robin Hood stylings. His
sour, sarcastic tribute to the hero-

ly
ine, “Princess Problems,” is the
worst Snow White number since
Disney’s live-action ‘Snow White’ is an awkward attempt to modernize the 1937 animated classic the one with Rob Lowe at the
on
E
1989 Oscars.
Ms. Zegler isn’t the
ven in Hollywood, pre- chief problem with the
eminent in the field of movie, but as in her
chutzpah, greatness can debut role, Maria in
us ,

be intimidating. Rarely Steven Spielberg’s re-

l

does one hear producers make of “West Side

e
al a

discuss their plans to Story,” she has a ten-

remake “Casablanca” or “Law- dency to seem bland
rence of Arabia.” It took Disney and blank, leaving the
ci on

many years of creating live-action emotional depths of

remakes of its classic animated her character unex-
features before it worked up the plored even as she
nerve to take another whack at its nearly dies twice.
first, and perhaps most venerated, Gloss prevails over
er s

work, “Snow White and the Seven heart in nearly every

Dwarfs,” which in 1937 set the scene, and plot beats
m er

template for richly evocative ani- feel contrived. She and

mation that could appeal to all Jonathan seem to have
ages. It is still, in inflation-ad- no interest in one an-
justed dollars, the 10th-highest- other until, suddenly,
grossing movie ever released in they do; and when he
m rp

North America. and his band of thieves

Disney’s first “Snow White” escape from a dun-
isn’t perfect—the prince is badly geon, they do so sim-
underwritten and doesn’t even get last March and ordered reshoots rather an ungainly attempt at  Gal Gadot, above left, and with ply by yanking their iron chains
a name—but it is, by turns, en- to make everyone happy. Unfortu- modernization. The songs “I’m Ms. Zegler, above right; the film is out of the walls. Everything comes
co Fo

chanting, scary and moving. Ver- nately, the story is so dopey it Wishing” and “Someday My Prince written by Erin Cressida Wilson. too easily and nothing generates
sion 2.0, starring Rachel Zegler in made me sleepy. Will Come” have been cut; the big much feeling. When interrogated
FROM TOP: DISNEY; GILES KEYTE (2)

the title role and Gal Gadot as her Directed by Marc Webb (“The what-she-wants number near the by the evil queen, who wants to
nefarious stepmother, has been in Amazing Spider-Man” with An- outset is called “Waiting on a kingdom she is destined to rule af- know what happened to her step-
the works since 2016 and already drew Garfield), the remake is nei- Wish.” Instead of longing for true ter her mother, the queen, dies daughter, Jonathan replies, “Snow
feels like it’s from a bygone era. ther a clever reimagining (like love (=fairy tale), Snow White and her father, having made a who?” Which would be an under-
After fans seemed grumpy about “The Jungle Book” and “Pete’s hopes to sharpen her leadership questionable choice for his second standable reaction to the movie.
the rumored storyline and the Dragon,” both from 2016) nor a skills (=M.B.A. program). And she spouse, goes missing. “Snow White” is the fairest of
casting of Ms. Zegler, Disney be- faithful retelling (like 2017’s keeps talking about a more equita- Ms. Gadot, giving it her all, is them all, in the sense that fair can
came bashful about releasing it “Beauty and the Beast”), but ble distribution of wealth in the serviceable as the wicked step- mean mediocre.
n-

TELEVISION REVIEW | JOHN ANDERSON land to the church of Rome.

Thomas Cromwell,
(“Bloody Mary,” a Lucy Worsley spe-
no

cial airing at 8 p.m. Sunday, is the

PBS lead-in to “Wolf Hall.”)
Cromwell believes in the Refor-

Master Manipulator
mation. He also believes in staying
alive, whether that means forcing
Mary to swear an oath to her fa-
ther as head of the breakaway
Church of England, or letting her
‘HENRY WOULD NOT KILL his own Cromwell was, after all, one of risk her own neck. Rylance’s Crom-
daughter,” chirps the ambassador history’s great schemers—a near well is an astonishing mix of empa-
Chapuys (Karim Kadjar) during the contemporary of Machiavelli, coinci- thy, doom and hope, a man who
opening episode of “Wolf Hall: The dentally—and the architect of Anne knows his fate depends on a king
Mirror and the Light.” It’s a judg- Boleyn’s beheading. He has been, as who has been indulged so long he
ment that causes Thomas Cromwell this “Masterpiece” series unfolds, thinks he deserves what he has.
a moment of atypical candor. “Who the chief engineer of the English What makes “Wolf Hall” fascinating,
knows what Henry will do,” he says Reformation, Henry’s matchmaker too, is the intimate glimpse it gives
ruefully. It is the great tragedy of and a man who, per Mantel, keeps into the way real political power
Cromwell—portrayed with a magnif- a knife at his breast, just in case. works, not at some remote level of
icent fatalism by Mark Rylance— He is not always grim, or ever an a massive government, but in a
that for all his anticipation, calcula- ideologue; he is noble in no tradi- small court where most people
tion and manipulation tional dramatic have no dentistry and the life ex-
he can never quite sense—nor, as his pectancy is about 40.
tell what capricious enemies keep carp- The dialogue is fluid and of its
notion will seize the Mark Rylance ing, in his bloodline. time, so much so that you forget
king of England. He reprises his He is a pragmatist someone wrote it (Peter Straughan
does know that his of the first rank. did), or that it was directed (by Pe-
own neck is never far magisterial “When negotiation year) through guile, intelligence and  Mr. Rylance and Damian Lewis, ter Kosminsky). During one particu-
from the block. and compromise a gift for realpolitik. Hampton Court who plays Henry VIII, in ‘Wolf Hall: larly marvelous scene, the king’s
This second “Wolf
performance as fail,” he tells his is not, normally, a meritocracy, and The Mirror and the Light.’ niece Margaret (Agnes O’Casey),
Hall” series—the first, the statesman. faithful protégé Rafe Cromwell’s low birth and high rank having married without the sover-
in 2015, adapted the Sadler (Thomas Bro- generate fear and loathing among king’s high minister is burdened eign’s permission and thus put her
title novel by Hilary die-Sangster), “and his foes, notably the repellent Duke with keeping the kingdom together life in danger, is being grilled by
Mantel and its sequel your only course is of Norfolk (a potent Timothy Spall, despite Henry and his whims; Cromwell and provided—though
“Bring Up the Bodies”—is an event. to destroy your enemy—before they looking like a poisoned apple) and Anne’s head has barely rolled when she’s not catching on—with a
And for all the exhilaration that a wake in the morning, Rafe, have his co-conspirator and Catholic the king marries his third wife, Jane smoothly paved avenue out of her
great story brings, there is a corre- the ax in your hand.” He is ruthless. bishop, Stephen Gardiner (the su- Seymour (Kate Phillips), in the predicament. “Sit down,” advises her
sponding melancholy. You can’t Mr. Rylance makes it a virtue. perb Alex Jennings). hopes of fathering a male heir. friend Mary Fitzroy (Viola Prette-
change 500-year-old English history. So did Mantel, who turned the Haunted—and advised—by the He does, though the resulting john), “and try to comprehend what
The author is gone (she died in historically execrated Cromwell into ghost of his mentor, Thomas Cardi- Edward VI and his half-sister, the the Lord Privy Seal is telling you.”
2022) and can’t deliver more Crom- one of literature’s great characters— nal Wolsey (Jonathan Pryce), Crom- future Elizabeth I, play no part in The king who made Cromwell the
well, even if there were more Crom- an American character, in a sense, well is oppressed by guilt over the this six-part story. The child on “Lord Privy Seal” has always lis-
well to give. And Mr. Rylance, too, for all his influence on English his- death of Anne. (Her beheading, in whom everyone’s fate depends is tened. Until he doesn’t.
has now exhausted what may be tory. In the “Wolf Hall” retelling, oblique flashback, has one grieving the very delicate, very Catholic
the best role of a brilliant career. Cromwell is the son of a blacksmith anew for Claire Foy’s pretty neck.) Mary (Lilit Lesser), whose birth has Wolf Hall: The Mirror and the
Yes, there could be prequels or and a smith himself who became a Also, the fear that he betrayed Wol- been rendered illegitimate by annul- Light
some other nonsense, but it would globe-trotting lawyer and earned sey. “There is no truth or faith in ment of her parents’ marriage Begins Sunday, 9 p.m., PBS
be beneath everyone’s dignity, the his way into the court of Henry VIII Cromwell,” parrots the cardinal’s (Henry to first wife Catherine of
quality that most distinguishes the (Damian Lewis, brilliant in the most daughter (Hannah Khalique-Brown), Aragon) and is the great hope of Mr. Anderson is the Journal’s TV
PBS

Rylance performance. thankless supporting role of the a cloistered nun. All the while, the Catholic Europe for a return of Eng- critic.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | A11

ARTS IN REVIEW

I
t may be telling that THEATER REVIEW | CHARLES ISHERWOOD ing comedies of the 1940s
the song receiving the and ’50s. He is aided by the
most enthusiastic re-
sponse in the daffy
British musical “Opera-
tion Mincemeat” is not
one of the many comic
A Madcap Military Plot nimble choreography of
Jenny Arnold.
A particular highlight is
a funny number led by Mr.
Malone in the role of a coro-
romps that are the show’s ‘Operation Mincemeat’ turns a true story of World War II into antic musical comedy ner who relishes his job.
bread and butter—or should Performed in black rubber
I say tea and crumpets? In- aprons with blood-red spar-
stead it’s a tender ballad in kles splashed across them,
which the schoolmistressy in a razzle-dazzly Broadway
secretary Hester Leggatt, style, the song features lyr-
played by Jak Malone, sings ics that typify the show’s lu-
an imagined love letter to natic humor, with the coro-
be planted on a corpse to ner singing of his unsavory
add verisimilitude to the wares:
dead man’s manufactured Mr. Roberts, choked on a
life story. Intrigued yet? yogurt
Performed by Mr. Malone Mr. Beezle, mauled by
with a touching sincerity weasels
untainted by sentimentality, If you’re after buckets of
the song hints at a lost love gore
in Hester’s past that reveals Here is Brian, he’s basi-
a beating heart just below cally a lung in a drawer
the classic British stiff up- With its relatively ar-
per lip. Yet it’s not just the cane-for-Americans subject
character but the musical, matter, “Operation Mince-
too, that in this moment meat” might seem to be a
takes a necessary breath, in- longshot for Broadway suc-
dicating a subtle emotional cess. I admit to finding that
core beneath the sometimes its goofball humor eventu-
exhaustingly antic comedy ally approached what the
that drives this odd duck of British call “much of a
a musical, now on Broadway. muchness”—variations on
Based on a peculiar foot- the same self-consciously
note from World War II, twee raillery that can be-
“Operation Mincemeat” has come monotonous.
its own twisty past. It was But the limited run has
co-written and originally been extended more than
performed by the comedy once, and the surprise sen-
troupe SpitLip, three mem- sation of the Broadway sea-
bers of which—David Cum- without ever seeming to  The cast of the show, a planned invasion of Sar- ton”-style pseudo-rap son has been the unabash-
ming, Natasha Hodgson and break a sweat. Each has a British production that has dinia. Use a submarine to songs, alongside echoes of edly silly “Oh, Mary!,” which
Zoë Roberts—star in the primary character in the landed on Broadway. bring the body to the south- the witty wordplay of Cole also lampoons history, albeit
Broadway transfer, along- plot, which is so unlikely ern coast of Spain, the Porter and Gilbert and Sul- more cavalierly. Audiences
side Claire-Marie Hall and that it would be preposter- Spaniards being known for livan. With the exception of are always receptive to

.
Mr. Malone. (The other au- ous if it didn’t happen to be himself), who was in fact leaking to the Germans. It that aforementioned som- flights into jubilant escap-
thor is Felix Hagan.) First true. tangentially involved in the sounds like something ber ballad, “Dear Bill,” the ism—perhaps particularly

ly
performed at a small Lon- Ms. Roberts plays, with plot, the winning notion Monty Python might have songs never rise to any en- now—and this plucky musi-
don venue, it garnered en- amusing self-importance, comes from the insecure cooked up for a World War trancing musical heights, cal provides it in generous
thusiastic reviews that led Johnny Bevan, a bigwig in “amateur naturalist” II spoof. but they are clever, brightly doses. And let’s not forget
to further engagements, cul-
minating in a West End run
approaching its second an-
niversary. It has claimed in
the British intelligence
agency MI5. As Bevan ex-
plains, there’s a dire need to
divert the German forces
on Charles Cholmondeley (pro-
nounced Chumley), played
with twitchy awkwardness
by David Cumming.
But it’s all true—and,
reader, it worked.
The musical hews closely
to the historical record,
tuneful and, most impres-
sively, they keep the
strangeness of the plot
from spinning out of con-
that one of the most cele-
brated musicals in recent
Broadway history, “The Pro-
ducers,” also featured, as
its ad campaign, with a hy- amassed in Sicily to another Cholmondeley being too which isn’t particularly ob- trol—or at least beyond “Operation Mincemeat”
us ,

peractivity to match the location so that the Allies neurotic to push his ideas scure now; the tale has one’s ability to follow along. does, a bevy of singing Na-
l

musical’s cheekiness, to be can capture the strategically forward, his madcap notion been made into two movies, The director, Robert zis. Maybe they’re an un-
e
al a

the best-reviewed show in important Italian island. is championed by the more and been the subject of at Hastie, displays an impres- likely good-luck charm?
West End history. Ideas, anyone? assertive Ewen Montagu, in- least two books—as well as sive gift for propelling the
The cast of five is mod- The most outlandish fused with aggressive ambi- a pair of prior musicals. But story forward while allow-
ci on

Operation Mincemeat
est for a Broadway musical, proposal gains unexpected tion by Ms. Hodgson. The “Operation Mincemeat” ing for plenty of extracur- Golden Theatre,
but as they flit between var- favor. Despite competition idea: Acquire a corpse, plant delves into its strange de- ricular goofing and mug-
JULIETA CERVANTES

252 West 45th St., New York,

ious roles, they appear to from more assertive rivals, documents on it attesting to tails with an original blend ging from the cast, in the 212-239-6200, closes Aug. 18
multiply before our eyes, including Ian Fleming his identity as a British offi- of diverting gusto and off- British tradition of the
easily filling the stage with (“Part time novelist, part cer, and attach to it a brief- kilter humor. The score in- aforementioned Monty Py- Mr. Isherwood is the
er s

their vivid performances time spy,” he introduces case with papers outlining a cludes, predictably, “Hamil- thon and the enduring Eal- Journal’s theater critic.
m er

The WSJ Daily Crossword | Edited by Mike Shenk

1 2 3 4 5 6 7 8 9 10 11 12 13
PUZZLE
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14 15 16 CONTEST
17 18 19
27 Note on a
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20 21 22
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23 24 28 Forming
across the sky,
25 26 27 28 29 30 31 32 as a rainbow
29 Bordeaux
33 34 35 black
30 Crown’s
36 37 38 cousin
39 40 41 31 Glowing wood
32 Lover’s dozen
42 43 44 37 Got paid
n-

nicely
45 46 38 They’re
spotted on
47 48 49 50 51 52 53 54 safaris, two
no

ways
55 56 57
40 Have skin in
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41 ’Vette
61 62 63 competitor
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like some
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this week’s contest sharper 55 It ends at the in Firenze may sit
crossword is a 34 Chopper part wrist 9 Spiny 47 FB boss
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National Baseball
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A12 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

SPORTS

They Are a Team of Strangers—

Slowly a viable roster took

.
shape. Koby Brea, one of the coun-
try’s top 3-point shooters, came

ly
from Dayton. Andrew Carr, a ver-

Shooting for a Deep NCAA Run

satile forward, transferred from
Wake Forest—but only after a
on
After an offseason coaching change, Kentucky overhauled its entire roster—with a bunch of
travel catastrophe stranded him at
Nashville airport, forcing Pope to
drive in the dead of night to pick
him up for his visit to Lexington.
Not that Pope was complaining
us ,

guys who had played exactly zero seconds together. Now, the gamble looks like it’s paying off. about the impromptu road trip. “It
l

was the best three hours of re-

e
al a

cruiting ever,” Pope said, “because

BY ROBERT O’CONNELL Like any forward-thinking en- you’re stuck in a car.”
trepreneur, Pope soon saw the Pope’s first Kentucky team,

T
ci on

he Kentucky Wildcats entered empty depth chart as a chance to built primarily out of upperclass-
last offseason with some fa- build something all his own. men transfers, is a far cry from the
miliar aspirations for college Though a roster full of returning squads led by freshman slated for
basketball’s all-time winningest players provides comfort and sta- NBA stardom that defined Cali-
program. bility, it also comes with an in- pari’s tenure. Future No. 1 NBA
er s

They expected to field one of grained way of doing things that draft picks Anthony Davis and
the country’s best squads, to earn can make it hard for a new coach Karl-Anthony Towns stopped over
m er

a high seed in the NCAA Tourna- to implement his vision. in Lexington for a few months as
ment and to contend for a Final By contrast, Pope had some- teenagers. These players are on
Four. Only one minor detail was thing few major college coaches their second or even third school
missing. could ever dream of, he said: “Ta- at Kentucky, and in their third or
An entire basketball team. bula rasa.” fourth—or even fifth—year of col-
m rp

Now, a few short months later, He transformed his office into a lege.
Kentucky has built a team to data center, replete with white- “It’s a new look for Kentucky,
match its lofty standards. It has a boards, spreadsheets, “graphs and definitely,” said Lamont Butler,
No. 3 seed in the tournament and charts and analytics like crazy.” who played four seasons at San Di-
has set its sights on a deep March The goal was to turn over every ego State before Pope convinced
co Fo

Madness run ahead of its opening stone in the transfer portal, to find him to come to the Wildcats. “We
game against Troy on Friday. But players—from anywhere and every- always joke that, for us fifth-years,
the wildest thing about the Wild- where—who would adapt quickly we get a chance to be ‘one-and-
cats’ roster isn’t where it’s headed. Koby Brea, top, is one of the country’s top 3-point shooters. Mark Pope, to Pope’s fast-paced style of play. done.’”
It’s where it came from. above, led Kentucky to a No. 3 seed in this year’s NCAA Tournament. The numbers on the walls Still, the experiment has
Before they tipped off this sea- served as a kind of imaginary prac- worked. In just their third game of
son, none of Kentucky’s scholar- dream job for Pope, who had won a change wildly from season to sea- tice court, telling him whether one the season, Kentucky beat Duke.
ASSOCIATED PRESS; JAMES CRISP/ASSOCIATED PRESS

ship players had played so much as championship as a player with son. guy from Oklahoma could develop The Wildcats then survived the
one single second of college bas- Kentucky in 1996. But it came with But no other college basketball on-court chemistry with another brutal Southeastern Conference,
ketball together. a catch. blue blood has ever faced a whole- from Drexel. notching five wins over teams
“Having zero players and un- Along with Calipari’s departure, sale overhaul quite like this. Pope pulled out every stop he ranked in the top 10 nationally. A
derstanding the expectations at every player on Kentucky’s roster “We recognized we were in for could on the recruiting trail. Before team that began as a series of
Kentucky,” said Mark Pope, the had left the school except for two: the challenge of a lifetime. But it he’d fully assembled his coaching scribblings on a whiteboard jelled
n-

Wildcats’ first-year coach. “That a pair of walk-ons who last year was also the opportunity of a life- staff, his wife, Lee Anne, helped into one of the top dozen squads in
was terrifying.” combined to play a grand total of time,” Pope said. “Probably every host players on school visits. “I got the country.
Back in April, Pope signed on to six minutes. startup business owner knows the my guy!” she told Pope after Ken- Now it’s onto March, when any-
coach the Wildcats after the school In the age of NIL and the trans- feeling: ‘Wow, I’ve got this massive tucky landed big man Amari Wil- thing can happen—even a team of
no

parted ways with title-winning fer portal, it isn’t unusual for col- project—and I’m standing here by liams. “You guys better get to complete strangers coming to-
coach John Calipari. It was a lege coaches to handle rosters that myself.’” work.” gether to cut down the nets.

BY ROBERT O’CONNELL “Quite simply, he wants to be a

THE MOST STORIED FRANCHISE

in the history of professional bas-
Boston Celtics Sold for $6.1 Billion great owner.”
Chisholm announced his own
bona fides as the steward of a
ketball will soon be changing team synonymous with its city.
hands. On Thursday morning, a “Growing up on the North Shore
group led by Wyc Grousbeck, the and attending college in New Eng-
owner of the Boston Celtics, an- land, I have been a die-hard Celt-
nounced an agreement to sell the ics fan my entire life,” he said. “I
team to a group led by William understand how important the
Chisholm, the co-founder and Celtics are to the city of Boston.”
managing partner of the Califor- On the court, the Celtics have
nia-based private-equity firm reached and maintained champi-
Symphony Technology Group. onship status by positioning them-
The deal values the Celtics at selves at the forefront of the
$6.1 billion, which represents the NBA’s latest strategic trends. With
highest price paid for a team in an approach informed by analytics
the history of American sports, and a roster full of high-quality
besting the $6.05 billion sale of shooters, they have shattered 3-
the NFL’s Washington Command- point records. They are among the
ers in 2023. Chisholm’s group of leading contenders to win this
investors include Sixth Street, a season’s championship, which
giant investment firm and private would make them the first repeat
lender, and real-estate executive winners since 2018.
Bruce A. Beal Jr. But keeping a championship-
The price for the Celtics, who winning roster together is also
last season won an NBA record one of the most expensive propo-
18th championship, continues a sitions in the NBA.
trend of skyrocketing valuations The Celtics have blown past the
for NBA franchises. In 2022, mort- league’s luxury tax threshold,
gage-lending billionaire Mat Ishbia meaning that its tax bill alone
agreed to purchase the Phoenix Under Wyc Grousbeck’s leadership, the Boston Celtics won two Larry O’Brien trophies, in 2008 and 2024. comes to more than $53 million
Suns at a $4 billion valuation. The this season, according to Spotrac.
next year, the family of Miriam zon. had been more than 15 years since Celtics lease the arena from Dela- Overall, the team is spending
Adelson agreed to buy the Dallas A group led by Grousbeck pur- the Celtics’ last title—a rare gap ware North, the ownership group $246.8 million on payroll and tax
Mavericks at a valuation of $3.5 chased the Celtics in a very differ- for an iconic franchise that once that also owns the NHL’s Boston this season.
billion. ent era and financial landscape, at captured 11 championships in 13 Bruins. Shortly after that approach
These massive sticker prices a valuation of $360 million in years. Under Grousbeck’s leader- Chisholm grew up in the Bos- earned the Celtics their latest title
BOB DECHIARA/REUTERS

come against the backdrop of the 2002. Grousbeck named his group ship, the team won two Larry ton area, cheering on the Celtics. in June, Grousbeck announced his
NBA’s new media rights deal, “Banner 17, LLC” to signify his O’Brien trophies, in 2008 and “I know he appreciates the impor- intentions to sell the team. He will
which was agreed in July. That goal of adding to the Celtics’ 2024. tance of the Celtics and burns keep his role as the team’s “gover-
deal will earn the league a com- championship total, which at the The astronomical price for the with a passion to win on the court nor”—the owner representing the
bined $77 billion, through partner- time stood at 16. Celtics doesn’t include the arena while being totally committed to franchise in league issues—
ships with NBC, ESPN and Ama- When Grousbeck took over, it the team plays in, TD Garden. The the community,” Grousbeck said. through 2028.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | A13

OPINION
The Shapley-Ziegler Vindication BOOKSHELF | By Benjamin Shull

D o n a l d
T r u m p ’s
storming of
lawbreaker—for doing their
job well—and for calling foul
when colleagues put politics
Mr. Shapley reached his break-
ing point.
Attorney General Merrick
They remained in place, pro-
tected, free over ensuing years
to make the pair’s IRS jobs
Paradises
Washington
isn’t leaving
much time for
ahead of honest work.
To reprise: Mr. Shapley was
an experienced IRS agent when
Garland assured the Senate in
April 2022 that Mr. Weiss was
calling the shots, operating
hell.
As documented in a com-
plaint to the Merit Systems
Lost and Found
POTOMAC nuance, yet brought in to supervise the Bi- free of “interference of any po- Protection Board, the duo have
WATCH distinctions
matter. A case
den investigation in 2020. Un-
der him was the similarly ex-
litical or improper kind”—sug-
gesting he’d get what charges
been undermined, ignored and
kept down. Both were exiled
What in Me Is Dark
By Kimberley
in point is the perienced Mr. Ziegler, who’d he wanted, where he wanted. from the Hunter case. Mr. By Orlando Reade
A. Strassel
vindication of initiated the Hunter tax case But Mr. Shapley testified that Shapley was denied a job lead- Astra House, 272 pages, $28

F
Internal Reve- around 2018 after viewing sus- in an October 2022 meeting, ing a unit he’d helped create
nue Service whistleblowers picious accounts. Mr. Ziegler and supervise—then denied rom his youth, Thomas Jefferson kept a commonplace
Gary Shapley and Joseph had already encountered polit- three more positions. Even the book in which he jotted down memorable quotations
Ziegler, a story that answers at ical interference, including a IRS whistleblowers OSC investigation into their from history, philosophy and literature. Nearly 30 pas-
least one big question. decision to park the tax case claims proved difficult, given sages that Jefferson recorded, Orlando Reade notes, derive
Why is the president funda- with David Weiss, the U.S. at- are finally rewarded Mr. Biden named Hampton from John Milton’s epic poem “Paradise Lost,” including 11
mentally uprooting the federal torney for Delaware, even for their integrity and Dellinger—former Hunter law that center on the figure of Satan. Jefferson’s interest in Mil-
bureaucracy—cutting whole though Hunter filed taxes in colleague—as OSC head. (He ton’s retelling of the rebellion of Satan and the fall of man
teams, firing senior employees, California and the District of dedication to service. recused himself, and Mr. may come as a surprise, since Jefferson held unorthodox
imposing new work rules? Our Columbia. Trump has fired him.) To this religious views. Yet the author of the Declaration of Indepen-
polarized political environ- The two witnessed far day, the retaliators sit in their dence had every reason to be interested in Milton, who a
ment offers opposing partisan more. Mr. Shapley’s team was Mr. Weiss stunned investiga- government offices. Message century before had published a book defending the killing of
explanations. The left: A thwarted in attempts to search tors by saying there would be to good employees: Don’t do tyrannical kings.
vengeful leader targets hard- Joe Biden’s guest house no tax charges because he was the right thing. Jefferson is the focus of one of the 12 chapters in Mr.
working civil servants to make (Hunter’s onetime residence) “not the deciding person.” The Until now. Messrs. Shapley Reade’s “What in Me Is Dark: The Revolutionary Afterlife of
way for loyalists. The right: and a storage facility contain- U.S. attorneys for D.C. and cen- and Ziegler continue with their ‘Paradise Lost.’ ” In addition to Jefferson, the book surveys
Mr. Trump is belatedly drain- ing Hunter business docu- tral California, Biden appoin- Merit Systems Protection Board the impressions Milton left on William Wordsworth, George
ing a swamp entirely filled ments. The team was in- tees, refused to bring them. complaint; their new positions Eliot, Malcolm X, Hannah
with lazy liberal drones. structed not to ask questions In Mr. Shapley’s view, aren’t part of some settlement. Arendt, C.L.R. James, Virginia
Think instead of Washing- about Joe or pursue leads con- Messrs. Garland and Weiss Instead, the Trump administra- Woolf and Jordan Peterson,
ton’s 2.4 million workforce as nected to Joe’s grandchildren. were misleading the public by tion is recognizing the value of among others.
the political version of a terri- It was slow-walked, made to claiming the probe was inde- their knowledge and commit- Milton’s poem has long
bly run company. It has its fair ignore campaign-finance alle- pendent. In addition to con- ment to good government appealed to those with a revo-
share of hard workers—dedi- gations and to strip Hunter’s tacting inspectors general and work. Credit goes to Sen. Chuck lutionary turn of mind, in part
cated to the job, the mission, name from document requests. the Office of Special Counsel, Grassley, and Reps. Jim Jordan, because its most enduringly
the law. But they are under- FBI headquarters even tipped which investigates retaliation James Comer and Jason Smith, appealing character, from a
mined by the usual self-pro- Hunter’s people to a coming against whistleblowers, Mr. who saw their stories through dramatic point of view, is the
moters and get-byers, with the round of interviews, allowing Shapley’s counsel approached to this successful end. rebellious Satan. “When Satan
added toxicity of embedded the subjects to lawyer up and Democratic and Republican Messrs. Shapley and Ziegler speaks,” Mr. Reade writes,
partisans and hidden power refuse to talk. leaders of congressional com- have been vindicated many “what comes out of his mouth
players. Why overturn the sys- Through it all, Messrs. mittees. Mr. Ziegler later times—by the ultimate Hunter are arguments similar to those

.
tem? It’s the only way to ele- Shapley and Ziegler worked joined him in appearing for prosecutions, his guilty pleas, that Milton had made in his own
vate the good ones. the system, stuck with the pro- testimony and pursuing retali- and even his pardon, an addi- career as a propagandist for the

ly
That is what’s happened in cess, tried to do the right ation claims. tional ignominy on the Bidens. English Republic.” After support-
the case of Messrs. Shapley thing—and prepared a docu- The retaliation was intense But the ultimate vindication— ing an uprising against the crown, Milton composed an epic
and Ziegler, veteran civil ser- ment in late 2021 recommend- and is a vital part of this story, for them and taxpayers—is re- about a revolt against the heavenly order. This link has led
vants who were promoted this
week to senior jobs, advising
Treasury Secretary Scott Bes-
sent on IRS reform. This
ing Hunter be charged with
felony tax violations covering
numerous years. Mr. Weiss’s
office in 2022 started negotiat-
on
as it explains the need for
root-and-branch change.
Messrs. Shapley and Ziegler
might have got out the un-
warding their integrity and
dedication, making it a model
for the federal workforce while
clearing out the rot. They are
generations of secular readers to argue over the meaning of
the poem.
Milton (1608-74) grew up in the shadow of Old St. Paul’s
Cathedral; from an early age he developed Puritan beliefs. He
comes after years of retalia- ing with California and D.C. seemly story of government the reason the Trump upset is attended (and was briefly expelled from) Christ’s College, Cam-
us ,

tion, for their sin of treating prosecutors about charges, “work” gone bad, but nothing necessary. bridge, and later embarked on a tour of continental Europe,
l

Hunter Biden like any other and things crept along—until happened to the rotten apples. Write to [email protected]. where he met Galileo and other luminaries. Milton returned to
e
al a

England in 1639, a few years before the country devolved into

civil war between parliamentarians and royalists.

Flannery O’Connor’s Tales of Evil and Grace In 1644 Milton wrote “Areopagitica,” an impassioned
ci on

attack against censorship and one of the foundational argu-

ments for a free press. After the execution of Charles I in
HOUSES OF F l a n n e r y the realist, a good and wise Christ would have made him a characters are, for example, 1649, he published “The Tenure of Kings and Magistrates,”
WORSHIP O’Connor, ar- man must conform himself to good man. In this unexpected gored by bulls, shot, humili- which condoned regicide. He was appointed the secretary for
By Jennifer A. guably the what he knows is true, so that moment of confession, the ated, attacked, abandoned or foreign tongues in the new government and would hold the
er s

Frey best Catholic he can love what is good and grandmother is able to see the murdered. role as the regime degenerated into something closer to a
writer this take delight in what is beauti- Misfit as “one of her own chil- Readers have often been military dictatorship. Milton kept his position until the
m er

country ever ful. The true, good and beauti- dren” and worthy of an infi- turned off by the depths of de- Restoration in 1660, two years after the death of Oliver
produced, was born 100 years ful are for Aquinas different nite love. This moment takes pravity O’Connor explored in Cromwell.
ago March 25 in Savannah, Ga. ways a person is related to re- the darkness of the drama out her fiction. But as she de- Mr. Reade, a professor of English at Northeastern Univer-
Her short life was marked by ality. Since God is the ultimate of a nihilistic register and into scribed her work, she was ada- sity London, notes that Milton first considered a work like
profound suffering: She was 15 reality as the source and sum- a Thomistic one, making an mant that her Christian real- “Paradise Lost” in the early 1640s. By the time the poem was
m rp

when her father died of lupus mit of all being, he is the full- otherwise bleak end tinged ism was opposed to the twin published in 1667, Milton had long since gone blind. He relied
and 25 when she was diag- ness of truth, beauty and with the hope of redemption. evils of bad fiction: fantasy on his daughters, who read him foreign-language tracts they
nosed with the same disease, goodness. and sentimentalism. She re- could not themselves understand, and composed the poem
which would end her life at 39. Reality can be a tough mas- sisted any account of Christi- through dictation.
Her grief gave her an insight ter, and O’Connor saw that the She had a Catholic anity as comforting or easy as The poem’s narrative, among much else, relates Satan’s
co Fo

into the power of God’s temptation to resist, ignore or much as she resisted the claim rebellion and establishment of a council at Hell’s capital of
grace—that it could be violent distract oneself from it is an vision. Her stories that the job of the novelist is Pandaemonium; his choice to corrupt God’s creation of a new
but also revelatory and re- obstacle to spiritual progress. were ‘grotesque’ but to entertain or comfort the world; the archangel Raphael’s warnings to Adam and Eve;
demptive. Her experience with Grace, in her understanding, reader. O’Connor aimed to un- the eating of the forbidden fruit; and the pair’s expulsion
the mystery of suffering would works to pierce the veil of per- not gratuitously so. settle readers, not for the sake from the Garden of Eden. “Paradise Lost,” Mr. Reade writes,
become the enduring theme of ception—especially to force us of sensationalism but because is both a “work of art” and a “political document.”
her fiction. to see the effects of sin on our the truths she aimed to reveal
O’Connor’s work can’t be souls. She strongly resisted O’Connor’s stories are hard were hard-won.
understood apart from her the claim that fiction was a because she knew that her The key to understanding Milton’s epic recounts a revolt against heaven.
imaginative Catholic vision. form of escapism. At its best, readers were coarsened and and appreciating her fiction is Readers from Thomas Jefferson to Malcolm X
She attended Mass daily and such writing is “a plunge into that it would take something to see that it engages with a
read St. Thomas Aquinas be- reality” and “very shocking to drastic to get them to see the deep mystery: that the suffer- have drawn their own lessons from the work.
fore bed every evening. Be- the system.” reality of sin and necessity of ing on Calvary, and all human
n-

cause of the violence O’Connor O’Connor aimed to shock grace. She argued that “to the suffering, is redemptive. For
made her outlandish Southern her reader every bit as much hard of hearing you have to her, the problem of evil Mr. Reade uses “Paradise Lost” to track the Romantic
characters endure, a critic as she was shocked by grace at shout, and for the almost- doesn’t admit of tidy philo- poet William Wordsworth’s shifting feelings toward the
once described her as a hill- an early age. She wrote “gro- blind you draw large and star- sophical or theological solu- French Revolution. As he notes in his own long poem, “The
no

billy nihilist. She protested tesque Southern fiction” be- tling figures.” tions; it is a mystery that must Prelude,” started in 1798, Wordsworth initially welcomed
that “hillbilly Thomist” was cause she thought her charac- In all her fiction, there are be endured. As a fiction writer, the storming of the Bastille but became disillusioned as
more apt, because she wrote ters needed to confront the moments of profound change, O’Connor believed it necessary the Tennis Court Oath gave way to the Terror. Recounting
happy stories thick with the mysteries of evil and grace, of grace breaking through the to have her readers confront the moment he learned of the fall of the tyrannical Robes-
promise of God’s mercy. and she believed this confron- defenses people have put up “mystery as it is incarnated in pierre in 1794, Wordsworth gloats how the “foul tribe of
O’Connor believed that al- tation must be violent and against it. That divine influ- human life” through an imagi- Moloch was o’erthrown,” referring to one of the fallen
though we are fallen, we are comic to her secular and ence often works to purify native vision that pays careful angels who followed Satan into Hell in Milton’s poem. In
still good, and if we freely co- “Christ haunted” audience. people in cruel, violent ways. attention to our sensed experi- 1802 Wordsworth appealed to his poetic forebear in a son-
operate with God’s grace, our One of her most famous char- O’Connor thought this re- ence. If we approach her writ- net about his own country: “Milton! Thou should’st be liv-
nature can be perfected in acters, the Misfit, is a criminal vealed a deep truth about hu- ing with this in mind, we will ing at this hour: / England hath need of thee: she is a fen /
union with him. on the run, haunted by the man nature—that we “vigor- have a deeper appreciation of Of stagnant waters.”
Flannery also got from idea that Christ “did what He ously” resist grace because it the large and startling figures Mr. Reade braids his own interpretations of Milton’s poem
Aquinas her commitment to said.” Before the man kills a “changes us and the change is she so memorably drew. into chapters dedicated to each reader he has chosen. Some-
Christian realism, which puts grandmother and her family, painful.” There is no way to times he labors to connect “Paradise Lost” to specific fig-
forth a vision of happiness he complains to her that “it clarity in her writing except Ms. Frey is dean of the hon- ures—an attempt to draw a parallel between the events of
rooted in a person’s knowl- ain’t right I wasn’t there” at through the painful transfigu- ors college at the University of the poem and the relationship of Martin Heidegger and Han-
edge and love of reality. For Calvary, because belief in ration of suffering. Thus her Tulsa. nah Arendt doesn’t quite convince. And not every figure in
this book appreciated “Paradise Lost.” In his chapter on Vir-
ginia Woolf, Mr. Reade notes that the figures of Modernism

When I Watch Wrestling, I See America could be dismissive if not outright hostile to Milton. Ezra
Pound considered “Paradise Lost” aesthetically hidebound
and labeled Milton “the worst sort of poison.”
By David McCormick years of hard, often lonely It’s easy to criticize from the get America back on track. The The most perceptive passages in Mr. Reade’s book place

A
work. They see young people bleachers, but as Theodore Roo- U.S. has shown remarkable re- thinkers in lively debate over the central meanings of Mil-
merica’s best college engaged in the brutality and sevelt said, “It is not the critic silience throughout its short ton’s work. While imprisoned for burglary in the late 1940s,
wrestlers will square off beauty of competition. They who counts.” Wrestlers have to history. It can and will do so Malcolm Little—who would change his name to Malcolm X—
this weekend in Philadel- see ferocity tempered by summon the courage to step again. read Milton’s poem and saw in Satan an avatar of white
phia at the National Collegiate sportsmanship and respect. into the arena. This next gener- Saturday will be a celebra- supremacy. The Marxist historian C.L.R. James came to view
Athletic Association champi- They see the values that made ation of Americans must show tion of sportsmanship and re- the work as a criticism of Cromwell, who James believed had
onships. You’ll find me in the America great. similar courage in public life to spect. Wrestlers will dig deep “suppressed the radical revolution and replaced it with a
front row cheering them on, The first value is hard work. lead the country. to dominate their opponents. bourgeois one,” as Mr. Reade writes. The psychologist and
alongside President Trump. On Saturday, Pennsylvania Third is the capacity to But when the whistle blows, self-help guru Jordan Peterson, in his “12 Rules for Life”
I grew up wrestling across State University’s wrestling overcome adversity. When a each will stand, shake hands (2018), presents “Paradise Lost” as a “prophecy” against
Pennsylvania, from Shikellamy team will defend one of the match reaches the final period, and walk off the mat. Those of totalitarianism and, as Mr. Reade terms it, “arrogant West-
to Shickshinny and from Selin- greatest dynasties in college it becomes a test of character us in politics could learn from ern rationality.”
sgrove to Schuylkill Haven. In sports history. Under Coach and grit: the strength found them. “What in Me Is Dark” attentively summarizes all these per-
those hot, crowded arenas, Cael Sanderson, they’ve won 11 within. Spencer Lee, who grew Hard work, courage, resil- spectives, while making a more subtle point about Milton’s
generations of high-school of the past 13 national titles. up in Pennsylvania, tore his ience and respect are on dis- aim: It is, Mr. Reade says, “teaching the reader to distinguish
wrestlers have faced the ulti- Such sustained excellence re- ACL during the 2019 NCAA play every time wrestlers step between true and false claims to revolutionary freedom.”
mate test: six minutes on the quires hard work, every day. wrestling championships. He on the mat. As long as these
mat with nowhere to hide. As Similarly, the American ex- still won the title. Two years wrestling virtues are in our na- Mr. Shull is a books editor at the Journal.
wrestling legend Dan Gable fa- periment isn’t self-sustaining, later, he tore his other ACL yet tion’s bloodstream, America’s
mously said, “Once you’ve nor is American strength pre- won the title again. future will be bright.
wrestled, everything else in destined. Our nation has big My greatest lessons haven’t Coming in BOOKS this weekend
life is easy.” problems. We’ve begun to turn come from success but from Mr. McCormick, a Republi- The mysterious birth of bitcoin • Identity and belonging
Wrestling is more than a the corner, but it will take du- overcoming setbacks. We can’t can, is a U.S. senator from Penn- in Communist China • Edgar Allan Poe • Rogues and
sport. Every season, packed tiful commitment to keep it all show the grit of Mr. Lee, sylvania and was the co-captain scholars in the London art world • A ‘Wicked’ prequel
auditoriums of spectators going. but we must try. Such perse- of the Army wrestling team • Astronomy in the Renaissance • & much more
watch excellence emerge from The second value is courage. verance is what it will take to while a cadet at West Point.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

A14 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

OPINION
REVIEW & OUTLOOK LETTERS TO THE EDITOR

Requiem for the Education Department What John Paul II Thought About ‘Feminism’

P
resident Trump signed an executive or- million) and Comprehensive Literacy Develop- Regarding Erika Bachiochi’s “John lion abortions worldwide per year and
der on Thursday directing Education ment ($194 million). Paul II, the Feminist Pope” (Houses of seeded the birth dearth. Women are
Worship, March 14): When one thinks discontent, men sidelined, children
Secretary Linda McMahon to dismantle Each program has a vested constituency, and
of a feminist, such names as Margaret abused and sexualized and the poor
her department. Shed no more funding for one program Sanger, Betty Friedan and Gloria trapped. In John Paul’s thought, how-
tears. While teachers unions Beyond Trump’s EO, invariably results in increases Steinem come to mind, not John Paul ever, there is the opposite of auton-
are howling, her biggest ob- for others. Federal K-12 spend- II. For 26 years, he was the iconic omy: the essential importance of hu-
stacle may be Republicans in
Congress needs to shrink ing has tripled over the last symbol of the patriarchy, enduring man interconnectivity.
Congress. student loans and send two decades—more than state feminists’ rage, as expressed by The new feminists have worked to
Republicans in recent de-
cades have helped Democrats
K-12 money to states. andFew local funding has.
of these programs have
Sinead O’Connor tearing up his image
on “Saturday Night Live.”
define their project for 40 years, em-
phasizing equality while often repack-
expand the Education bureau- improved learning, judging by His love for women nevertheless aging feminist concepts of autonomy.
cracy and balance sheet. Its stagnating test scores. Slash- urged him to find common ground. A Meanwhile, feminism as autonomy
$1.6 trillion in student debt would make it the ing the bureaucracy that oversees the grants will master of language, he deftly rede- continues to flourish (e.g., the move-
fined terms like Marx’s “alienation” ment to freeze women’s eggs), the
fifth largest U.S. bank. The department doles slow the release of funds. But Republicans in
for his anticommunist purposes. His pro-life movement is waning and
out $270 billion a year, which it can use to pro- Congress will need to do the heavy lifting of re- use of the word “feminism” once or Catholics in the pew are as confused
mote a President’s agenda and please parochial turning control to states with block grants, twice, and description of himself as a about womanhood as everyone else.
interests in Congress. which they can do via budget reconciliation. “feminist,” reached his audience with As my colleague, Ms. Bachiochi, notes:
One problem is that Congress keeps adding i i i the hope of redefining it into some- The pope might not look positively on
grant programs, which Ms. McMahon can’t on Ms. McMahon’s other top imperative is to thing constructive. His scant refer- the past 30 years. Has the new femi-
her own eliminate. But she could recommend shrink the federal student-loan program. The ences to it, however, indicate that the nism added clarity?
that Congress consolidate its $100 billion in K-12 Biden team sought to do so by canceling hun- prolific pope’s use of the word was Ms. Bachiochi’s call for the church to
spending into block grants for states and remove dreds of billions of dollars in debt, first outright more pastoral than anything given continue to promote women’s dignity is
conditions on how funds are spent. and then with so-called income-based repay- how much he wrote about women. laudable, as is her openness to naming it
I’ve researched every major seminal something other than “new feminism.”
Some grants are based on complicated for- ment plans. Both gambits were blocked by the
feminist thinker—much of the content Truly, the church’s ancient defense of
mulas that reward profligate states like Califor- courts. new, like Friedan’s connection to com- women’s dignity proffered by St. Augus-
nia and New York. Title I grants are based The Congressional Budget Office projects munism—to understand the core defi- tine doesn’t need modern ideologies.
largely on the number of children in poverty or that about a quarter of student debt issued this nition of the movement. Feminism is The quicker Catholics realize this, the
receiving welfare benefits in a state, as well as year will be written off. But its past forecasts “women’s autonomy.” Autonomy, sooner we can get back to building in-
per-pupil spending. This encourages states to have been too rosy. Betsy DeVos, Mr. Trump’s whose survival must make a priority stead of destroying the culture.
expand welfare and punishes those that are bet- first-term Education secretary, commissioned of work, ballooned into an ideology CARRIE GRESS
ter stewards of taxpayer money. an independent audit that estimated some $500 that has destroyed the family, eviscer- Ethics and Public Policy Center
States and school districts must apply for billion would be written down. ated faith, led to an estimated 73 mil- Washington
most other grants, many of which are redundant. The cost has no doubt grown owing to Biden
Department employees pick winners and losers debt discharges, including $17 billion for stu-
based on arbitrary and often political criteria dents who claimed to have been deceived by
that often aren’t related to student learning. their colleges. Ms. McMahon ought to repeal A Better Way to Keep the CFPB’s Lights On
Strings attached to the funds tie up districts in this “borrower defense” rule and conduct a new

.
Chris Dodd and Barney Frank ering the central bank had been prof-
red tape as they document compliance. audit of federal student debt to advise Congress point out that the Consumer Finan- itable for nearly 100 years. As long

ly
Last year’s continuing budget resolution in- on how to shrink taxpayer liabilities. cial Protection Bureau was brought as that remained the case, lawmakers
cluded numerous grants to test innovative edu- Republicans are partly at fault because they into being by proper legislative ac- would be deprived of their essential
cation models: Supporting Effective Educator helped Democrats expand student debt by re- tion in 2010 (“Trump Harms Con- power of appropriation.
on
Development ($90 million), Supporting Effec- moving the cap on graduate borrowing and cre-
tive Instruction ($2.2 billion), Education Inno- ating forgiveness program for government and
vation and Research ($284 million) and Innova- nonprofit workers. This has encouraged col-
sumers by Weakening the CFPB,” op-
ed, March 13). They leave out,
however, that the act was approved
on a mostly party-line vote when the
But the Fed ceased to have any
combined earnings in late 2022, and
it has since racked up massive losses.
So long as those persist, there are no
tive Approaches to Literacy ($30 million). What leges to raise prices and add graduate programs
Democratic Party had majorities in earnings that can be used to fund the
us ,

qualifies as innovative or effective is in the eye that don’t pay off—e.g., master’s degrees in
both the House and Senate. CFPB legally under the terms of the
l

of the bureaucrat. community development. Perhaps knowing that their control Dodd-Frank Act. When the CFPB now
e
There are also more than a dozen grants for Student loans have become a new entitle-
al a

was fleeting, the drafters attempted wants to ask for funding, it should
schools for low-income kids, such as Full-Ser- ment, and the main beneficiaries are universi- to restrict future Congresses from have to go to the Congress and ask
vice Community Schools ($150 million), Prom- ties. If Republicans in Congress have the cour- controlling the agency’s finances. for appropriations—exactly as it
ci on

ise Neighborhoods ($91 million), Migrant Edu- age of their convictions, they’ll work with Ms. They did so by stipulating that the should’ve been in the first place.
cation State Grants ($376 million), Education McMahon to reform this higher-ed subsidy ma- CFPB would be funded out of the ALEX J. POLLOCK
for Homeless Children ($129 million), Ne- chine and return control of K-12 education to combined earnings of the Federal Re- Mises Institute
glected, Delinquent, and At-Risk Students ($49 the states. serve—at the time a safe bet, consid- Lake Forest, Ill.
er s

Congress Rejects a Pentagon Retreat McConnell’s Unwitting Case for Term Limits
m er

S
I had hoped Collin Levy’s “Mitch Mr. McConnell shall be missed—and
enior Republicans in Congress on cracy. But if the Trump crowd wants to fold Af- McConnell, Man of Principle” (op-ed, impossible to replace.
Wednesday warned President Trump off rica Command under the umbrella of Europe, March 13) was tongue in cheek. JEFF ROSS
a U.S. military reorganization abroad perhaps first they could explain what the U.S. Where were Mr. McConnell’s princi- Phoenix
m rp

that sounds more like an American retreat. The plans to do about the Chinese influence proj- ples before he announced he wouldn’t
lawmakers deserve credit for emerging from ects, Russian mercenaries and Islamic terrorists run for re-election? The former ma- Ms. Levy seems to forget that this
their foxholes, and it’s a service to the Com- that are ascendant in Africa. jority leader excoriated Donald Trump man of principle could have stopped
mander in Chief. Especially worrisome is that the U.S. may for the Jan. 6 riot, what he called a Mr. Trump with a yes vote during the
The GOP chairmen of the House and Senate scrap an expansion of military forces in Japan. “violent insurrection.” Within weeks, 2019 impeachment trial. Instead the
co Fo

the senator made amends with him. senator caved in to other influences
Armed Services committees, Rep. Mike Rogers This would make China’s day, or decade. Many
Ms. Levy has helped affirm one in his party. A vote to convict Mr.
of Alabama and Sen. Roger Wicker of Missis- of Mr. Trump’s advisers auditioned for jobs ar- thing: Unless and until Congress has Trump would have ruled out his sec-
sippi, said in a statement that they’re con- guing that the U.S. needs to act fast to improve term limits, we will likely only see ond term, sparing the country the
cerned “about reports that claim DoD is consid- the Pacific military balance. Well? politicians of principle who have an- economic and political disasters we
ering unilateral changes on major strategic Then there’s passing off to the Europeans the nounced that they’ll soon be retiring. are going through now.
issues, including significant reductions to U.S. military post known as Supreme Allied Com- MARTIN HACK LOU VIGLIOTTI
forces stationed abroad, absent coordination mander of Europe, which the U.S. has held since New York Naples, Fla.
with the White House and Congress.” Dwight Eisenhower. The Administration has
The men say Congress “will not accept sig- made its point that it is tired of defending what Over the years I have enjoyed Mr.
nificant changes to our warfighting structure” it sees as a decadent Europe. But why give up McConnell’s principled and effective Trouncing Tehran’s Proxies
imposed unilaterally. That could undermine de- U.S. command? Mr. Trump won’t like the alli- stands supporting the core conserva-
President Trump’s support for Is-
tive positions of the Republican
terrence and detract “from our negotiating po- ance better when he’s dealing with a French rael’s airstrikes against Hamas and
n-

Party, while driving such people as

sitions with America’s adversaries.” general. Nancy Pelosi and Chuck Schumer to a
the U.S. military’s strikes against the
The statement refers to media reports this Mr. Trump may not even know about these Houthis in Yemen mark a turning
frenzy. Shielding the nation from a
week floating changes to the U.S. military, os- proposals. But they illustrate the risks from the point: Tehran’s proxy war is being
Supreme Court Justice Merrick Gar-
tensibly to save money. One is a reorganization junior achievement Sun Tzus who are filling out met with force, not appeasement
no

land puts him in my pantheon of po-

(“Trump Takes On the Houthis,” Re-
of the 11 Combatant Commands, many of which his Administration. Republicans in Congress litical greats, but standing up to
view & Outlook, March 17). This is a
cover regions of the world. These commands weren’t elected to be potted plants and they’re some of the absurd nominees of the
welcome shift, not only for Israel but
jockey for resources and can create bureau- right to speak up. Trump administration seals the deal.
for all those suffering under Iran’s
web of terror across the region.

The Biden LNG ‘Pause’ Deception A Trans League of Their Own For years, Hezbollah and the
Houthis have brought devastation to

T
Regarding Minna Svärd’s painful Lebanon and Yemen. Iran’s proxies
he Energy Department on Wednesday in “stranded assets” as countries wean them- loss to a trans athlete in an otherwise have destabilized Iraq and propped
approved the Venture Global CP2 lique- selves off fossil fuels. women’s competition (“My Stolen up Syria’s brutal dictatorship. Yet in
fied natural gas export project that be- The climate lobby also says more LNG ex- NCAA Championship,” op-ed, March the West, Israel, not Iran, is often
came a cri de coeur for climate ports will increase U.S. en- 18): I don’t understand why the Na- scapegoated for the region’s turmoil.
tional Collegiate Athletic Association Since Oct. 7, 2023, the balance of
activists. Good call. Meantime, Now we learn that the ergy costs. But the study can’t establish three categories: men’s power in the Middle East has shifted.
we are learning more about forecast that wholesale gas
how the Biden team deceived
Granholm DOE buried prices in the U.S. would rise
athletics, women’s and trans’. If ad- Precision strikes in Lebanon, Iraq and
ministrators can’t find enough trans Syria have dismantled Iran’s supply
Americans about its 2024 LNG a study that it didn’t less than in the “study DOE athletes to make a league in a given lines and weapons stockpiles. Hamas
export “pause.”
President Biden, prodded
want Americans to read. commissioned on the eco-
nomic impacts from U.S. LNG
sport, such athletes would be in the
same position as those who would
and Hezbollah are in disarray. As a
result, jihadism is weaker: a neces-
by climate adviser John Po- exports in 2018.” Residential like a college to include cricket but sary step toward the stability and
desta, announced a suppos- gas prices would increase by can’t find enough players. They might peace the region desperately needs.
edly temporary suspension of LNG project ap- a mere 4% by 2050. have to settle for intramural status AVIVA KLOMPAS
provals in January of the election year. The DOE staff and lawyers rigorously reviewed the rather than intrude onto playing Waltham, Mass.
stated purpose was so Energy could do a study models and findings because these conclusions fields where they pose unfair advan- Ms. Klompas is a former speech-
tages and even danger to others. writer for Israel at the U.N.
to determine if increased exports are in the “are going to receive a lot of scrutiny” and we REV. GERALD J. BEDNAR
“public interest.” It turns out that DOE career “need to be able to explain why the model shows Euclid, Ohio
staff had already completed such a study by reduced emissions,” as one commented in the
autumn 2023. study’s margins. Another recommended “full tab- Pepper ...
A draft of that study, which was shared with ulated results in an Excel workbook be made avail-
What Does Columbia Value? And Salt
us, shows that increased U.S. LNG exports able to provide transparency to the public.”
THE WALL STREET JOURNAL
would have negligible effects on domestic That isn’t what the Biden crowd wanted to Regarding William McGurn’s “Hills-
prices while modestly reducing global green- hear. They shelved the staff study and imposed dale Schools Columbia” (Main Street,
house gas emissions. The latter is largely be- their “pause” to motivate progressives during March 18): Where Columbia Univer-
cause U.S. LNG exports would displace coal in last year’s election. In December, Biden Energy sity’s interim president claims that the
university “will stand by its values,” I
power production and gas exports from other Secretary Jennifer Granholm released a differ-
half-expected the Groucho Marxian
countries such as Russia. ent study, which purported to show that “unfet- follow-up: “. . . and if donors don’t like
“The majority of the additional U.S. natural tered” LNG exports would increase global emis- those, we have other values.”
gas substitutes for other global sources of natu- sions and domestic gas prices. RUSSELL MURRAY
ral gas,” the study notes. “Global and U.S. GHG Had Kamala Harris won, Democrats would Ballwin, Mo.
emissions do not change appreciably” across var- undoubtedly have used the new study to justify
ious scenarios that DOE staff modeled. a permanent export ban and we would never
Letters intended for publication should
The study projected that, even assuming have found out about the other study. The LNG be emailed to [email protected]. Please
countries meet their net-zero pledges, global two-step is another notable example of how the include your city, state and telephone
natural gas consumption would grow through Biden Democrats tried to deceive Americans. number. All letters are subject to
2050. This is notable because the climate lobby And they wonder why the party’s approval rat- editing, and unpublished letters cannot “Did we agree to restore the delicate
be acknowledged.
claims building more LNG projects would result ing is at a record low? balance of our ecosystem?”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | A15

OPINION

Disabilities Act Becomes a License to Cheat

By Jillian Lederman room to avoid distraction, among “some chunk of the extra time.”

P
other options. It’s no surprise that students ap-
resident Trump’s pledge to Truly disabled students need preciate extra time. But there’s no
eliminate the Education support to help them succeed. But entitlement to loose deadlines in
Department is welcome, the system is ripe for abuse by the world of work, and it’s a disser-
but it won’t be enough to those with the knowledge and vice to teach students otherwise. A
fix America’s schools. Fed- means to manipulate it. A 2019 2024 literature review in the Jour-
eral laws intended to accommodate Journal investigation revealed that nal of Applied School Psychology
students with learning disabilities many wealthy parents pay thou- finds that extended time improves
have for years allowed parents and sands of dollars for their children test scores but may increase stu-
schools in the country’s wealthiest to be tested for learning disabilities dent anxiety and overthinking.
enclaves to game the system by giv- by private psychologists, who have The solution is simple: Require
ing unfair advantages to the children an incentive to give clients a diag- students to disclose their use of
of privilege. nosis that will confer an advantage. testing accommodations during
The Americans with Disabilities At public high schools in wealthy the college admissions process.
Act of 1990 requires schools to offer areas, the percentage of students Like grades and extracurricular
examinations “in a place and manner with access to accommodations is activities, accommodations are
accessible to persons with disabili- 4.2%, compared with 2.8% nation- relevant to college admissions. No

RICHARD MIA
ties or offer alternative accessible ally. These statistics obscure the one should fault a blind student
arrangements for such individuals.” worst examples: The Journal found for taking tests in Braille or a stu-
that the rate was 1 in 5 at Scarsdale dent with severe dyslexia who
High School in New York, 1 in 4 at used audio aids. But the incentive
‘If you don’t have extra Weston High School in Connecticut, you don’t have extra time, then your wealthier, more affluent families structure must dissuade needless
and 1 in 3 at Newton North High parents don’t love you, because it’s that kind of get entitled, and they accommodations. Parents of stu-
time, then your parents School in Massachusetts. so easy to get it.” feel like their kids should be getting dents with mild testing anxiety, for
don’t love you, because A 10th-grader at a private high Federal law prohibits colleges accommodations. . . . The point of example, might think twice before
school in Massachusetts, who re- from asking students about accom- accommodations is they’re supposed obtaining extra time if they know
it’s so easy to get it.’ quested anonymity, estimates that modations during admissions, and to help even that playing field, so that admissions officers will ask for
the percentage at her school is the College Board, which administers that everybody can show what they an explanation.
closer to half. In a math class with the SAT and other standardized know.” It’s time for some accommodation
The law defines “disabilities” as con- nine students, she’s the only one tests, stopped flagging students’ use While some students truly need accountability. Federal law currently
ditions that impair “major life activi- who doesn’t receive extra time on of accommodations in 2003. The accommodations, many schools don’t treats the mandated disclosure of
ties,” a category that Congress tests. When the period is up, she’s New York Times found in 2019 that distinguish between necessary ar- accommodations as an act of dis-
broadened in 2008 to include tasks called by name to hand in her exam. the rate of students receiving extra rangements and gratuitous ones. crimination against students with
such as reading, concentrating and The other students keep working. time on the SAT had doubled to 4% SAR High School, a private Jewish disabilities. Congress will have to
thinking. Common learning disabili- “How is that even possible?” she from 2% in 2002, with white and af- school in New York, recently decided change this so that parents who
ties include dyslexia and attention- asks. “I’m like, can I just have the ex- fluent students highly overrepre- to increase the length of its testing send their kids to America’s most se-
deficit hyperactivity disorder. Stu- tra time for this class? Because I sented. More time has a generally blocks by 50% for all students. Caleb lective, expensive and prestigious in-
dents with accommodations are don’t need it, but if everyone else positive effect on performance, par- Eden, a 12th-grader, says teachers stitutions can no longer game the
often given more time than other can have it, then I don’t see why I ticularly for higher-ability students. frequently claim that students used system.
students to take exams. They are can’t.” She says it’s no secret that Karen Kolibaba, a special-educa- to be able to complete tests in the
also sometimes allowed to use refer- the system is easy to game: “Every- tion teacher at an elementary school standard 40 minutes. Now, he says, Ms. Lederman is a Joseph Rago

.
ence sheets or sit outside the class- one that I’ve talked to says that if in Colorado, says “there are some “a vast majority of the class” uses Memorial Fellow at the Journal.

ly
China’s Economy Is Clunkers All the Way Down
on
At this point you of good news. A large portion of that items, and sure enough those sales lion yuan ($41.4 billion), is ear- private enterprise and consolidation
have to ask: Is fixed-asset investment growth is un- notched 26% year-on-year growth in marked for the retail trade-in pro- of economic control in the hands of
China’s economy derpinned by Beijing’s subsidies for January-February. Chinese house- gram, double last year’s amount. an increasingly paranoid party-state
real anymore? manufacturers to upgrade their holds consume a growing amount of This week’s stimulus announcement, apparatus.
us ,

It might seem equipment. It’s an industrial-scale services, with travel a particular fa- which so far comes without a price The net effect is a doubling down
l

churlish to raise “cash for clunkers”—the Obama-era vorite. But when it comes to manu- tag attached, similarly is premised on manufacturing and exports—a
e
al a

POLITICAL the question in a program in the U.S. that subsidized factured goods, you wonder if there’s on the idea that only the government nearly $1 trillion trade surplus last
ECONOMICS week when the trade-ins of old cars. This forced up- any consumption growth that the can spur household consumption, year—that are unsustainable and
economic news out grading solves the riddle of how government isn’t paying for. and only by handing households fist- otherwise inexplicable given the
ci on

By Joseph C.
of Beijing sounds manufacturing investment could rise fuls of cash for various purposes. growing global hostility to free trade
Sternberg
so good. Invest- at a rate of 9% year-on-year the first Take all this as an admission that in general and to trade with China in
ment was up in the two months of this year, up from To encourage growth, Xi Beijing’s official GDP growth target particular. Meanwhile, Beijing feels it
first two months of this year—4.1% 8.3% growth in December despite a of “about 5%” is unobtainable via the must create costly new debt-fi-
year-on-year fixed-asset-investment looming global trade war. Jinping offers subsidies organic workings of the quasi-mar- nanced household consumption sub-
er s

growth in January-February com- Beijing is pulling off the same for upgrades of business ket economy. That leaves President sidies to partially replace the debt-
pared with 3.2% in December. China trick with retail sales. This measure Xi Jinping to pay households to con- financed production subsidies of the
and household equipment.
m er

saw a boost to retail sales, and in- of household consumption increased sume in ways that will create Potem- old, property-driven regime.
dustrial production is holding up. 4% year-over-year in the January- kin GDP growth without any obvious What transforms this from an
On top of all this, the Communist February period, compared with 3.7% or consistent productivity growth. economics-textbook case study into
Party on Sunday unveiled a new year-on-year growth in December. Beijing apparently wonders the The causes of this economic- a political-economy emergency for
stimulus plan. Beijing wants to pour But most of this consumption is same thing. The Communist Party growth crisis are well-rehearsed. Mr. Beijing is the timing. In addition to
m rp

more government money into social driven by a similar cash-for-clunkers leadership earlier this month an- Xi’s smartest decision was his 2020 the enormous benefits for China’s
spending such as child care to free program, known as the trade-in nounced that the government will move to prick China’s real-estate bal- households, a true market-led reori-
up household resources for other scheme. Purchases of household ap- expand the fiscal deficit to 4% of loon, the monumental inflation of entation toward domestic consump-
forms of consumption. Following pliances, home-renovation supplies, gross domestic product this year, property prices that left China reli- tion in recent years might have inoc-
several stimulus bazookas last furniture and other goods covered from 3% last year. China will devote ant for economic growth on an un- ulated China from President Trump’s
co Fo

year—mostly aimed at debt restruc- by the program all far exceeded the some of this additional debt to fi- sustainable credit expansion. His trade wars and a general global envi-
turing for local governments—those average rate of retail sales growth, nancial engineering, as Beijing uses worst economic failure has been not ronment that remains uncertain.
with sufficient will to believe can which means by definition that many complex debt-swap arrangements creating a viable alternative to the Instead, Mr. Xi falls back on the
discern here an official commitment other unsubsidized categories grew (I’ll spare you the details) to bring old property economy. export dependence that so irritates
to economic rebalancing away from more slowly. onto the government balance sheet As the property credit bubble de- trading partners while leaving
export manufacturing and toward A particular howler concerns mo- various local-government debts flated, China needed a spurt of pro- China’s economy as vulnerable as
domestic consumption. bile phones, tablets and other tele- linked to real estate that previously ductive private investment and en- ever to foreign protectionism. What-
Yet there’s less than meets the com gear. Beijing expanded its trade- lurked in the shadows. trepreneurship. Instead the country ever his economic plan originally
eye to all of these purported sources in policy recently to include these But a big chunk, perhaps 300 bil- got Mr. Xi’s serial crackdowns on was, one assumes it wasn’t this.

Trump’s Tariffs Are No ‘Fun’ on My Farm

n-

By Blake Hurst cording to a sawmill manager I my farm this year. Commodity the naïfs who have represented the border because there isn’t that
talked to, most walnut lumber en- prices go up and down for many U.S. in trade negotiations over the much of it in the U.S. Does that

T
Tarkio, Mo. ters the export market, which has reasons, from rain in South America decades. mean Canada is acting unfairly? I
no

he trade war hit my farm and collapsed because of Mr. Trump's to fighting in Ukraine, but the re- Second, farmers voted for this freely enter into these transactions
greenhouse business here in tariffs. I won’t cut my trees this cent weakness is due to fears over administration. In the small county because they make me better off,
northwest Missouri on March spring as I had planned, and what declines in our export markets. The where I live, Mr. Trump received just as the buyers of my exported
4. The first email I received that could have been a windfall for my top three export markets for U.S. 79% of the vote. Anyone paying at- corn and soybeans buy them be-
morning was from the Canadian family has disappeared. tention could see that tariffs were cause they benefit from the transac-
company that supplies peat-moss- Like peat moss, nearly all the po- in our future. Atchison County, Mo., tion. Tariffs hamper my ability to
based potting soil for our gerani- tassium fertilizer, or potash, I use A bill for potting soil was and most of the Farm Belt voted for make decisions that are in my best
ums and petunias. Because of the on my farm comes from Canada. Mr. Trump despite the tariffs, or interest.
new tariffs, the potting soil being The tariff on this essential fertilizer $1,750 more than before. perhaps because of them. Now that Sometime this summer, I’ll order
shipped that morning would cost will be 10% beginning in April—an- Next month fertilizer will we’re getting what we voted for, a container load of nursery pots
$1,750 more than I had expected the other $2,500 contribution from our good and hard, farmers are willing from China for our 2026 green-
night before. But on March 6 we re- farm to the trade war. In his recent cost an extra $2,500. to endure some pain to ensure house production. The additional
ceived the invoice and found that it address to Congress, Mr. Trump “fairness” in the future. tariffs on this purchase will be an-
didn’t include the tariff because urged farmers to “have a lot of Finally, when the U.S. started a other $2,500. I don’t know why U.S.
President Trump had temporarily fun.” I’m working on it, but am agricultural products are China, trade war during the first Trump manufacturers don’t make large
suspended certain tariffs. Who struggling to find anything fun Mexico and Canada. To add to our term, farmers received tens of bil- pots, but I guess maybe the end re-
knows what will happen next? We about tariffs. fun, these countries seem to be the lions of dollars in aid to offset sult of all this will be a revitaliza-
buy six truckloads of potting soil a Most countries faced with new main targets in our trade war. losses in agricultural export sales. tion of the flowerpot industry in the
year, so if Mr. Trump reimposes U.S. tariffs have responded with im- Farmers have generally been I’ve heard at least two farm leaders U.S. No country can long survive
these tariffs in April as he has port tariffs on U.S. agricultural quiet about the trade war for at in the past week mention the possi- without making flowerpots, and
threatened, we’ll face an annual products—a direct blow to farmers’ least three reasons. First, most bility of another round of payments, there’s at least some chance that
cost increase of about $10,500. export markets. I grow corn and agree with the president that the and numbers of that magnitude my complaints will pale in compari-
Our part of Missouri is known for soybeans on my farm. So far, corn rules of international trade are un- seem to temper criticism. son to the benefits of reshoring the
its native walnut trees. I recently and soybean prices have each fair. This belief predates President We buy potting soil from Canada nursery container industry.
contracted to sell $8,000 of hard- dropped about 50 cents a bushel Trump. Among my neighbors, it’s because that’s where large deposits
wood lumber from walnut trees on since their February highs, meaning almost a dogma that wily foreign- of peat moss are found. We buy po- Mr. Hurst is a Missouri farmer
a farm that my son and I own. Ac- some $75,000 less in revenue for ers are forever taking advantage of tassium fertilizer from north of the and greenhouse grower.

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Lachlan Murdoch
Notable & Quotable: ‘Bring Him Down’
Executive Chairman, News Corp Willie Geist interviewing Senate legislation in 2022 than before. when Trump was running, he could
Rupert Murdoch Robert Thomson
Chairman Emeritus, News Corp Chief Executive Officer, News Corp Minority leader Chuck Schumer on That’s really helping the working divert it—he could just talk, talk the
Emma Tucker Almar Latour MSNBC, March 19: people of America—helping with jobs talk. But now, because the Republican
Editor in Chief Chief Executive Officer and Publisher through the infrastructure bill, finally Party is so in the throes of these rich
Liz Harris, Managing Editor DOW JONES MANAGEMENT: Geist: With all that said, why are bringing back high-end manufactur- oligarchs who want to destroy govern-
Charles Forelle, Deputy Editor in Chief Mae M. Cheng, EVP, General Manager, the Democratic numbers so low? . . . ing with the Chips bill, building clean ment, both because they don’t want to
Elena Cherney, Senior Editor; David Crow, Leadership; David Cho, Barron’s Editor in Chief; And what do you say to these youn- energy. We thought—here was our pay any taxes, and second because
Jason P. Conti, General Counsel, Chief
Executive Editor; Chip Cummins, Newswires; ger leaders who say it’s time for a big mistake—I’ve thought about this. they don’t want any regulation to
Taneth Evans, Digital; Alex Martin, Print & Compliance Officer; Dianne DeSevo, Chief People
Officer; Jared DiPalma, Chief Financial Officer; new generation? We thought legislating, everyone will stand in the way of anything they do,
Writing; Michael W. Miller, Features & Weekend;
Bruce Orwall, Enterprise; Philana Patterson, Artem Fishman, Chief Technology Officer; Schumer: OK, Look, our base has know, and they’ll all be for us. We he’s stuck. He has to do that.
Audio; Amanda Wills, Video David Martin, Chief Revenue Officer, Business always been the working people of didn’t talk about it. We didn’t do And we have—now, we can really
Intelligence; Dan Shar, EVP, General Manager,
Wealth & Investing; Ashok Sinha, Chief
America. We’ve never abandoned enough. Now, in our Senate races, we go after him, let the public know who
Paul A. Gigot
Editor of the Editorial Page Communications Officer; Josh Stinchcomb, EVP & that. did. So of the five contested seats, he is. Once they know who he is,
Gerard Baker, Editor at Large Chief Revenue Officer, WSJ | Barron’s Group; And we did a great job helping you know, where we were contesting show them what we have done and
EDITORIAL AND CORPORATE HEADQUARTERS:
Sherry Weiss, Chief Marketing Officer them. I mean, in the—in the, when I Trump—where Trump won, we won want to do. And we’re going to re-
1211 Avenue of the Americas, New York, N.Y., 10036 was majority leader and under Bi- four of them. . . . ally—I think we’re going to really
Telephone 1-800-DOWJONES den’s presidency, we passed more We have an advantage because bring him down politically.
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A16 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

WORLD NEWS

China Executes WORLDWATCH

Four Canadians
On Drug Charges
BY GARETH VIPERS details on the specific cases
cited by Joly.
Four Canadian nationals China executes more people
were executed in China on than any other country, ac-
drug-related charges, Cana- cording to Amnesty Interna-
dian authorities said, in a rare tional. While the exact num-
case of the country carrying ber is unknown, the charity in
out the death penalty against its latest global death-penalty
Westerners. report reported China exe-
The Canadian government cuted thousands of people in
rebuked Chinese authorities, 2023.
saying the country carried out In 2019, Canadian Robert
the executions this year. Lloyd Schellenberg was sen-
Foreign Minister Mélanie tenced to death in China after
Joly said she and former being found guilty of smug-
Prime Minister Justin gling more than 200 kilograms
Trudeau had tried to inter- of methamphetamine together
vene to stop the executions with others in a high-profile
and asked for leniency “for case condemned by the Cana-
other Canadians that are fac- dian government.
ing a similar situation.” Schellenberg, from Abbots-

VADIM SKRYABIN/TASS/ZUMA PRESS

The Canadians were dual ford, British Columbia, near
citizens and faced “charges the U.S. border, has main-
linked to criminal activities, tained his innocence through-
according to China, linked to out the legal process, which
drugs,” Joly said on Wednes- dates back to his arrest in
day. 2014. He wasn’t one of the Ca-
China doesn’t recognize nadians executed this year
dual citizenship and takes a and remains imprisoned in
tough stance on drug crimes, China. REINDEER GAMES: A frozen lake in the city of Yakutsk in east Siberia provided the track for a sled race on Thursday.
though it is rare for the death Ketty Nivyabandi, secre-
penalty to be used against tary-general of Amnesty Inter- STATE OF MIND FRANCE TURKEY DIPLOMACY
Westerners. Under Chinese national Canada, condemned
law, the smuggling of drugs is China’s actions. “These shock-
Finland Again Tops Iran Finally Frees Thousands Protest Germany Reopens
punishable with prison—in- ing and inhumane executions Happiness Ranking French Prisoner Arrest of Mayor Embassy In Syria

.
cluding a life sentence—and of Canadian citizens by Chi- Finland is the happiest French citizen Olivier Gron- Thousands of people gath- Germany’s foreign minister
the death penalty, depending nese authorities should be a

ly
country in the world for the deau, imprisoned in Iran for ered outside Istanbul’s city reopened its embassy in Da-
on the severity of the offense. wake-up call for Canada,” she eighth year in a row, accord- more than 880 days, was hall for a second consecutive mascus on Thursday, 13 years
A spokeswoman for Global said. ing to the World Happiness freed and is back home, as night on Thursday to rally after it was shut in the early
Affairs Canada, the govern- “We commend Canada for Report 2025, published was another French citizen against the arrest of the days of Syria’s civil war, say-
ment department responsible
for the country’s diplomatic
and consular relations, criti-
cized China’s policy. “Canada
its strong condemnation of
China’s actions. And we urge
Global Affairs Canada to keep
pressuring China to respect
on
Thursday by the Wellbeing
Research Centre at the Uni-
versity of Oxford Other Nor-
dic countries are also once
held under house arrest in
Tehran, French officials said
Thursday. The French Foreign
Ministry said the second
city’s mayor, a prominent
contender against President
Recep Tayyip Erdogan, which
many view as an attempt to
ing that Europe needs “eyes
and ears” on the ground as it
follows the Syrian political
transition.
strongly condemns China’s use the human rights of Canadians again at the top, in the same freed citizen asked to not be eliminate a key rival from the Foreign Minister Annalena
us ,

of the death penalty, which is like Huseyin Celil and Robert order: Denmark second, Ice- publicly identified. next presidential race. Baerbock reopened the em-
l

irreversible and inconsistent Schellenberg, whose families land third and Sweden fourth. The release came ahead of Mayor Ekrem Imamoglu bassy before meeting interim
e
al a

with basic human dignity,” she are desperate for justice,” Country rankings were Nowruz, the Persian New was arrested after a dawn President Ahmad al-Sharaa
said. Nivyabandi added. based on answers people Year, when Iran has released raid on his residence on and others during a visit to
Responding to Joly’s com- Celil, a Canadian citizen
ci on

gave when asked to rate prisoners in the past. Wednesday as part of investi- Damascus, her second since
ments, China’s Foreign Minis- originally from China, was their own lives. The study In January, Grondeau gations into alleged corrup- the fall of former President
try said it treated defendants sentenced to life in prison in was done in partnership with spoke to a French broad- tion and terror links, escalat- Bashar al-Assad in December.
of all nationalities equally. 2007 on charges of “terrorist the analytics firm Gallup and caster from prison, alluding ing a crackdown on opposition Among the European
“Canada should respect the activities” relating to his ac- the U.N. Sustainable Develop- at the time to the politics at figures and dissenting voices. Union’s 27 members, Italy re-
rule of law and stop interfer- tivism in support of China’s ment Solutions Network. play in his imprisonment. Several other prominent fig- opened its embassy last year
er s

ing in China’s judicial sover- Muslim Uyghur minority, Researchers say that be- “You become a human who ures, including two district before the fall of Assad, and
eignty,” spokesperson Mao which has suffered a ruthless yond health and wealth, has been stocked away indef- mayors, were also detained. Spain reopened its embassy
m er

Ning said, without providing clampdown by Beijing. some factors that influence initely because one govern- The detention of a popular after his ouster.
happiness sound deceptively ment is seeking to exert opposition leader deepened “With this embassy open-
simple: sharing meals with pressure on another,” he said. concerns about democracy, ing, we are saying very clearly

BOE Stands Pat on Rate, others, having somebody to

count on for social support,
An Iranian court had sen-
tenced Grondeau, a back-
and sparked protests in Is-
tanbul and elsewhere, despite
that Germany is back in Da-
mascus, Germany has a para-
m rp

and household size. Believing packer and world traveler, to a four-day ban on demonstra- mount interest in a stable

As Banks Address Woes in the kindness of others is

also much more closely tied
to happiness than previously
five years in prison on espio-
nage charges that he, his
family and the French gov-
tions in the city and road clo-
sures. It also caused a shock
wave in the financial market,
Syria,” Baerbock told reporters.
For now the embassy will
have a very small team, sup-
thought, according to the lat- ernment vigorously denied. triggering temporary halts in ported by colleagues based in
co Fo

BY PAUL HANNON quickly than the BOE. est findings. French Foreign Minister trading on Wednesday to neighboring Lebanon, and of-
While a slowdown from the While European countries Jean-Noël Barrot said France prevent panic selling. fer no consular or visa ser-
The Bank of England left its rapid growth recorded over dominate the top 20, there didn’t provide anything in Mansur Yavas, the mayor vices, she said. It is led by a
key interest rate unchanged, the past two years is a risk for were some exceptions. De- exchange for Grondeau’s lib- of the capital Ankara and an- chargé d’affaires for now.
with major economies on both the U.S., the U.K.’s economy spite the war with Hamas, Is- eration. Releases of West- other popular opposition fig- “Whether there will in the fu-
sides of the Atlantic confront- has enjoyed no such rapid ex- rael came in at eighth. Costa erners in Iran typically come ure, joined the rally outside Is- ture be an ambassador again
ing a nasty mix of faltering pansion, and instead has Rica and Mexico entered the in exchange for something. tanbul city hall on Thursday, depends on further political
economic growth, rising infla- stalled since Russia’s full-scale top 10 for the first time, Tehran didn’t immediately calling on opposition parties to and, of course, security devel-
tion and President Trump’s invasion of Ukraine drove en- ranking sixth and 10th, re- acknowledge Grondeau’s re- join forces against “injustices.” opments here,” she added.
trade threats. ergy prices sharply higher. spectively. The U.S., which lease. Police blocked a group of “We want the political pro-
The BOE left the rate at The U.K. economy contracted peaked at 11th place in 2012, Barrot said that France is youths who attempted to cess in Syria to move forward
4.5% on Thursday, matching in January, having stagnated in dropped to its lowest-ever keeping up pressure on Teh- breach a barricade in an ef- and to support it as well as is
the Federal Reserve’s decision the second half of 2024. The position at 24. Afghanistan is ran to release two other fort to march toward Taksim, possible,” Baerbock said. “For
n-

a day earlier to hold rates BOE in February cut its growth again ranked as the unhappi- French citizens held in Iran, Istanbul’s central square. In that, we as Europeans and as
steady. The U.K.’s central bank forecast for this year to just est country in the world, with Cécile Kohler and Jacques Ankara, police fired tear gas the Federal Republic of Ger-
had lowered borrowing costs 0.75% from twice that rate. Afghan women saying their Paris, imprisoned for more to prevent students from ad- many need our colleagues as
in February. Britain faces many Despite that weakness, the lives are especially difficult. than 1,000 days. vancing along a main avenue. eyes and ears on the ground.”
no

uncertainties, including the U.K.’s inflation rate remains —Associated Press —Associated Press —Associated Press —Associated Press
possibility that trade conflicts well above the BOE’s target. It
initiated by the U.S. will chill is forecast to move higher this

Bank of Canada Chief Warns on Prices

global growth and demand for year, driven by a fresh rise in
U.K. exports— energy prices
even if the and an increase
country escapes in a tax on em-
direct tariffs on The U.K.’s ployment that is
products other inflation rate due to come BY PAUL VIEIRA of imports from the U.S., and
than steel and into effect next that duty could expand to an
aluminum. remains well month, and OTTAWA—The Bank of additional $66 billion of U.S.
“There’s a which busi- Canada is focused on prevent- goods depending on what
lot of economic
above the BOE’s nesses are ex- ing initial price increases Trump decides in April.
uncertainty,” target. pected to pass fueled by tariffs from spread- The Bank of Canada cut its
BOE Gov. An- on to consum- ing, and ensuring inflation ex- interest rate on March 12 by a
drew Bailey ers. pectations don’t stray too far quarter point to 2.75%, for a
said. “We still An addi- from its 2% target, Gov. Tiff seventh straight reduction.
think that interest rates are tional puzzle for policymakers Macklem said on Thursday. However, economists say the
on a gradually declining path. is that wages in the private Macklem, in Calgary, Al- central bank signaledit is lean-
We’ll be looking very closely sector continue to rise rapidly berta, to deliver a speech, said ing toward greater concern
at how the global and domes- despite signs that demand for the latest inflation reading for about an acceleration in infla-
tic economies are evolving.” workers is cooling. Canada, a hotter-than-ex- tion from tariffs, relative to a
One of the two policymak- Before the BOE announce- pected 2.6% rise in February, decline in consumer and busi-
ers who had backed a larger ment, the Office for National “got our attention.” The overall ness demand.
TODD KOROL/BLOOMBERG NEWS

reduction in the key rate at Statistics on Thursday said U.K. price increase was above what Following Thursday’s
the prior meeting voted for a wage growth continued at a it anticipated and the underly- speech, Andrew Kelvin, head of
rate cut, but the other sided strong clip at the start of 2025. ing details in the report were Canadian rates strategy at TD
with the majority. Weekly pay excluding bo- “a little firmer,” he added. Securities, said: “We have to
The Federal Reserve on nuses in the three months to His speech and comments concede that the risk of a pause
Wednesday left its key rate January was 5.9% higher than afterward likely reinforce the next month is increasing.”
unchanged for a second a year earlier, matching the prevailing consensus among Business confidence in Can-
straight meeting, while lower- pace of the previous three- traders and economists that Tiff Macklem said Canada’s latest inflation reading, a ada is plunging. A report
ing its growth forecast and month period, the ONS said. the Bank of Canada is set for a hotter-than-expected 2.6% rise in February, ‘got our attention.’ Thursday from the Canadian
raising its inflation projections That comes after pay growth pause in April on rate cuts, af- Federation of Independent
in response to rising tariffs. had risen for three straight ter seven straight reductions. “What monetary policy can, March he delayed imposing Business indicated that confi-
A slew of central banks months. “We cannot resolve trade un- and must, do is prevent those hefty tariffs by a month. dence among small and mid-
made decisions in the wake of Adding to the headwinds certainty,” Macklem said. “But initial, direct price increases Trump has imposed 25% tariffs size Canadian businesses
the Fed. Switzerland’s central facing the economy, the BOE there can be no doubt about our from spreading,” Macklem on all imported steel and alu- dropped sharply this month to
bank cut its key rate for a fifth has warned that growth could commitment to low inflation.” said. “We don’t want to see minum. Canada is America’s a record low—below levels
straight meeting, a move that be even slower if U.S. tariffs The central bank sets rate price increases become more top supplier of both metals. touched during the Covid-19
economists expect to be its on imports rise, even if the policy to achieve and maintain broad-based or inflation ex- One-fifth of Canada’s eco- pandemic and the 2008-09 fi-
last in this cycle. Sweden’s U.K. is largely spared direct 2% inflation. Macklem said the pectations start to move sig- nomic output is tied to exports nancial crisis—because of
central bank left its key rate duties. central bank’s ability to lower nificantly away from target.” to the U.S. Macklem said hefty trade-policy uncertainty.
unchanged and signaled it is Policymakers indicated they borrowing costs further to President Trump has sig- tariffs on a range of goods that The small-business report
likely to remain on hold this would support further rate cushion the blow from ex- naled that tariffs of up to 25% remain in place for an ex- added, though, that firms antici-
year and next. cuts this year, but at a gradual pected damage from a U.S.- on Canadian imports are com- tended period “could very well pate increasing their prices dur-
Like the European Central pace, given persistent worries Canada trade row could be ing April 2, alongside other so- lead to a recession.” Canadian ing the next 12 months by 3.7%,
Bank, both have lowered bor- over rises in wages and ser- limited by tariff-fueled price called reciprocal duties. How- officials have retaliated with a compared with the 3% rise they
rowing costs much more vices prices. increases. ever, in both February and 25% tariff on about $42 billion forecast a month earlier.
 BUSINESS & FINANCE
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

© 2025 Dow Jones & Company. All Rights Reserved. * * * * * * THE WALL STREET JOURNAL. Friday, March 21, 2025 | B1
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A Popular Trade’s Rally Reverses European

Companies
Leveraged single-
stock ETFs dive after
Popular leveraged ETF performance
100% ProShares UltraPro QQQ
Direxion Daily
ProShares UltraPro QQQ ETF vs. Nasdaq-100
100%
Nasdaq-100 index, up or
down. On Wednesday, the
Nasdaq-100 rose 1.3% and the
Keep DEI
investors flocked
to them last year
50
TSLA Bull 2x Shares
Defiance Daily Target 2x
Long MSTR ETF
50
leveraged fund rose 3.9%, ap-
Nasdaq-100 proximately three times as
much, as intended.
At Home,
BY JACK PITCHER 0 0
But over a period longer
than one day, returns begin to
differ substantially. The Nas-
Not in U.S.
Investors who loaded up on –50 –50 ProShares daq-100 index has risen nearly
funds that double down on UltraPro QQQ ETF 20% since the end of 2021, BY BEN DUMMETT
their favorite stocks were re- 3x leveraged Nasdaq-100 while the fund that offers lev- AND JOE WALLACE
warded with records. Now –100 –100 eraged daily exposure is down
they are facing the downside. Dec. Jan. 2025 Feb. March 2022 ’23 ’24 ’25 more than 25%. That is be- Companies with operations
Several popular leveraged Source: FactSet cause it still hasn’t recovered on both sides of the Atlantic
exchange-traded funds, which from steep losses suffered in have a new formula when it
use borrowed money to am- 80%. ers, as investors sought out U.S. for more than a decade. 2022, when a Nasdaq bear comes to DEI—and it depends
plify their bets on one or “I’ve been literally sick to ways to take bigger risks dur- But leveraged single-stock market sent the leveraged on the location.
more asset, have erased most my stomach,” wrote one user ing the stock market’s rally ETFs, like those linked to Mi- fund down more than 80%. Grocery-store chain Aldi,
of their value in a matter of on a Reddit investing forum and money-management firms croStrategy and Tesla, were Morningstar analyst Jeffrey investor-advisory firm Institu-
weeks. Among the worst per- who said they bought 200 launched a bunch of new first approved by regulators Ptak is concerned not all in- tional Shareholder Services
formers is a fund that offers shares of a leveraged Mi- funds that capitalized on this in 2022. vestors fully appreciate how and lender Banco Santander
investors twice the exposure croStrategy fund for $200 demand. Assets under man- The funds are designed for quickly or severely leveraged are among the businesses that
to shares of MicroStrategy, each on the day the shares agement in leveraged ETFs short-term traders and funds’ performance can veer recently recalibrated their di-
the software company-turned- peaked in November. On jumped by 51%, to $134 billion, shouldn’t be held for long pe- off course. “These products versity, equity and inclusion
bitcoin collector; it has Wednesday, the shares closed in the 12 months ended Jan. riods, investment firms said. have become very popular, to policies to vary by region.
plunged 83% since touching at $29.80. 31, according to Morningstar. The $22 billion ProShares a worrisome extent,” he said. In some cases, companies
its November high. Another Leveraged ETFs emerged Funds that offer leveraged UltraPro QQQ, for example, The relatively new class of are excluding the U.S. from
ETF, which offers similar le- last year as one of Wall exposure to broad stock in- aims to generate three times leveraged single-stock ETFs what were once global com-
verage on Tesla, is down Street’s favorite roller coast- dexes have been offered in the the daily performance of the Please turn to page B9 mitments. In others, they are
scrubbing buzzwords and ac-
ronyms—such as LGBTQ—

Technology Mother Fought for Rapper’s Legacy

from American websites and

.
annual reports, while still pro-
moting DEI goals elsewhere.

ly
Allows BY ANNE STEELE
The moves aim to avoid un-
wanted attention from the
Trump administration, which

Farmers Biggie Smalls’s mother, a

preschool teacher and devout
on has ordered an end to DEI pro-
grams across federal agencies
and threatened to investigate

To Track Jehovah’s Witness, didn’t lis-

ten to her son’s music until
the “most egregious and dis-
criminatory” corporate practi-
us ,

his death. tioners.

l

Bird Flu After his killing in 1997, Vo- Facing an anemic economy
e
al a

letta Wallace’s life’s work be- at home, European corpora-

came fighting for control of tions are eager to avoid law-
his rights and elevating the suits or consumer boycotts in
ci on

BY BELLE LIN rapper’s legacy to secure his the faster-growing U.S. mar-
son’s and daughter’s financial ket. The challenge is to do so
Dairy farmers across the futures. Shortly before she while abiding by regulations in
U.S. are turning to internet- died late last month, she ap- Europe, where there are
connected “smart” collars, ear proved a deal that will do just moves to introduce more DEI
er s

and leg tags to track the spe- that. requirements, and keeping
MARK LENNIHAN/AP

cific movements and patterns Music publisher Primary customers and staffers on
m er

of their cows. Wave took a 50% interest in board.

The goal is to better manage the Notorious B.I.G. estate, “European companies
individual animals in a herd valuing the late rapper’s life’s choosing to pause or roll back
without needing as much man- work at over DEI initiatives could face sig-
ual labor. That is especially im- $200 million, nificant regulatory risk and
m rp
MEDIANEWS GROUP/BOSTON HERALD/GETTY IMAGES

portant as the country’s de- according to reputational backlash in Eu-

mand for dairy has increased people familiar rope,” said Jeanne Martin of
but the number of farms has with the mat- U.K.-based ShareAction, a re-
decreased. ter. That repre- sponsible-investment non-
The technology can also help sents a 10-fold profit.
co Fo

detect irregular patterns that increase from Biggie Smalls at the Billboard Music Awards in 1995, above. His late mother, ISS said last month that it
could indicate diseases like the what the es- Voletta Wallace, left, fought for control of his rights after his killing in 1997. would no longer consider the
H5N1 avian influenza, which tate was worth racial or gender composition
has decimated millions of when the art- and, later, Vo- had only recorded two albums and his wife, singer Faith Ev- of American companies’
America’s chickens over the ist, whose real letta. He said he when he died. Yet he had al- ans, put Voletta in position to boards when making its direc-
past few years and spread to name is Chris- is focused on tell- ready secured his place in hip- handle the day-to-day busi- tor voting recommendations
the nation’s cows. A second topher Wal- ing the artist’s hop history with hits includ- ness as a co-executor. “Life to shareholders. But the advi-
strain of bird flu known as D1.1, lace, was killed story right. ing “Juicy” and “Big Poppa.” After Death,” Biggie’s second sory firm plans to continue to
meanwhile, recently spread in a 1997 Los Angeles drive-by Over the years, the estate While grieving the loss of album, came out two weeks do so for European firms.
from wild birds and poultry to shooting. has put the catalog to work in her son, Voletta had to learn after he died, introducing the The deviation suggests ISS
cows in Nevada. The estate and Primary brand partnerships with to navigate the cutthroat world to hits “Hypnotize” and Please turn to page B2
“Depending on the type of Wave aim to use the rights to heavyweights like Pepsi and world of the music business, “Mo Money Mo Problems.”
influenza, the cow may show pursue projects that elevate Budweiser. They released a where everyone was looking Early on, the estate was
n-

signs of not eating properly,”

said Justin Stewart, an Arizona
farmer who uses smart collars
Biggie Smalls’s status as a leg-
end, like taking his story to
Broadway and creating im-
new song—using verses from
“I Love the Dough”—around
what would have been Biggie’s
for a piece, Barrow said.
“She trusted no one,” Bar-
row said. “With everything
presented with an offer of
about $1.5 million to $2 mil-
lion for the life rights to make
Family
to help know when any of his mersive music experiences 50th birthday. The song fea- she went through, she wasn’t a movie, Barrow said.
Sues
no

3,250 cows deviate from their based on his catalog, some us- tured Ty Dolla Sign and Bella going to allow her or grand- Voletta’s focus was singu-
normal behavior. “That triggers ing the rapper’s digital avatar. Alubo, a move aimed at help- kids to be in a position where lar: She wanted to humanize
a health alert and then notifies
us to take a look at her.”
Please turn to page B2
“We’re not here to chase
checks,” said Wayne Barrow,
who co-managed the artist
ing introduce the rapper to
younger audiences.
Biggie was 24 years old and
what Biggie’s legacy was
wasn’t beneficial to them.”
Biggie died without a will
her son.
Instead of taking the deal,
Please turn to page B2
Boeing
Over
Robot Droids Are Toast of Silicon Valley INSIDE
Suicide
BY ISABELLE BOUSQUETTE at Walt Disney Imagineering BY SHARON TERLEP
Research & Development.
SAN JOSE, Calif—Nvidia “They’ve become true stars.” The family of a Boeing whis-
Chief Executive Jensen Huang Moritz Bächer, associate lab tleblower who took his own life
invited just one guest onstage director of robotics for Disney filed a wrongful-death lawsuit
during his two-hour keynote Research, said that the droids against the company, accusing
address Tuesday: a small ro- represent the latest in Disney’s the jet maker of harassing and
botic droid named Besh decadeslong experience with intimidating the former quality
“Look how smart you are,” complicated mechanical sys- manager after he complained of
he said, as Besh bounced along tems, dating to the anima- safety lapses.
with puppylike pride. tronic robots inhabiting Dis- BUSINESS NEWS John Barnett was found
The thousands jammed into neyland’s decadesold Hall of Darden Restaurants dead of an apparent self-in-
the local hockey arena for AI Presidents. flicted gunshot wound in his
chip giant Nvidia’s annual GTC In addition to Besh, who is
lifts sales with bigger car outside of a hotel in
ISABELLE BOUSQUETTE/WSJ

developers event, dubbed “AI blue, and Grek, who is green, footprint, popular Charleston, S.C., in March 2024.
Woodstock,” cheered, laughed Disney has two other droids in dishes. B3 Police and the coroner’s office
and whipped out their phones orange and red that have determined his death a suicide.
to capture an adorable pet-size made a limited number of ap- Barnett had been giving a
robot. pearances at Disneyland since deposition in a lawsuit he
Besh, created by Walt Dis- debuting in October 2023. brought against Boeing accus-
CHANDAN KHANNA/AFP/GETTY IMAGES

ney Imagineering Research & Robots Besh and Grek, created by Walt Disney Imagineering They also joined their first ing the company of retaliating
Development, is based on a Research & Development, at the Nvidia GTC event. cruise ship this past January against him for raising quality
character from a “Star Wars” and have scheduled appear- concerns. Police found a note
videogame. is expected to be available One sorted small cubes into ances later this year at Tokyo next to his body with writings
“It’s a cute Disney robot. Of later this year and was co-de- piles, another struggled to Disney Resort, Disneyland that included, “I pray Boeing
course it’s going to steal the veloped with Google DeepMind push a vacuum cleaner around Paris and Walt Disney World. pays!!!”
show,” said Rev Lebaredian, and Disney Research, will have a small rug. Bächer, who is considered “The weight of years of ha-
vice president of Omniverse implications for training ro- But during Huang’s keynote the droids’ “father,” said a rassment, abuse and humilia-
and simulation technology at bots in areas like healthcare and afterward, it was Besh team of eight developed the tion became too much for John
Nvidia. and logistics, fueling what and its robo sibling, Grek, also first iteration of the droids to bear, and he took his own
But it was also a precursor Lebaredian said will become a tootling around the GTC con- over the course of one year. TECHNOLOGY life,” the suit says. “Boeing may
of one of Nvidia’s latest inno- $10 trillion industry that rede- vention floor, that caught the Each droid is equipped with SoftBank signs a deal not have pulled the trigger, but
vations, a physics engine fines the value and availability attention of attendees. cameras and sensors for moni- Boeing’s conduct was the clear
called Newton designed to of human labor. “Everybody seems to love Please turn to page B2
to acquire chip cause, and the clear foreseeable
train robots on how to navi- Some of these industry-spe- interacting with them, taking designer Ampere for cause, of John’s death.”
gate the physical world. cific robots were also show- photos with them,” said Kyle  Heard on Street: Nvidia $6.5 billion. B4 Boeing said it is saddened by
Nvidia said Newton, which cased on the convention floor: Laughlin, senior vice president faces tough crowd.......... B10 Please turn to page B9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B2 | Friday, March 21, 2025 * ***** 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
Accenture......................................B9
Advanced Micro Devices
Dun & Bradstreet.........................
E
Elliott Management.............B3
O
OpenAI............................................B4
Oracle...............................................B4
CK Hutchison Flags Trade Pressure
.........................................................B10 Energy Transfer........................A1 P BY KIMBERLEY KAO
Alibaba Group Holding.....B4
Alight................................................B3
F Paysafe............................................B3
FedEx........................................B3,B9 PDD Holdings....................B4,B9
Ampere Computing......B4,B9
ProShares UltraPro QQQ.B1 CK Hutchison flagged sup-
Anthropic.......................................B4 Ford Motor..................................B4
Q ply-chain and geopolitical
Arm Holdings............................B4 G
B Quantum Computing..........B9
risks to global trade ahead as
Geely Automobile..................B4
GSK.....................................................B2 QXO....................................................B9 it posted lower annual net
Banco Santander.....................B1
Beacon Roofing Supply....B9 I R profit, though it didn’t ad-
Berkshire Hathaway............B9 International Business Rigetti..............................................B9 dress the Chinese govern-
Boeing..............................................B3 Machines...................................B9 S ment’s scrutiny of its Panama
Booz Allen Hamilton...........B9
Broadcom...................................B10
IonQ...................................................B9 SAP.....................................................B2 ports deal.
J SoftBank................................B4,B9 In its earnings report
C
Cannae.............................................B3
JD.com.............................................B4 SpaceX.............................................A3 Thursday, the Hong Kong-
Carlyle Group.............................B4 L System1..........................................B3 listed company highlighted
CK Hutchison.............................B2 Lockheed Martin....................A3 T-U volatility in currency and eq-
ConocoPhillips...........................A2 M-N Tesla...........................A3,A6,B1,B9 uity markets in the U.S. and
CoreWeave................................B10 Unilever...........................................B3
McDonald’s...................................B2 several other major markets
CVC Capital Partners..........B9 V-W
D
Merck................................................B2 since the third quarter, adding
Meta Platforms...............B2,B4 Verizon.............................................B3
Darden Restaurants............B3 MicroStrategy............................B1 Walt Disney.................................B1
that “geopolitical and trade
DeepSeek.......................................B3 Nike....................................................B3 Warner Music Group..........B2 tensions have also risen sig-
Deutsche Börse........................B1 Nvidia......................B1,B4,B9,B10 Williams..........................................A1 nificantly.”
Net profit dropped 27% to

INDEX TO PEOPLE 17.09 billion Hong Kong dollars,

equivalent to $2.20 billion, last

MATIAS DELACROIX/AP
year, while revenue rose 3.3% to
A Gropper, Dan..............................B3 Ptak, Jeffrey...............................B9 HK$476.68 billion. Revenue
from its ports and related ser-
Armstrong, Alan......................A1 H R
vices climbed 11%.
B Hecht, John..............................B10 Rao, Mitesh.................................B9 The company said that in
Bächer, Moritz...........................B1 Hill, Elliott.....................................B3 Rasgon, Stacy.........................B10 2025, supply-chain disruptions The company’s plan to sell majority stakes in Panama Canal ports has made political waves.
Barrow, Wayne.........................B1 Huang, Jensen.........B1,B9,B10 S and continuing geopolitical
Buffett, Warren.......................B9 K Schweppe, Thomas...............B1 risk affecting global trade group will constrain capital deal, announced March 4, part because CK Hutchison
Burke, Lindsay..........................B2 Kraus, Steve................................B9 Shah, Chirag...............................B9 could pose headwinds. It ex- spending and new investment would see the bulk of CK didn’t seek its approval in ad-
C Kreuscher, Brandt..................B2 Seibt, Christoph.......................B2 pects moderate organic and focus on stringent cash Hutchison’s port business out- vance, and because Beijing
Cardenas, Rick...........................B3 L Son, Masayoshi.......................B4 growth, mainly from Asia and flow management.” side China bought by investors had planned to use the port
Cohen, Ben...................................B3 Lebaredian, Rev........................B1 Stever, David..............................B3 the Middle East, as well as ex- The conglomerate made no led by U.S. asset manager issue as a bargaining chip in
Combs, Sean...............................B2 Lipacis, Mark...........................B10 Stewart, Mark.........................M4 pansions at existing terminal comments on its plan to sell BlackRock, including control negotiation with the Trump
facilities and stronger strate- majority stakes in Panama Ca- of two ports in the key ship- administration.
F M Subramaniam, Raj.................B3
Sweet, Julie.................................B9 gic partnerships. nal ports, which has made po- ping lane that has become a Investors initially cheered
Foley, Bill.......................................B3 Margolis, Lyle..........................B10 “The operating environ- litical waves. Investors had point of contention between the deal, sending shares of CK
V
G Martin, Jeanne..........................B1 ment for the group’s busi- been eyeing the company’s re- Beijing and Washington. Hutchison up 22% the day af-
Mestel, Larry..............................B2 Vennam, Rajesh......................B3
Galperin, Josh...........................A1 nesses is expected to be both sults for potential comments According to a Wall Street ter the announcement, mark-
Goodman, Bryan.....................B4
Musk, Elon...........................A3,A6 W volatile and unpredictable,” on plans for distributing the Journal report citing people ing its biggest one-day gain
O-P

.
Gordon, Kevin............................B9 Wallace, Voletta.......................B1 Chairman Victor T K Li said. cash proceeds or any updates familiar with the matter, the since 2015. Shares closed
“In such an environment, the on the deal. The $22.8 billion deal has drawn China’s ire in down 2.1% on Thursday.

ly
Greenfield, Jerry......................B3 Osagie, Elliot..............................B2 Warren, Kelcy.............................A1

Europeans many, said of clients’ inquiries.

Companies are particularly
nervous about being named in
on animals with data fed from the
sensors.
Still, it isn’t a “set it and for-
Robots
Split DEI a report Trump has asked the
attorney general to prepare on
DEI by late May, he said.
get it” technology, Jones said.
“If you have 10% of the collars
that aren’t working, or if
Are Talk
us ,

Policies A common response has they’re assigned to the wrong

Of Event
l

been to pare back language cow, that data is pretty much

e
al a

describing diversity commit- worthless.”

ments. For Jeremy Heim, a third-
Continued from page B1 Aldi this year eliminated generation dairy farmer based Continued from page B1
ci on

isn’t “clear on the definition of references to DEI from its U.S. in eastern Wisconsin who has toring the physical space
good governance,” said website, though the privately been using monitoring devices around it and a GPU for pro-
ARIZONA DAIRY COMPANY

Thomas Schweppe, managing held German retailer still dis- on his farm’s 825 cows for cessing the inputs.
director of investor advisory plays support for a diverse about five years, the technol- Bächer said the robots were
firm 7Square. and inclusive workplace in ogy is “awesome when it trained to navigate the physi-
er s

ISS, which is majority parts of Europe. An Aldi repre- works.” cal world through a process
owned by German exchange sentative didn’t respond to re- “When it doesn’t work, it’s known as reinforcement learn-
m er

operator Deutsche Börse, at- quests for comment. really difficult to get around,” ing: In a virtual simulation, a
tributed the change to Presi- SAP has taken a similar ap- Smart collars help the dairy farmer know when any of his he said. digital replica of the droid was
dent Trump’s targeting of DEI. proach. The software provider cows deviate from their normal behavior. Merck Animal Health, a divi- prompted to walk again and
A spokeswoman added that said in its annual report pub- sion of the U.S.-based bio- again until it walked perfectly
the company had communi- lished last month that it aims
Technology access, and that is partly why pharmaceutical giant Merck and stopped falling down, re-
m rp

cated extensively with clients to boost workforce diversity dairy producers aren’t more formed in 1948, said nearly two ceiving positive feedback when
to avoid confusion related to and inclusion to reflect society apt to invest in smart collars or million of the country’s dairy it walked correctly and nega-
regional deviations in policy.
Santander is also now ap-
plying DEI practices differ-
as a whole. But the company
didn’t include the terms race
and LGBTQ+, both of which
Aids Dairy ear tags, which rely on stable
internet connectivity to send
and receive data from the
cows are being monitored us-
ing its hardware and algo-
rithms. The company is the
tive feedback when it didn’t.
Completing the training in
a virtual simulation allowed
co Fo

ently around the world. The

Spanish bank said last month
that bonuses for executives
appeared in the previous two
reports.
A spokesman for SAP said
Farmers cloud.
Most devices work by using
a microphone, heat sensor or
largest seller of livestock moni-
toring technology in the coun-
try, according to some analyst
the real-world droids to un-
derstand how to walk from the
get-go without ever falling
would no longer take into ac- the company was reviewing accelerometer—the same hard- estimates. down. In his speech, Huang
count how much they helped Trump’s executive orders to Continued from page B1 ware that measures motion The overall livestock moni- said autonomous vehicles and
get women into management assess any potential impact. The use of these internet- and acceleration found in many toring market is expected to other types of robots could be
positions in countries where The shift to hew more connected monitoring devices smartphones—to detect reach $1.65 billion in 2025, ac- trained similarly.
government policy “does not closely to the U.S. standpoint represents the growth of preci- changes in cows’ movements, cording to market research The droids were also taught
support establishing specific is in some ways a reversal of sion technologies in farming. resting and cud-chewing be- firm Markets and Markets Re- how to express certain emo-
inclusivity objectives.” DEI the Brussels effect, whereby The trend, which traces its ear- havior. Signals from the devices search, and is expanding at a tions through the process. Dis-
scores had previously fed into the European Union has some- liest days to the 1990s, relies are typically sent via radio or compound annual growth rate ney artists drafted animations
pay globally. times set norms for global on electronics to provide more Bluetooth to a station that con- of 7.7% toward $2.57 billion in of the exact actions they
That change coincides with businesses through its regula- accurate, personalized data to nects to the cloud. Machine- projected revenue by 2031. wanted a droid to take to ex-
n-

Santander’s expansion into the tion of a market of 450 million farmers on the status of their learning algorithms, trained on Among all types of livestock, press feelings like happiness,
U.S., where it launched its dig- people. animals and the conditions of data from a vast number of cattle represent the largest shyness or anger. A shy droid
ital Openbank service last fall. “Companies face significant their crop. cows, then infer when a cow is share of the monitoring market would tilt its head downward
A Santander spokesman de- risks whether they choose to While technology use has al- exhibiting an unusual pattern because they need to be more and avoid eye contact, for ex-
no

clined to comment. follow Trump’s policies or ready picked up among some of like decreased movement or ex- regularly checked, the firm ample. An angry droid would
While many of America’s not,” said Lindsay Burke, a the nation’s crop farmers, that tra panting. said. puff out its chest and glare.
biggest companies have U.S.-based lawyer at Covington growth has been slower for Cows tend to hide signs of But many dairies also aren’t Again, virtual versions of the
dropped diversity goals, some & Burling. America’s dairies, industry an- illness because they are prey jumping to use internet-con- droids learned the actions by
with a large footprint in Eu- Either decision runs the alysts and academics say. animals, said Barbara Wads- nected collars and ear tags be- getting feedback through re-
rope are seeking to strike a risk of litigation as well as em- Meanwhile, better monitoring worth Jones, an assistant pro- cause they need to justify the peated simulations.
balance, too. ployee and customer dissatis- of animal health and growth fessor focused on precision investment in comparison with When the droids make ap-
McDonald’s, for example, faction, Burke said, all of conditions could produce $70 dairy technology at Eastern other needs, said Brandt pearances today, human cre-
said in January that it would which could dent profits and billion to $90 billion in value by Kentucky University. That Kreuscher, Merck Animal ative directors use a remote
scrap set diversity targets in hurt shareholders. 2030, the consulting firm makes precision technologies Health’s North America dairy controller to tell them what
the U.S. But the fast-food British drugmaker GSK last McKinsey predicted in 2020. like monitoring devices useful business development manager. direction to move in or what
chain is publicly sticking by a month scrapped targets to Many of the nation’s roughly for detecting potential illnesses “Like everything else, the emotion to express based on
commitment in Britain to en- boost the number of people 9.3 million dairy cows are early on, even before a farmer’s highest return on investments the circumstances. But Disney
sure that 40% of all senior from ethnic minorities in se- spread out among its 24,470 intuition or “cow sense” kicks take precedence,” Kreuscher is working to give the droids
leadership roles are held by nior roles in the U.K. and U.S. dairy farms, according to the in, Jones said. said. “So if they need new more autonomy by capturing
people from underrepresented and women in senior roles Agriculture Department. They Farmers like Stewart use milking facilities, that’s a criti- data on how human directors
groups by 2030. globally. It also cut a pledge to are often in far-flung areas that smartphone apps and comput- cal need, or if they need new are typically telling them to
A McDonald’s spokeswoman spend more each year on U.S. don’t have consistent internet ers to track the status of their housing.” respond to various scenarios.
declined to comment. suppliers with diverse owner-
Corporate advisers said ship and removed the word di-
they have been inundated by
companies seeking advice on
how to navigate diverging DEI
versity from a webpage about
doing business responsibility.
The company, which is based
A Fight for Talking to Diddy
Biggie died with a standard
was a hard-fought journey,
one that was not easy to ac-
complish,” Voletta said in a
death has now surpassed the
span of his life, and Voletta
wanted to make sure her son’s
rules and expectations on ei-
ther side of the Atlantic.
“It’s like an avalanche,”
in London but generates more
than half its revenue in the
U.S., is sticking with a com-
Rapper’s publishing deal that gave him
a 50% interest in his songwrit-
ing catalog.
statement before her death.
She died in hospice care at
her home Feb. 21 at the age of
music was set up to grow. The
estate will join with Primary
Wave on creative decision-
Christoph Seibt, a partner at
law firm Freshfields in Ger-
mitment to test drugs on di-
verse trial participants. Legacy Barrow said that Bad Boy
was a good administrative
partner, but that the estate
78.
Those rights give the estate
more control—
making while aiming to scale
the business.
E v a n s
was doing the lion’s share of and more fi- said the collab-
Continued from page B1 work bringing deals to the ta- nancial inter- oration will
Voletta and Barrow found ble to license and monetize e s t — i n Biggie Smalls’s honor and ex-
their own writer to draft a the music. Voletta argued as anything that mother ‘trusted tend Biggie’s
script and shopped it to stu- much to Bad Boy founder Sean happens with legacy. “We
dios themselves. Both were “Diddy” Combs, and in the Biggie Smalls’s no one,’ look forward to
producers on “Notorious,” the early 2000s got the estate’s music and leg- creating new
biopic from Fox Searchlight interest up to 85%. In 2020, as acy.
according to a opportunities
Pictures, and maintained con- the market for music rights T h e y manager. that highlight
trol over the film, which was heating up, she secured brought on tech the timeless-
grossed over $44 million in the remaining 15%. help from Elliot ness of his
2009. The estate then expanded Osagie who, in work,” she said.
PAUL ELLIS/AFP/GETTY IMAGES

By then, Voletta was years its rights in the sound record- addition to taking over the es- Primary Wave Chief Execu-
into her quest to gain owner- ings in 2023 through negotia- tate’s social-media and tive Larry Mestel said the
ship of her son’s music rights tions with Bad Boy and War- streaming accounts, helped strategy, rather than doing a
from his label and publisher— ner Music Group, which create a Biggie avatar that lot, will be to do “less but
both the songwriting catalog, continues to market and dis- performed a virtual-reality larger.”
or music and lyrics, and the tribute the catalog. concert in partnership with “He’s got such credibility
masters, which involve the re- “Securing control of my Meta Platforms. we don’t want to be too com-
The bank is applying DEI differently around the world. cordings themselves. son’s publishing and masters The time since Biggie’s mercial,” he said.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * * * NY Friday, March 21, 2025 | B3

BUSINESS NEWS

Discounts
To Clear
Darden Restaurants Sales, Profit Rise
Inventory Acquisition of Chuy’s
Tex-Mex chain fuels
Same-restaurant sales,
change from a year earlier
percentage point. Analysts had
been looking for a 1.6% gain,
according to FactSet. Multiple
12%
Hurt Nike’s sales gain for casual
dining operator Darden
Olive Garden
analysts said in recent days
that investors were prepared
for a miss on comparable sales

Results BY DEAN SEAL

8 after bad weather conditions, a
challenging flu season and
softer consumer spending
Darden Restaurants re- translated to sloppy industry
4
BY SABELA OJEA corded higher sales and earn- data for January and February.
ings in the winter quarter as it Darden’s sales momentum
Nike posted lower profit expanded its footprint and was largely driven by strong
and sales for its latest quar- lured cost-conscious diners 0 menu additions that were well
ter, as the company stepped with popular menu items. advertised, Cardenas said.
up discounts to clear inven- The restaurant operator said Marketing is now a lower

DAVID PAUL MORRIS/BLOOMBERG NEWS

tory in the early days of a Thursday that comparable –4 percentage of sales than it was
turnaround under its new sales were up slightly for the before the pandemic as Darden
2023 ’24 ’25
chief executive. quarter ended Feb. 23 despite focuses promotions on menu
The sportswear brand on tougher weather conditions. A Note: Latest fiscal quarter ended Feb. 23 items that it already had or
Thursday posted a profit for small gain at Olive Garden and Source: the company previously featured, rather
the three months ended Feb. a bigger one at LongHorn than new items, to simplify op-
28 of $794 million, or 54 cents Steakhouse more than offset Darden Restaurants recorded erations for its restaurants, the
a share, compared with $1.17 declines at its fine dining quarterly adjusted earnings CEO said.
billion, or 77 cents a share, for chains and other businesses. in line with analyst views. “I don’t think we’ve had any
the same period a year earlier. Waning consumer confi- promotional items that aren’t
Analysts polled by FactSet dence has yet to translate to ers want to splurge on some- 3% in the current quarter, Chief analysts polled by FactSet. something that’s in our pantry
had forecast earnings of 30 material changes in spending, thing, and they splurge on Financial Officer Rajesh Ven- Sales rose 6.2% to $3.16 bil- in the last couple of years,” he
cents per share. at least at casual dining restau- things that they get a great nam said on the call. lion, missing analyst forecasts said.
Sales fell 9.3% to $11.27 bil- rants, Chief Executive Rick value for and they get a great Shares jumped 5.8% to for $3.21 billion, according to The company also has nar-
lion in its fiscal third quarter, Cardenas said on a call with experience on,” Cardenas said. $199.15 in Thursday’s trading. FactSet. rowed its outlook for adjusted
beating the $11.02 billion ex- analysts. The CEO said Darden is try- For the third quarter, A big part of the gain came earnings, which exclude about
pected by Wall Street, accord- Lower-income consumers ing to emphasize value in its Darden posted a profit of from Darden’s acquisition of $47 million of transaction and
ing to FactSet. Direct revenue have been feeling more pres- marketing to appeal to core $323.4 million, or $2.74 a share, the Chuy’s Tex-Mex chain, integration-related pretax costs
dropped 12%, while wholesale sure, the CEO said. But for the guests and value seekers. Next up from $312.9 million, or which was completed in Octo- tied to the Chuy’s deal, to a
revenue fell 7% to around $6.2 time being, consumers whose week, Olive Garden is bringing $2.60 a share, in the same ber and included 103 locations, range of $9.45 to $9.52 a share
billion. wages are outpacing inflation back its “buy one, take one” quarter a year earlier. as well as 40 net new restau- for the fiscal year that con-
In North America, the com- still look to casual dining as a entree deal for the first time Stripping out one-time rants compared with the year- cludes at the end of this quar-
pany saw a sequential im- way to treat themselves, he since the pandemic in an effort items, adjusted earnings were earlier quarter. ter. They were previously esti-
provement in sales, which said. to drive traffic. Darden is aim- $2.80 a share, directly in line Third-quarter same-restau- mated at $9.40 to $9.60 a
were down 4% at $4.86 billion, “We still think that consum- ing for comparable sales to rise with the consensus estimate of rant sales were up less than a share.

.
driven by its core footwear
segment.

ly
FedEx Cuts Outlook, Cites Economic Uncertainty
Sales in China and the com-
pany’s Europe, Middle East
and Africa region saw declines
of 17% and 10%, respectively.
Chief Executive Elliott Hill
said Nike is making progress
in its turnaround plan and is
BY CONNOR HART
onadjusted per-share earnings
outlook to between $18 and
profit and sales in its fiscal
third quarter, which included
from $3.51 a share.
Adjusted per-share earnings
cember, came as FedEx contin-
ued to grapple with weak
confident the company is on FedEx cut its outlook for $18.60 from between $19 and part of the holiday shipping came in at $4.51, missing the demand in its freight segment
us ,

the right path. the year, citing weak demand $20. season. The busy period was $4.56 that analysts polled by and U.S. parcel business.
l

“The operating environ- for business-to-business ship- Analysts surveyed by Fact- challenging, according to Chief FactSet expected. The freight division’s oper-
e
al a

ment is dynamic, but what ments stemming from contin- Set expect fiscal-year sales to Executive Raj Subramaniam, Revenue rose to $22.2 bil- ating results decreased during
matters most for Nike is serv- ued weakness and uncertainty edge 0.1% lower, to $87.59 bil- due to both the shorter time lion from $21.7 billion. Ana- the recent quarter, dragged
ing athletes with new product in America’s industrial econ- lion, as well as adjusted earn- frame between Thanksgiving lysts modeled $21.87 billion. down by lower fuel sur-
ci on

innovation and reigniting omy. ings of $18.93 a share. and Christmas and some se- FedEx is in the process of charges, reduced weight per
brand momentum through The Memphis, Tenn., pack- FedEx shares fell 4.2% in af- vere weather events. spinning off its freight truck- shipment and fewer ship-
sport,” Hill said. age-shipping company now ex- ter-hours trading to $235.88. For the quarter ended Feb. ing division, a move aimed at ments, the company said. This
Hill returned to Nike in Oc- pects revenue to be slightly Through Thursday’s close, the 28, FedEx posted a profit of streamlining its structure and decline was offset by improved
tober, succeeding John Dona- down from last year, compared stock is down 5.3% over the $910 million, compared with unlocking value that some performance across the com-
er s

hoe, with the aim of bringing with a prior forecast for sales past year. $879 million in the same quar- shareholders said had been pany’s express segment, which
new products that resonate to be approximately flat year The lowered view came af- ter year earlier. Quarterly lost inside the broader com- benefited from cost-saving ac-
m er

well with the consumer and over year. It also lowered its ter FedEx reported higher earnings rose to $3.76 a share pany. The plan, unveiled in De- tions and higher volumes.
strengthening relationships
with wholesalers such as Foot
Locker.
As part of the plan, Nike is Activist Targets Sports Who’s Who of Distinguished Leaders: 2025 Honoree
m rp

also cleaning up inventory to

win back shelf space to fill
with new products, while
turning around its digital
Owner Foley’s Company Since 1898, Marquis Who’s Who has remained the
standard for reliable and comprehensive biographical
reference material. We are proud to highlight hand-selected 20 25
business, which the company listees who have been recognized as Distinguished Leaders
co Fo

said had become a platform it BY BEN GLICKMAN a variety of private investments. in their fields of endeavor.
used to compete with its It owns slightly less than half of Of 1.6 million listees, only a small percentage is recognized
wholesale partners rather Cannae, a holding company Black Knight Football Club, with the Distinguished Leaders honor. We laud these www.marquiswhoswho.com
than creating and increasing led by billionaire investor and which owns English Premier individuals for their ambition, professional fortitude, industry
demand for its products. sports owner Bill Foley, is fac- League club AFC Bournemouth contributions, and career accomplishments. It is our great
Some of the steps Nike is ing pressure from Carronade and stakes in several other soc- pleasure to present one of them here:
taking to refresh its storytell- Capital Management to shake cer teams, and has invested in
Nicole Lancia.
ing and brand image have in- up its board and sell its invest- activist firm Jana Partners.
cluded its first Super Bowl ad ments in public stocks to focus Carronade believes the pri-
in nearly three decades and on its private holdings such as vate investments are currently flecting on her experience, Ms. Lancia believes
the announcement of a new European soccer teams, accord- undervalued by investors, con- the opportunity enriched her understanding of
brand with Kim Kardashian’s ing to people familiar with the tributing to the entire company labor relations while contributing to an import-
Skims that targets women’s matter. trading at a steeper discount on ant legal and socioeconomic issue.
n-

Ms. Lancia attributes her success to the

activewear. Cannae was spun out in 2017 its assets than its peers, the profound influence of her mother, a dedicated
Shares of Nike fell almost from title insurance provider Fi- people said. Carronade was secretary for Oded Aboodi since she was 19.
5% in after-hours trading. delity National Financial, which founded by Elliott Management Despite financial challenges, her mother insist-
Foley founded in 1984 and has and Fortress Investment Group ed that she study abroad in Ecuador through
no

chaired since. Carronade owns alum Dan Gropper. The multi- Georgetown University’s Nature and Culture
program, which included one week at a biodi-
about 4.6% of Cannae, the peo- strategy investment firm has versity station in Tiputini and another week in
ple said, making it one of the historically focused more on in- the Galapagos. Ms. Lancia earned a Bachelor
top shareholders. The firm con- vesting in distressed debt, but of Arts in philosophy with minors in Spanish
fidentially nominated a slate of in the past year has dipped its and African American studies from Georgetown
University in 2007. Three years later, she grad-
four directors in December and toe into activism, including agi-
uated with a Juris Doctor from Georgetown Uni-
believes the company’s board tating against Verizon Commu- versity Law Center, which admitted her without
isn’t sufficiently independent, nications’s nearly $10 billion ac- the LSAT exam.
the people said. quisition of Frontier In addition to her academic pursuits, Ms.
Shares of Cannae are down Communications. Lancia obtained a monetary award from George-

NICOLE LANCIA
town’s African Studies program to volunteer
about 24% in the past year, giv- Carronade believes Cannae with the Ghana Health and Education Initia-
ing the company a market value should sell its public company tive, advocating for women’s empowerment
of about $1 billion. holdings and return most of OF COUNSEL in Humjibre. She and two fellow volunteers
BRANDON BELL/GETTY IMAGES

Foley owns the Vegas Golden that capital to shareholders, the JACKSON LEWIS PC worked to build teenage girls’ self-esteem and
educate women about safe sex and reproductive
Knights of the National Hockey people said.
health, seeking to lessen the stigmas against
League, as well as hotels, res- Cannae said Thursday that it young women interested in preventative health
taurants and a collection of was committed to returning a Nicole Lancia excels as an attorney and has measures and encourage those young women
vineyards and wineries. large amount of capital to dedicated her career to helping employers to embark on their own journeys. The previous
Cannae’s holdings are simi- shareholders and continuing to and unions understand and comply with their summer, Ms. Lancia volunteered as an ESL in-
responsibilities under the National Labor Re- structor in a small village in Culiacán, teaching
larly diverse. It holds stock posi- reduce its public-company hold- lations Act. After over 13 years as a federal children and teenagers at the local school. She
Quarterly sales fell 9.3%. tions in several companies and ings. government attorney, Ms. Lancia transitioned has also volunteered with Habitat for Humanity
to the private sector at Jackson Lewis PC. She International in Nepal and Honduras to build
has advised clients on the collective bargaining houses for those in need. Since 2020, Ms. Lan-
process, written arbitration and NLRB briefs, cis has also served her local community as the

Ben and Jerry Stand Behind Ex-CEO responded to union grievances, and assessed
employers’ vulnerability to unionization. Previ-
ously, she was a trial attorney with the United
diversity and inclusion committee chair for the
Phi Beta Kappa New York Chapter.
Over the coming years, Ms. Lancia aims to
States Department of Labor in New York City. secure an appointment to the National Labor
BY NATASHA KHAN accused Unilever of removing ing strong global growth last Among her achievements in that role, she ob- Relations Board or the Department of Labor.
tained an injunction against a restaurant/bar for Her time in the private sector has provided cru-
Stever because he had de- year, his first full year in the its child labor violations. cial insights into labor-management relation-
The founders of Ben & fended the company’s social- role.” One of the most notable aspects of Ms. Lan- ships from differing perspectives, and she be-
Jerry’s say they want the ice activism efforts. Ben & Jerry’s Unilever didn’t reply to re- cia’s career was her 11-year tenure as an attor- lieves that experience, coupled with her public
cream brand’s ousted CEO to alleged in a court filing that quests for comment Thursday. ney with the National Labor Relations Board. service career, will enhance her contributions to
She wrote several appellate briefs seeking future government roles.
have his job back. the ouster was unrelated to A spokesperson for Unilever
enforcement of the board’s orders and argued Ms. Lancia highly values hard work, human-
In a message Wednesday to any job-performance issues Wednesday said the company those cases in circuit courts throughout the itarianism and perseverance, believing true
the company’s employees, Ben and that Unilever had had tried repeatedly to engage country. Ms. Lancia also played a crucial role on leadership is rooted in dedication to one’s goals,
Cohen and Jerry Greenfield breached the terms of a with the independent board of a small, dedicated team of attorneys in litiga- demonstrating resiliency despite obstacles and
expressed their support for merger agreement by remov- Ben & Jerry’s to discuss the tion against McDonald’s USA, which challenged a sincere desire to understand other people’s ex-
her to navigate a complex case, including inves- periences. As both an attorney and a mother, she
David Stever, who was re- ing Stever without approval CEO’s employment. tigating communications from management re- hopes to leave a meaningful legacy for American
moved from his role by parent from Ben & Jerry’s indepen- Cohen and Greenfield, well garding the “Fight for 15” wage campaign. Re- society and her 2-year-old son, Vincent.
company Unilever. dent board. known for their progressive
“Dave has been a tireless “While we don’t have in- politics, earned millions from
champion of this company and sight into Unilever’s decision, Unilever’s $326 million pur-
its progressive values,” said we do know this: we stand chase of their ice-cream brand
the founders, who are no lon- 110% behind Dave,” the found- more than two decades ago.
ger board members. “We be- ers wrote in their message to They said they felt it was im-
lieve there’s no one better to employees. “As CEO, he’s con- portant to share their per-
lead Ben & Jerry’s at this mo- tinued to lead with courage spective because, “after all,
ment in its history.” and integrity, delivering on our names are on the pack-
On Tuesday, Ben & Jerry’s our Social Mission while post- age.”
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B4 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

TECHNOLOGY WSJ.com/Tech

SoftBank to Buy Chip Designer Ampere

The $6.5 billion deal investment company’s pur- company said. In January, SoftBank Group stake, while an Arm affiliate SoftBank.
chase of Ampere will help im- Buoyed by a rush of AI chip and ChatGPT maker OpenAI already owns an 8.1% stake. In January, SoftBank
comes as SoftBank prove its AI capabilities, the buying, Arm in February re- announced a plan to invest up SoftBank said it plans to bought $1.5 billion of existing
starts a big U.S. companies said late Wednes- ported record quarterly sales to half a trillion dollars in AI borrow from Mizuho Bank and shares of OpenAI through its
day. The deal comes as Soft- for the three months ended infrastructure in the U.S., to- others to finance the deal. Vision Fund 2, bringing its to-
data-center project Bank is starting a giant data- December. gether with other partners Over the past few years, tal investment in the ChatGPT
center project in the U.S. and SoftBank Chief Executive such as Oracle and Abu Ampere posted operating maker to $2 billion.
BY KOSAKU NARIOKA other ventures. Masayoshi Son said realizing Dhabi-based MGX. The joint losses as its revenue dropped, SoftBank’s stock has fallen
AND CONNOR HART Based in Santa Clara, Calif., AI that surpasses human ca- venture, called Stargate, will and its liabilities exceeded its in recent weeks as tech shares
Ampere designs energy-effi- pabilities requires a break- build data centers for OpenAI. assets. sold off on Wall Street due
SoftBank Group signed a cient processors for cloud and through in computing power. Under the acquisition The acquisition is expected partly to concerns about U.S.
deal to purchase U.S.-based AI computing and has about “Ampere’s expertise in semi- agreement, Ampere’s lead in- to be completed in the latter tariffs, inflation and high bor-
chip designer Ampere Com- 1,000 skilled chip engineers, conductors and high-perfor- vestors, Carlyle Group and half of the year, subject to rowing costs. The company re-
puting Holdings for $6.5 bil- SoftBank said. Ampere’s ex- mance computing will help ac- Oracle, will sell their respec- customary closing conditions ported a quarterly net loss for
lion, the latest in a series of pertise in developing chips celerate this vision, and tive positions in the company. and regulatory approvals. the three months ended De-
investments to advance its ar- can complement the design deepens our commitment to A Carlyle entity holds a stake Upon the close, Ampere will cember, partly because of the
tificial-intelligence initiatives. strengths of Arm Holdings, a AI innovation in the United of about 60% and an Oracle in- retain its name and operate as weakness in its technology
The Japanese technology SoftBank unit, the Japanese States,” he said. vestment company has a 32% a wholly owned subsidiary of funds business.

Geely’s annual revenue

250 billion Chinese yuan Temu Owner PDD
200 Posts Slower Growth
150
In Profit, Revenue
100
BY JIAHUI HUANG revenue growth from transac-
RAUL ARIANO/BLOOMBERG NEWS

tion services, while revenue

50 PDD Holdings, the Chinese from online marketing ser-
owner of bargain app Temu, vices and others was in line
reported slower quarterly with consensus.
0 profit and revenue growth, The easing momentum con-
2019 ’20 ’24 capping a turbulent year as it trasted with PDD’s growth
faced stiff competition at rates in past years. PDD last
Note: 1 billion Chinese yuan = $138.3 million home, geopolitical tensions year repeatedly warned of a
Source: S&P Capital IQ In February, Geely merged its Zeekr and Lynk & Co units. Above, a Zeekr 007 GT EV. and U.S. tariff uncertainties. slowdown, pointing to intensi-

.
The e-commerce giant said fying competition and external

Chinese Automaker Geely’s Profit

fourth-quarter revenue climbed challenges.

ly
24% to 110.61 billion yuan, Pinduoduo, the company’s
equivalent to $15.30 billion, discount platform in China, has
missing a Visible Alpha esti- grown rapidly since it launched

Leaps on Strong Sales, Exports on mate of 117.83 billion yuan. It nearly a decade ago, taking
was the slowest pace of growth market share from e-commerce
since the first quarter of 2022. stalwarts Alibaba and JD.com.
Net profit rose 18% from a Its sister platform Temu burst
year earlier to 27.45 billion onto the international scene in
us ,

BY JIAHUI HUANG equivalent to $2.3 billion, as 2024 gross profit margin rise net loss to 6.42 billion yuan yuan, topping analysts’ expec- 2022 and swiftly gained atten-
l

revenue rose 34% to 240.19 0.6 percentage point to 15.9%, from 8.35 billion yuan in tations of 27 billion yuan. tion in the U.S., attracting cus-
e
al a

Geely Automobile’s net billion yuan. the company said. 2023. However, growth was slower tomers with low prices.
profit in 2024 more than tri- The robust earnings were Geely in February merged Geely expects demand for than the 61% rise in the third Temu has encountered reg-
pled on robust sales and re- largely driven by an out- its two units, Zeekr and Lynk vehicles to remain stable this quarter and a more than two- ulatory scrutiny as it expands
ci on

cord exports, helping cement standing performance in the & Co, into Zeekr Group to bet- year, though it noted that fold increase a year earlier. overseas. President Trump in
the company as one of the overseas market and solid ter compete in the market competition within the auto Full-year total revenue rose February delayed his plan to
leading players in China’s in- sales at home. Its total export with an eye to overtaking its industry would intensify in 59% to 393.84 billion yuan and end a provision for China im-
tensely competitive electric wholesale volume rose 57% to international rivals within the terms of both technology and net profit climbed 87% to ports that lets platforms avoid
vehicle sector. 414,522 units, a record high. next two years. pricing. 60.03 billion yuan. paying import duties and cus-
er s

The Chinese automaker Improved economies of Zeekr’s total vehicle deliv- Geely set its 2025 sales tar- Jefferies analysts in a note toms inspections on low-value
said its 2024 net profit surged scale, a better product mix eries last year surged 87% to get at 2.71 million units, up said PDD’s top-line miss was packages, offering the likes of
m er

213% to 16.63 billion yuan, and cost controls helped its 222,123, helping narrow its 25% from last year. due to slower-than-expected Temu a brief reprieve.

Ford’s Innovation Path:

m rp

EXTRACT OF THE NOTICE OF CALL OF ORDINARY AND EXTRAORDINARY SHAREHOLDERS’ MEETING

AI Agents, Nvidia GPUs
(pursuant to Article 125-bis, paragraph 1, of Legislative Decree no. 58/1998)
co Fo

BY ISABELLE BOUSQUETTE WSJ: What AI models is this

The Ordinary and Extraordinary Shareholders’ Meeting of Intesa Sanpaolo S.p.A. is convened, on single call, at the New using?
Headquarters in Torino, Corso Inghilterra no. 3, at 10:00 a.m. on 29 April 2025, to discuss and pass resolutions on the agenda as Bryan Goodman, Ford Mo- GOODMAN: We use OpenAI
stated below.
tor’s director of artificial intel- models, Google models, An-
In compliance with Article 106, paragraph 4, of Decree Law no. 18 dated 17 March 2020, converted by Law no. 27 dated 24 April ligence, said he is pushing for- thropic models and open
2020, the effects of which were most recently extended by Law no. 15 dated 21 February 2025, the Company decided to avail ward a number of use cases for source models. We’ve used
itself of the option establishing that participation in, and voting at, the Shareholders’ Meeting shall only be allowed through artificial intelligence at the Meta’s and some of the Chi-
the Appointed Representative pursuant to Article 135-undecies of Legislative Decree no. 58/1998, as per the indications provided company, as part of an effort to nese models and Mistral.
in the specific paragraph of the notice of call available on the website group.intesasanpaolo.com (“Governance”/“Shareholders’
Meeting”). design and engineer new cars
as quickly as its competitors. WSJ: You’ve used DeepSeek?
The choice takes into account the experience of managing the Shareholders’ Meeting since 2020, which has registered an increase “I personally think that Ford GOODMAN: We have, yes. We
in the participation rate of shareholders over the years compared to previous years. engineers as good of products have found it’s very good.
The chosen method of conducting the Meeting in particular:
as anyone in the world in auto- But I don’t see it as being
n-

• enhances the pre-meeting dialogue process with a view to ensuring that all shareholders - even if not present at the Meeting - have motive. But I think we have to any better than the latest An-
transparency of information and equal access to the information necessary to make informed voting decisions, taking into account speed up to be competitive. I thropic and [Google] Gemini
that all proposals, questions and any written statements on the items on the Agenda must be submitted in advance by shareholders look at the Chinese [original and OpenAI models. No bet-
before the Meeting so that the Company can publish them and make them available to the market, with a result of further and equipment manufacturers] and ter or worse. The really nice
distinctive effectiveness compared to the hypotheses of interaction of only the shareholders present in physical meetings;
no

• therefore allows all shareholders to know the content of the questions submitted and the related answers provided by the their engineering cycle times thing, though, is that it is
Company, as well as any written statements and proposals submitted by shareholders on the items on the Agenda in sufficient are quite fast,” he said. open source. And because
time to be able to form their own conviction and express voting decisions in an informed manner and on the basis of a Ford in recent months has they shared everything with
homogeneous set of information that also benefits from the pre-meeting dialogue, through the granting of the proxy or sub- grappled with timid demand the world, I think we’re going
proxy and the related voting instructions to the Designated Representative.
for electric vehicles, rising to see a lot built on top of it.
The methods of conducting the meeting, detailed in the notice of call, are fully compliant with the operating instructions issued competition and, more re-
by Consob with communication no. 3/2020 as a guarantee for all shareholders. cently, new U.S. tariffs. Last WSJ: Where is it all running?
month, the company posted GOODMAN: We run most of
Agenda: higher revenue for the fourth that on our own GPUs. We
quarter, but the outlook for have Nvidia GPUs. We have a
Ordinary part
1) 2024 financial statements: 2025 was a big disappoint- few thousand. Five, six years
a) Approval of the Parent Company’s 2024 financial statements ment, causing shares to fall. ago, we moved everything to
b) Allocation of net income for the year and distribution of dividend and part of the Share premium reserve to shareholders; Goodman sat down Tuesday the cloud, except high-perfor-
2) Resolutions in respect of the Board of Directors pursuant to Articles 13 and 14 of the Articles of Association: with The Wall Street Journal at mance compute. GPU com-
a) Determination of the number of Board Directors for the financial years 2025/2026/2027
b) Appointment of Board Directors and members of the Management Control Committee for the financial years 2025/2026/2027, Nvidia GTC in San Jose, Calif., pute in the cloud has been
on the basis of slates of candidates submitted by shareholders an event he has attended for crazy expensive and also just
c) Election of the Chair and one or more Deputy Chairs of the Board of Directors for the financial years 2025/2026/2027; the past 10 years, to discuss his difficult to get. I don’t blame
3) Remuneration: vision for implementing AI, his them for charging that much.
a) Remuneration policies in respect of Board Directors concerns about coming types of Sometimes it just wasn’t
b) Determination of the remuneration of Board Directors pursuant to Articles 16.2 and 16.3 of the Articles of Association
c) Report on remuneration policy and compensation paid: Section I – Remuneration and incentive policies of the Intesa Sanpaolo GPUs and more. available.
Group for 2025 The interview has been ed-
d) Report on remuneration policy and compensation paid: non-binding resolution on Section II – Disclosure on compensation ited and condensed for length WSJ: Nvidia’s Blackwell chips
paid in the financial year 2024 and clarity. were a main focus of last year’s
e) Approval of the 2025 Annual Incentive Plan based on financial instruments;
4) Own shares:
GTC event, but were then de-
a) Authorisation to purchase own shares for annulment with no reduction of the share capital WSJ: What role do you see AI layed due to manufacturing
b) Authorisation to purchase and dispose of own shares to serve the Incentive Plans of the Intesa Sanpaolo Group agents playing in the vehicle challenges. Do you have your
c) Authorisation to purchase and dispose of own shares for trading purposes. design process? hands on them yet?
GOODMAN: The designers GOODMAN: We do not have
Extraordinary part
Annulment of own shares with no reduction of the share capital and consequent amendment to Article 5 (Share Capital) of the sculpt 3D vehicles in this red Blackwell yet. Nvidia offi-
Articles of Association. clay, but it’s very time con- cially says they are shipping,
suming. They like to sketch, but we don’t have any yet.
Information on the share capital as well as on methods and terms applicable to: but that’s two dimensional.
• participating in, and casting votes at, the Shareholders’ Meeting only through the Appointed Representative Computershare S.p.A.,
• communication of ownership of voting rights with record date on 16 April 2025,
By using AI, we can turn WSJ: Nvidia CEO Jensen Huang
• exercising the right to add items to the agenda, the right to submit new proposals for resolution and the right to ask questions [those sketches] into three- mentioned during his keynote
and send written statements on the items on the agenda, dimensional models and ren- that Blackwell is making the
• the availability of the reports concerning the items on the agenda with the related documentation, derings and connect that previous generation’s Hopper
is set forth in the notice of call available on the website group.intesasanpaolo.com (“Governance”/“Shareholders’ Meeting”). with engineering. chips essentially useless. What
This extract is published in the daily newspapers “Il Sole 24 Ore”, “La Stampa”, “Corriere della Sera”, “Financial Times” and And we’ve trained AI sys- do you make of that?
“The Wall Street Journal”. tems to predict stresses and GOODMAN: I don’t quite see
lots of different physics- it as they’re useless. He was,
for the Board of Directors based tests that we do in de- of course, trying to say that
The Chair – Gian Maria Gros-Pietro
signing and engineering and his new product is so much
testing a vehicle, like compu- better than his old product,
tational fluid dynamics, wind that he’s making his old
Intesa Sanpaolo S.p.A. Registered Office: Piazza S. Carlo, 156 10121 Torino Italy Secondary Registered Office: Via Monte di Pietà, 8 20121 Milano Italy Share Capital tunnel drag. One run would product obsolete. But I sus-
Euro 10,368,870,930.08 Torino Company Register and Fiscal Code No. 00799960158 “Intesa Sanpaolo” VAT Group representative Vat Code No. 11991500015
(IT11991500015) Included in the National Register of Banks No. 5361 ABI Code 3069.2 Member of the National Interbank Deposit Guarantee Fund and of the take 15 hours. But we’ve pect we’ll get a lot of use
National Guarantee Fund and Parent Company of the banking group “Intesa Sanpaolo” included in the National Register of Banking Groups. trained an AI model to pre- out of our Hopper GPUs the
dict what that would do and next few years. And we’re
it runs in 10 seconds. working on Blackwell.
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B6 | Friday, March 21, 2025 * * THE WALL STREET JOURNAL.

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Open

Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest Open
Contract
High hilo Low Settle Chg
Open
interest

Metal & Petroleum Futures May 287.375 289.250 s 286.300 289.100 1.600 32,841 June .04925 .04936 .04874 .04913 –.00023 143,308 Mini Nasdaq 100 (CME)-$20 x index
Cattle-Live (CME)-40,000 lbs.; cents per lb. Euro (CME)-€125,000; $ per € March 19746.75 19898.75 19530.25 19678.50 –68.25 79,536
Contract Open
April 206.900 208.750 s 206.250 208.475 1.650 74,491 April 1.0922 1.0931 1.0829 1.0862 –.0062 4,018 June 19949.75 20105.00 19735.25 19879.25 –71.75 212,637
Open High hi lo Low Settle Chg interest
June 202.900 205.200 s 202.350 205.025 2.175 141,495 June 1.0955 1.0969 1.0866 1.0900 –.0062 640,206 Mini Russell 2000 (CME)-$50 x index
Copper-High (CMX)-25,000 lbs.; $ per lb. Hogs-Lean (CME)-40,000 lbs.; cents per lb. March 2084.40 2096.70 2060.90 2070.00 –13.00 112,688
March 5.0985 5.1060 s 5.0485 5.0850 0.0090 1,956 April 85.675 86.475 85.225 85.550 –.025 39,715 June 2103.30 2114.00 2077.70 2085.70 –14.30 407,063
May 5.1240 5.1485 s 5.0560 5.1120 0.0120 136,916
Index Futures
June 96.525 97.650 95.500 96.250 –.250 87,062 Sept 2125.00 2128.80 2095.60 2102.60 –14.10 62
Gold (CMX)-100 troy oz.; $ per troy oz. Lumber (CME)-27,500 bd. ft., $ per 1,000 bd. ft. Mini DJ Industrial Average (CBT)-$5 x index Dec 2080.00 2080.00 2080.00 2124.40 –13.40 106
March 3047.30 3047.30 3034.40 3040.00 4.10 922 May 654.50 679.00 654.00 670.00 16.50 5,290 March 42001 42264 41703 41961 –34 26,441 Mini Russell 1000 (CME)-$50 x index
April 3058.00 3065.20 s 3032.80 3043.80 2.60 252,422 July 671.00 692.00 671.00 685.00 17.00 1,550 June 42330 42604 42030 42286 –44 70,648 March 3122.60 3127.30 3086.20 3099.40 –7.70 2,258
May 3072.10 3076.60 s 3049.10 3056.70 2.20 1,264 Milk (CME)-200,000 lbs., cents per lb. Mini S&P 500 (CME)-$50 x index June 3152.50 3154.00 3113.20 3126.60 –8.30 5,900
June 3085.60 3092.80 s 3060.30 3071.30 2.20 223,609 March 18.54 18.54 18.49 18.53 .05 4,439 March 5680.00 5714.25 5631.50 5662.50 –16.00 513,954 U.S. Dollar Index (ICE-US)-$1,000 x index
July 3098.10 3102.20 s 3077.70 3082.90 2.10 121 April 17.18 17.29 t 16.86 16.93 –.13 5,289 June 5731.75 5765.25 5682.50 5712.75 –17.00 2,009,402 June 103.05 103.78 102.99 103.50 .40 28,963
Aug 3112.40 3117.60 s 3086.30 3096.30 1.90 34,180 Cocoa (ICE-US)-10 metric tons; $ per ton. Mini S&P Midcap 400 (CME)-$100 x index Sept 103.19 103.31 103.19 103.17 .40 373
Palladium (NYM) - 50 troy oz.; $ per troy oz. May 8,084 8,356 7,916 8,071 –50 41,676 March 2988.90 2998.80 2958.30 2962.30 –21.90 5,508
March 946.00 946.00 946.00 939.10 –10.10 3 July 8,102 8,377 7,950 8,102 –42 25,442 June 3009.30 3022.40 2980.20 2984.40 –23.00 42,216 Source: FactSet
June 962.00 965.50 944.50 949.70 –10.50 19,625 Coffee (ICE-US)-37,500 lbs.; cents per lb.
Platinum (NYM)-50 troy oz.; $ per troy oz. May 389.30 397.60 386.05 392.15 1.10 75,631
March 976.50 976.50 976.40 989.50 –16.80 496 July 382.10 390.55 379.50 385.35 1.25 41,143
July 1021.00 1025.70 1002.20 1004.20 –16.90 38,501 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks
Silver (CMX)-5,000 troy oz.; $ per troy oz. May 19.65 20.06 19.56 20.00 .31 316,673
March
May
33.690
34.425
33.810
34.595
33.660
33.615
33.786 –0.189
33.991 –0.214
1,351
128,154
July 19.35 19.71 19.26
Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb.
19.65 .29 206,901 Tracking Bond Benchmarks
Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. May 38.00 38.00 38.00 38.00 … 1,065 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week
April 67.29 68.47 66.88 68.26 1.10 19,121 July 38.12 38.12 38.12 38.12 –.27 1,460 highs and lows for different types of bonds
May 67.03 68.41 66.63 68.07 1.16 321,089 Cotton (ICE-US)-50,000 lbs.; cents per lb.
Total Total
June 66.74 68.01 66.36 67.70 1.08 206,875 May 66.38 66.84 65.76 66.08 –.27 128,375
return YTD total Yield (%) return YTD total Yield (%)
July 66.41 67.57 66.02 67.29 1.03 128,776 July 67.92 68.30 67.31 67.57 –.27 73,212
close return (%) Index Latest Low High close return (%) Index Latest Low High
Sept 65.53 66.63 65.19 66.37 0.97 118,540
Orange Juice (ICE-US)-15,000 lbs.; cents per lb.
May 266.75 274.90 256.90 272.55 5.60 6,759 Mortgage-Backed Bloomberg Fixed Income Indices
Dec 64.53 65.54 64.22 65.29 0.87 171,023 Broad Market Bloomberg Fixed Income Indices
July 263.15 268.35 253.30 266.40 3.25 1,582
NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. 2127.21 3.0 Mortgage-Backed 4.910 4.340 5.570
April 2.2376 2.2595 2.2122 2.2543 .0224 43,384 2148.28 2.7 U.S. Aggregate 4.610 4.100 5.310
May 2.1904 2.2146 2.1688 2.2083 .0213 85,938
Interest Rate Futures U.S. Corporate Indexes Bloomberg Fixed Income Indices 2093.70 2.9 Ginnie Mae (GNMA) 4.920 4.460 5.580
Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100%
April 2.1686 2.1965 2.1465 2.1911 .0215 55,994 March 122-210 124-100 123-220 123-210 10.0 2,236 3271.57 2.5 U.S. Corporate 5.130 4.640 5.750 1254.89 3.0 Fannie mae (FNMA) 4.910 4.310 5.580
May 2.1725 2.2010 2.1513 2.1950 .0222 126,171 June 123-130 124-230 123-070 123-100 6.0 1,782,187 1934.92 3.0 Freddie Mac (FHLMC) 4.780 4.150 5.510
Treasury Bonds (CBT)-$100,000; pts 32nds of 100% 3192.77 2.2 Intermediate 4.880 4.400 5.670
Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu.
April 4.209 4.247 3.955 3.975 –.272 67,786 March 118-060 118-260 117-310 118-050 12.0 74,912 4270.06 3.2 Long term 5.650 5.070 6.010 595.61 0.2 Muni Master 3.514 3.074 3.760
May 4.280 4.312 4.027 4.038 –.275 273,656 June 117-220 118-230 117-190 117-230 7.0 1,778,561
Treasury Notes (CBT)-$100,000; pts 32nds of 100% 620.99 2.6 Double-A-rated 4.780 4.260 5.330 420.69 0.5 7-12 year 3.314 2.858 3.557
July 4.641 4.673 4.428 4.436 –.232 100,978
March 111-120 111-150 111-015 111-050 5.5 2,506
Sept 4.656 4.696 4.466 4.476 –.214 119,047
June 111-030 111-175 111-005 111-055 5.5 4,888,633 891.42 2.4 Triple-B-rated 5.330 4.850 5.950 480.36 -0.1 12-22 year 3.982 3.469 4.032
Oct 4.682 4.727 4.498 4.509 –.211 122,812
5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% High Yield Bonds ICE BofA 455.92 -0.6 22-plus year 4.467 3.959 4.533
Jan'26 5.591 5.634 5.445 5.455 –.171 126,073
March 107-250 108-017 107-232 107-272 2.7 20,196
June 107-305 108-080 107-282 108-005 3.0 6,265,087 577.97 1.6 High Yield Constrained 7.408 6.975 8.322 Global Government J.P. Morgan†
Agriculture Futures 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100%
March 103-064 103-146 103-116 103-131 1.5 355 588.65 -0.3 Triple-C-rated 12.285 11.050 13.872 548.10 0.6 Global Government 3.580 3.010 3.740
Corn (CBT)-5,000 bu.; cents per bu.
June 103-160 103-194 103-147 103-171 1.5 3,846,434
May 462.00 470.25 462.00 469.00 7.00 663,462 3868.57 2.1 High Yield 100 6.584 6.208 7.871 843.46 1.8 Canada 2.990 2.820 3.870
30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg.
July 469.25 476.50 469.25 475.50 6.25 459,452
March 95.6725 t 95.6700 95.6725 .0025 268,396
95.6725 505.20 1.7 Global High Yield Constrained 7.124 6.808 8.112 357.06 -1.5 EMU§ 3.317 2.726 3.403
Oats (CBT)-5,000 bu.; cents per bu. April 95.6700 t 95.6700 95.6750 .0050 542,486
95.6750
May 371.75 378.75 370.50 378.50 7.00 2,158 Three-Month SOFR (CME)-$1,000,000; 100 - daily avg. 648.63 -1.0 France 3.440 2.900 3.530
379.69 1.0 Europe High Yield Constrained 5.646 5.219 6.710
July 371.75 377.25 370.50 376.50 5.25 585 Jan 95.6500 95.6525 95.6500 95.6525 8,775
Soybeans (CBT)-5,000 bu.; cents per bu. June 95.8950 95.9250 95.8800 95.9050 .0250 1,261,697 U.S Agency Bloomberg Fixed Income Indices 459.93 -2.2 Germany 2.770 2.080 2.860
May 1009.00 1014.50 1004.00 1013.00 4.75 380,565
July 1023.00 1026.75 1017.00 1025.25 3.75 210,634
1878.02 1.9 U.S Agency 4.360 3.960 5.190 262.73 -2.8 Japan 1.870 1.110 1.910
Currency Futures
Soybean Meal (CBT)-100 tons; $ per ton. 1664.26 1.8 10-20 years 4.310 3.920 5.190 500.71 -2.5 Netherlands 2.980 2.290 3.060
May 298.90 300.50 296.20 297.10 –.60 230,873 Japanese Yen (CME)-¥12,500,000; $ per 100¥
July 306.90 308.20 304.00 304.60 –1.10 155,321 April .6744 .6767 .6732 .6738 .0001 891 3548.97 3.8 20-plus years 4.870 4.240 5.300 787.12 0.6 U.K. 4.830 4.030 5.070
June .6787 .6815 .6779 .6786 .0002 293,634
Soybean Oil (CBT)-60,000 lbs.; cents per lb.
Canadian Dollar (CME)-CAD 100,000; $ per CAD 2871.22 2.5 Yankee 4.870 4.380 5.580 924.59 3.1 Emerging Markets ** 7.325 7.084 8.073

.
May 42.41 42.80 41.57 42.71 .35 232,046
April .6993 .6994 .6953 .6989 –.0009 663
July 42.85 43.28 42.08 43.20 .35 159,823 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds
.7011 .7017 .6974 .7010 –.0009 281,223

ly
June
Rough Rice (CBT)-2,000 cwt.; $ per cwt. British Pound (CME)-£62,500; $ per £ ** EMBI Global Index Sources: ICE Data Services; Bloomberg Fixed Income Indices; J.P.Morgan
May 13.28 13.39 13.06 13.31 .04 10,836 April 1.3003 1.3012 s 1.2936 1.2960 –.0048 622
July 13.54 13.66 13.36 13.57 .02 789 June 1.3000 1.3013 s 1.2934 1.2959 –.0048 182,804
Wheat (CBT)-5,000 bu.; cents per bu. Swiss Franc (CME)-CHF 125,000; $ per CHF Global Government Bonds: Mapping Yields
May 565.25 568.00 552.25 557.25 –6.25 219,416 June 1.1510 1.1536 1.1424 1.1454 –.0059 80,289
July

July
581.25

610.75
584.25
Wheat (KC)-5,000 bu.; cents per bu.
May 597.50 598.25
612.50
569.50

583.00
597.50
Cattle-Feeder (CME)-50,000 lbs.; cents per lb.
573.50

586.50
601.00
–6.50 118,077

–8.25 123,042
–7.75 70,387
Sept

April
June
on
1.1571

.6362
1.1648
Australian Dollar (CME)-AUD 100,000; $ per AUD
.6361 .6363
.6369
Mexican Peso (CME)-MXN 500,000; $ per MXN
1.1542

.6276
.6275
1.1572 –.0058

.6302 –.0057 629

.6306 –.0057 177,462
76 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in
selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session
Country/
Coupon (%) Maturity, in years Latest(l) 0 1 2 3 4
Yield (%)
5 6 Previous Month ago Year ago
Spread Under/Over U.S. Treasurys, in basis points
Latest Prev Year ago
287.500 288.425 s 285.825 288.350 1.525 4,773 April .04960 .04978 .04926 .04954 –.00024 201 4.125 U.S. 2 3.956 t l 3.979 4.265 4.604
us ,

March
4.625 10 4.233t l 4.257 4.498 4.271
l

ADVERTISEMENT 4.750 Australia 2 3.738 t l 3.790 3.940 3.821 -23.0 -20.3 -79.0
e
al a

3.500 10 4.385 t l 4.431 4.538 4.064 14.6 19.4 -21.2

The Marketplace 0.000 France 2 2.330 t l 2.338 2.276 2.886 -163.8 -165.5 -172.5
ci on

3.200 10 3.478 s l 3.477 3.221 2.876 -76.1 -76.0 -140.0

To advertise: 800-366-3975 or WSJ.com/classifieds
2.200 Germany 2 2.178 t l 2.198 2.162 2.931 -179.0 -179.5 -168.0
2.500 10 2.786 t l 2.807 2.539 2.437 -145.3 -143.0 -183.9
PUBLIC NOTICES COMMERCIAL REAL ESTATE
2.950 Italy 2 2.407 t l 2.432 2.451 3.429 -156.1 -156.1 -118.3
3.650 10 3.905 t l 3.907 3.619 3.712 -33.5 -33.0 -56.4
er s

RYANAIR HOLDINGS PLC NOTICE OF SALE OF REAL PROPERTY

(a company incorporated in Ireland with company number 249885) UNITED STATES DISTRICT COURT 0.800 Japan 2 0.852 l 0.852 0.833 0.177 -311.6 -314.1 -443.5
SOUTHERN DISTRICT OF NEW YORK.
RYANAIR LIFTS PROHIBITION U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE 1.200 10 1.531 l 1.531 1.450 0.732 -270.8 -270.6 -354.4
m er

FOR THE REGISTERED HOLDERS OF J.P. MORGAN

ON NON-EU NATIONALS PURCHASING ORDINARY SHARES CHASE COMMERCIAL MORTGAGE SECURITIES 2.500 Spain 2 2.371 s l 2.366 2.369 3.085 -159.7 -162.7 -152.6
NOTICE IS HEREBY GIVEN pursuant to Article 41(R) of the Articles of Association of Ryanair Holdings plc CORP., MULTIFAMILY MORTGAGE PASS-THROUGH
(the “Company”) that, as previously advised, the Company must ensure continued compliance by its EU airline CERTIFICATES, SERIES 2018-SB47, acting by and 3.150 10 3.428 t l 3.433 3.151 3.246 -81.1 -80.4 -103.0
subsidiaries with EU Regulation 1008/2008, which requires the Company to be majority EU owned and controlled through its special servicer, Berkeley Point Capital
(see, for example: https://investor.ryanair.com/investors-shareholders/ownership-limitations/). LLC d/b/a Newmark, as Special Servicer under the 4.125 U.K. 2 4.240 s l 4.206 4.282 4.235 27.2 21.3 -37.6
Pooling and Servicing Agreement dated as of March 1,
m rp

On 5 February 2002, the Company announced that all Ordinary Shares acquired in trades occurring after 7 February 4.250 10 4.658 s 4.642 4.615 4.125 40.5 -15.1
2002 by parties who do not certify that they are EU nationals at the time of settlement, would be designated as
2018, Plaintiff -against- 2426 UNIVERSITY FUND, LLC; l 41.9
AVRAHAM BENAMRAM, et al. Defendant(s). Pursuant
Restricted Shares in accordance with the Articles of Association of the Company and the relevant investor would be to that certain CONSENSUAL FINAL JUDGMENT
required to dispose of such shares to an acquirer who is an EU national (the “Purchase Prohibition”). Since 1 January Source: Tullett Prebon, Tradeweb FTSE U.S. Treasury Close
dated and entered March 9, 2025 (“Judgment”), I, the
2021, as a consequence of Brexit, the Purchase Prohibition has also applied to UK nationals. undersigned Receiver will sell at public auction outside
On 29 December 2020, the Company announced that from 1 January 2021 all Ordinary Shares and Depositary Shares
held by or on behalf of non-EU nationals (including UK nationals) would be treated as Restricted Shares and that
the front entrance of the property located at and known
as 228 E. Tremont Avenue, Bronx, New York on April 3rd,
2025 at 10:00 a.m., prevailing Eastern Time, premises
Corporate Debt
holders of Restricted Shares would not be permitted to attend, speak or vote at the Company’s general meetings in
respect of those Restricted Shares (the “Voting Restrictions”). situate, lying and being in the Borough and County of Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific
the Bronx, City and State of New York, bounded and
co Fo

On 12 September 2024, the Company announced that, in anticipation of reaching the threshold of 50% of issued share described as follows: BEGINNING at a point on the expectations
capital being held by EU nationals, the Company would undertake a review of its ownership and control restrictions, southerly side of Tremont Avenue, distant 268 feet
including engagement with investors and regulators, with a view to potentially varying the current approach in a
manner that continues to ensure compliance with EU Regulation 1008/2008 (the “O&C Review”).
easterly from the corner formed by the intersection of Investment-grade spreads that tightened the most…
the southerly side of Tremont Avenue with the easterly Spread*, in basis points
On March 7, 2025, the Company announced that the O&C Review was complete, with EU nationals holding more side of Monroe Avenue; RUNNING THENCE southerly at Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
than 50% of the Company’s issued share capital. Therefore, after taking into account feedback from investors right angles to the southerly side of Tremont Avenue
representing a significant majority of the Company’s issued share capital, and the Company’s regulators, the Board and part of the way through a party wall, 83.76 feet
of the Company resolved that it was in the best interest of the Company and shareholders as a whole to: to the southerly side of Lot No. 25 on a Map of South John Deere Capital … 4.400 4.57 Sept. 8, ’31 55 –6 73
Fordham, being the easterly part of the farm of Lewis
1. discontinue the Purchase Prohibition with immediate effect;
G. Morris, Esq. and the westerly side of the farm of Glencore Funding … 5.338 4.62 April 4, ’27 67 –5 76
2. continue to apply the Voting Restrictions pursuant to Article 41(J)(i) of the Company’s Articles of Association; Jacob Buckhout filed October 7, 1853 as Map No. 189;
3. update the market as appropriate on the proportion of the Company’s issued share capital held by EU nationals; THENCE easterly along the southerly side of Lot No. 25, Mitsubishi UFJ Financial … 3.741 4.53 March 7, ’29 52 –5 63
and 42.85 feet to the median line of said Lot No. 25; THENCE
northerly along said median line, 83.52 feet to the UnitedHealth UNH 3.850 4.35 June 15, ’28 40 –5 55
4. if required, reintroduce the Purchase Prohibition at an appropriate time to ensure that the proportion of the
Company’s issued share capital held by EU nationals is at least 20%. southerly line of Tremont Avenue; and THENCE westerly
along the southerly line of Tremone Avenue, 41.96 feet Ally Financial ALLY 8.000 5.83 Nov. 1, ’31 182 –4 186
For the avoidance of doubt: to the point or place of BEGINNING, on the Tax Map of
Bronx County, New York. Block, 2804, Lot 19. Commonwealth Bank of Australia … 4.423 4.23 March 14, ’28 30 –4 45
• both EU and non-EU nationals can now invest in the Company via Ordinary Shares listed on Euronext Dublin and/ Said premises to be sold is known as 228 E. TREMONT
or Depositary Shares listed on Nasdaq; AVENUE, BRONX, NEW YORK 10468. MassMutual Global Funding II … 5.150 4.52 May 30, ’29 53 –3 n.a.
• those who have received Restricted Share Notices which require them to dispose of their Restricted Shares are The approximate amount of the lien is $2,300,380.51,
no longer required to comply with such disposal instructions; plus default interest & costs. Procter & Gamble PG 4.350 4.14 Jan. 29, ’29 14 –3 27
n-

• the Voting Restrictions will continue to apply until such time as the Board determines that it is possible to Premises will be sold subject to filed Judgment and
forthcoming sale terms.
vary or remove such restrictions without there being any risk to the airline licences held by the Company’s
subsidiaries pursuant to EU Regulation 1008/2008; The undersigned will accept the highest bid offered …And spreads that widened the most
by a bidder and shall require that successful bidder to
• notwithstanding the powers vested in the chairman of general meetings of the Company pursuant to Article 41
41(J)(i) of the Articles of Association, the chairman will not vote any Restricted Shares at any meeting of the
(i) provide proper government-issued identification, (ii) Banco Santander … 5.294 4.72 Aug. 18, ’27 77 94
immediately execute terms of sale for the purchase of
Company; and 11
the Collateral, and (iii) pay by certified or bank check ten Enel Finance International … 6.800 5.77 Sept. 15, ’37 155 n.a.
no

• the Board shall retain its ability to utilise all of the powers available under the Company’s Articles of percent (10%) of the sum bid, made payable to “ORAZIO
Association in the face of any risk to the airline licences held by the Company’s subsidiaries pursuant to EU CRISALLI, as Referee.” ING Groep … 3.950 4.70 March 29, ’27 75 9 68
Regulation 1008/2008. Civil Action File No. 24-cv-04166-GHW
ORAZIO CRISALLI, Court Appointed Referee Apple AAPL 4.375 5.22 May 13, ’45 64 5 68
For further information, please contact: Ryanair Holdings plc, Jamie Donovan, Head of Investor Relations, MATTHEW D. MANNION, Court Appointed Auctioneer,
Tel: +353 (0) 1 945 1212 [email protected] or (212) 267-6698. Equitable Financial Life Global Funding … 4.875 4.69 Nov. 19, ’27 73 5 75
Holland & Knight, LLP
Certain of the information included in this release is forward looking and is subject to important risks and
uncertainties that could cause actual results to differ materially and that could impact the price of Ryanair’s
Attorney(s) for Plaintiff FedEx FDX 5.100 6.02 Jan. 15, ’44 143 5 n.a.
787 Seventh Avenue, 31st Floor, New York, New York
securities. 10019 International Business Machines IBM 3.500 4.61 May 15, ’29 60 5 71
Principal Life Global Funding II … 5.100 4.68 Jan. 25, ’29 66 5 74
Saratoga NY Restaurant
ANNOUNCEMENTS COMMERCIAL REAL ESTATE plus Real Property
$3.5M year-round revenue in prime resort High-yield issues with the biggest price increases…
region. 60% food with strong margins on Bond Price as % of face value
food, liquor and beer. Modernized facility Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week
Leave your & infrastructure with seasonal
grandchildren a country NOTICE OF SALE OF REAL PROPERTY entertainment venues. Bath & Body Works BBWI 5.250 5.39 Feb. 1, ’28 99.625 0.37 98.610
UNITED STATES DISTRICT COURT 6,400 sq.ft., 4+ plus acres. $3.4M.
that is a thriving, SOUTHERN DISTRICT OF NEW YORK. [email protected] Nissan Motor Acceptance … 5.300 5.58 Sept. 13, ’27 99.368 0.24 n.a.
U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE 518-869-5444
truly representative FOR THE REGISTERED HOLDERS OF J.P. MORGAN Transocean RIG 6.800 9.92 March 15, ’38 77.500 0.24 74.667
CHASE COMMERCIAL MORTGAGE SECURITIES
CORP., MULTIFAMILY MORTGAGE PASS-THROUGH FiberCop … 6.375 7.01 Nov. 15, ’33 95.926 0.23 94.878
democracy, not one that CERTIFICATES, SERIES 2018-SB47, acting by and NOTICE OF SALE
through its special servicer, Berkeley Point Capital 0.21
Paramount Global* PARA 6.875 6.44 April 30, ’36 103.381 102.530
is bankrupt, third-world, LLC d/b/a Newmark, as Special Servicer under the
Pooling and Servicing Agreement dated as of March 1
NOTIFICATION OF ARTICLE 9 DISPOSITION Rockies Express Pipeline … 6.875 7.03 April 15, ’40 98.532 0.20 97.929
2018, Plaintiff -against- 2426 UNIVERSITY FUND, LLC;
with nothing to export AVRAHAM BENAMRAM, et al. Defendant(s). Pursuant OF COLLATERAL at PUBLIC AUCTION

but natural resources

to that certain CONSENSUAL FINAL JUDGMENT dated
February 10, 2025 and entered on February 11, 2025
Notice is hereby given that pursuant to (i) Section
9610 of the California Commercial Code, (ii) that …And with the biggest price decreases
(“Judgment”), I, the undersigned Receiver will sell at certain Pledge Agreement dated November 2, 2017,
as subsequently amended (the “Cavileer Pledge Occidental Petroleum OXY 7.950 6.40 June 15, ’39 114.330 –0.26 113.943
and agricultural public auction outside the front entrance of the property
located at and known as 2426 University Avenue, Agreement”) between Craig Cavileer (“Cavileer”)
Bronx, New York on April 3rd, 2025 at 9:00 a.m., and Majestic Realty Co., (“Majestic”), and (iii) that Teva Pharmaceutical Finance … 6.150 6.05 Feb. 1, ’36 100.750 –0.13 100.469
products. How? Read prevailing Eastern Time, premises situate, lying and certain Pledge Agreement dated December 18, 2015,
being in the Borough and County of the Bronx, City and as subsequently amended (the “Cavileer Trust Pledge FiberCop* … 7.200 7.53 July 18, ’36 97.473 –0.13 97.946
Wrong Track Right Track State of New York, bounded and described as follows: Agreement”, and together with the Cavileer Pledge
Efesto Bidco … 7.500 7.71 Feb. 15, ’32 98.875 –0.13 97.750
BEGINNING at a point on the easterly side of Aqueduct Agreement, the “Pledge Agreements”), Edward P.
by Rauno Suosalmi PhD. Avenue, 258 feet southerly from the corner formed Roski, Jr., Trustee of the Edward P. Roski, Jr. Living
by the intersection of the easterly side of Aqueduct Trust UID 11/1/1987, as amended (“Secured Party”), Mauser Packaging Solutions Holding … 7.875 7.93 April 15, ’27 99.908 –0.09 100.000
Avenue, with the southerly side of West 188th Street; as successor in interest to Majestic, will sell the assets
Available from Amazon RUNNING THENCE easterly at right angles to Aqueduct of Craig Cavileer, individually and in his capacity as Navient NAVI 5.625 7.62 Aug. 1, ’33 87.841 –0.07 86.382
Avenue and part of the distance through a party wall, Trustee of the Craig and Charlene Cavileer Family Trust
170.83 feet to the westerly side of Old Croton Avenue; (together, “Debtor”) as generally described below
(collectively, the “Collateral”). Braun Internatinoal. *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread.
THENCE southwesterly along the westerly side of Old
Croton Aqueduct, 23.10 feet; THENCE again along the (“Braun”) will, on behalf of Secured Party, conduct an Note: Data are for the most active issue of bonds with maturities of two years or more
BANKRUPTCIES more southwesterly, still along the westerly side of Old auction (the “Auction”) on May 6, 2025 NOON PT VIA Source: MarketAxess
Croton Aqueduct, 20.04 feet to the intersection of said ZOOM (Zoom information will be provided to Qualified
line drawn at right angles to Aqueduct Avenue from Bidders). The unpaid principal and interest which is
a point distant 301 feet southerly from West 188th subject to the Pledge Agreements (excluding other
Street; THENCE westerly along the last mentioned line costs and attorneys’ fees) as of February 28, 2025 is
IN RE LEADPOINT, INC. (DBA SECURERIGHTS.
ORG, DBA SECURERIGHTS) – BANKRUPTCY and part of the distance through a party wall, 167.11
feet to the easterly side of Aqueduct Avenue; THENCE
$77,829,536.21, with interest continuing to accrue
after such date. To obtain further information about the
New Highs and Lows Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg
CASE NO.: 1:25-BK-10179-MB – NOTICE OF
DEADLINE TO FILE PROOF OF CLAIM northerly along the easterly side of Aqueduct Avenue, Collateral, bidders must contact Braun at email: info@ LandmarkBncp LARK 27.55 5.9 US Gold USAU 11.75 11.7
43 feet to the point or place of BEGINNING. Block 3213 braunco.com; tel.: 866.568.6638x100 or view at Braunco. The following explanations apply to the New York Stock Exchange, NYSE Arca, NYSE L 88.62 0.4 VRSN 243.05 ...
PLEASE TAKE NOTICE that, on January 31, Lot 11, on the Tax Map of Bronx County, New York. com or Braunmimx.com and sign a Confidentiality
Loews VeriSign
2025, LeadPoint, Inc. (dba SecureRights.org, dba American and Nasdaq Stock Market stocks that hit a new 52-week intraday high or low LumentFinance LFT 2.83 1.1 ViaRenewablesPfdA VIASP 24.44 -0.1
Said premises to be sold is known as 2426 UNIVERSITY Agreement to be provided by Braun. To participate in the 9.90 0.1
SecureRights) (the “Debtor”) filed a Chapter 11 AVENUE, BRONX, NEW YORK 10468. Auction, bidders will need to execute a Qualified Bidder in the latest session. % CHG-Daily percentage change from the previous trading session. MaywoodAcqnA MAYA VoyagerAcqn VACHU 10.36 0.5
bankruptcy case that is now pending in the United McKesson MCK 670.00 0.4 WellgisticsHealth WGRX 4.75 19.0
The approximate amount of the lien is $2,085,966.67, Certification and comply with certain Bid Procedures and
States Bankruptcy Court for the Central District of Thursday, March 20, 2025 MelarAcqnIWt MACIW 0.39 9.9 XFinancial XYF 14.29 -4.2
plus default interest & costs. Qualified Bid Requirements to be furnished by Braun.
California, San Fernando Valley Division (the “Court”). Premises will be sold subject to filed Judgment and There is no warranty relating to title, possession, quiet NACCO Inds NC 34.78 0.4 XerisBiopharma XERS 5.54 -1.5
PLEASE TAKE FURTHER NOTICE that, subject 52-Wk % 52-Wk % 52-Wk % NCS Multistage NCSM 36.95 6.1
forthcoming sale terms. enjoyment or the like in the Collateral or the disposition Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg
to certain exceptions, the Court set April 11, 2025
as the deadline for creditors to file proofs of claim
The undersigned will accept the highest bid offered
by a bidder and shall require that successful bidder to
of the Collateral. A general summary of the Collateral is
immediately below. BerkHathwy B BRK.B 530.61 0.7 ExpandEnergy EXE 109.63 0.6
NationalFuelGas NFG
OaktreeAcqnIII OACCU
79.12
10.50
0.4
-0.5
Lows
against the Debtor’s bankruptcy estate (the “Bar
Date”).
(i) provide proper government-issued identification, (ii)
immediately execute terms of sale for the purchase of
The Collateral consists of 50% and minority interests Highs BlackstoneMtg BXMT
Bowhead BOW
21.24
39.11
...
3.5
ExpandEnerWtC EXEEL
ExpandEnerWtA EXEEW
98.01
106.09
0.4
9.6
OaktreeAcqIIILife OACC
PactivEvergreen PTVE
10.85
17.94
0.4
...
Amcon DIT
AardvarkTherap AARD
116.02 -8.1
8.60 -4.3
in limited liability companies which own, directly
PLEASE TAKE FURTHER NOTICE that notice the Collateral, and (iii) pay by certified or bank check ten or indirectly, or operate the following: (i) the Hyatt AGNC InvtPfdF AGNCP 25.43 ... BragHouse TBH 6.06 -1.0 GenesisEnergy GEL 15.27 1.6 ParkHaBio PHH 11.91 13.5 Adaptimmune ADAP 0.26 -37.7
of the Bar Date, which includes a link to the form percent (10%) of the sum bid, made payable to “ORAZIO Place Fort Worth Historic Stockyards hotel, the Hotel AldelFinII Wt ALDFW 0.45 0.4 CadizPfdA CDZIP 19.14 1.7 GoldFields GFI 22.18 -0.1 PhenixfinNts2028 PFXNZ 23.52 0.9 Agenus AGEN 1.64 -3.5
to file a proof of claim, can be obtained here: CRISALLI, as Referee.” Drover, the Stockyards Hotel, the Stockyards Station AlgonquinNt2079 AQNB 25.91 -0.2 CardinalHealth CAH 133.11 0.7 HamiltonIns HG 21.48 0.7 PlumAcqnIVA PLMK 10.07 0.3 AlphaMetal AMR 122.20 -1.4
https://claims.leadpoint.com/. Civil Action File No. 24-cv-04152-GHW; ORAZIO retail complex, historic horse and mule barns, a mixed AlignmentHlthcr ALHC 17.38 -0.1 CartesianGrwIIA RENE 11.83 0.2 HarmonyGold HMY 13.02 1.7 ProAssurance PRA 23.29 48.1 AltoNeurosci ANRO 2.63 -3.9
PLEASE TAKE FURTHER NOTICE THAT THE CRISALLI, Court Appointed Referee, MATTHEW D. use complex, the Cowtown Coliseum, a single family Allstate ALL 212.91 2.6 Cencora COR 267.92 0.8 IF Bancorp IROQ 25.76 0.5 QuartzseaAcqn QSEAU 10.07 0.2 Alumis ALMS 3.52 -18.3
FAILURE OF A CREDITOR TO FILE A PROOF OF MANNION, Court Appointed Auctioneer, mdmannion@ residential building, individual warehouses and/or AngloGoldAsh AU 36.69 2.8 CenterPointEner CNP 35.99 0.3 IHS Holding IHS 4.92 4.0 RegencellBio RGC 45.73 46.2 AmericanRebel AREB 0.15 -11.2
CLAIM ON OR BEFORE THE BAR DATE SHALL jpandr.com or (212) 267-6698. undeveloped land all located in Fort Worth, Texas; AnteroMidstream AM 17.82 0.3 159.79 -1.0 Ampco-PittsWt AP.WS 0.02 -26.8
Chimerix CMRX 8.50 -0.1 ICE ICE 175.90 1.1 Root ROOT
RESULT IN (1) DISALLOWANCE OF THE CLAIM AND Holland & Knight, LLP, Attorney(s) for Plaintiff, 787 (ii) undeveloped land in Pahrump, Nevada, and (iii) ArisWater ARIS 32.72 0.6 AptevoTherap APVO 2.35 -6.1
CollectiveMining CNL 10.05 1.4 IntercorpFinSvcs IFS 34.60 0.4 SSR Mining SSRM 11.38 -0.6
(2) A DISCHARGE OF THE CLAIM AND BAR AGAINST Seventh Avenue, 31st Floor, New York, New York 10019 the Hyatt Place Las Vegas Hotel, a Starbucks coffee BankofAmPfdE BACpE 25.50 -0.6 ColumbusAcqn COLA 10.00 -0.1 Intra-Cellular ITCI 131.60 0.1 SoundThinking SSTI 18.65 6.1 ArcturusTherap ARCT 12.65 -4.2
ASSERTING THE CLAIM IN THE FUTURE IF AND franchise, and/or a retail complex all located in Las BayviewAcqnA BAYA 10.90 0.2 ConEd ED 108.62 0.9 JFB Construction JFB 4.26 13.2 Spire SR 78.83 0.7 AspiraWomen's AWH 0.10 -15.3
WHEN THE DEBTOR CONFIRMS A BANKRUPTCY Vegas, Nevada. BeaconRoofing BECN 123.90 1.9 DTE Energy DTE 137.03 0.6 Junee JUNE 7.80 11.0 Sportradar SRAD 23.00 -2.2 AstroNova ALOT 9.39 -5.4
PLAN. CREDITORS MAY WISH TO CONSULT AN Contact Braun International for bidding information at BenitecBiopharm BNTC 16.88 7.2 Darden DRI 203.47 5.8 Karman KRMN 37.64 -2.9 TG Therap TGTX 43.03 -1.4 AtlasClear ATCH 1.02 -4.6
ATTORNEY TO PROTECT THEIR RIGHTS. Braunco.com or [email protected] BerkHathwy A BRK.A 795671 0.4 DGNX 141.86 5.6 KGC 12.39 1.0 TW 143.82 0.5
Diginex KinrossGold Tradeweb Continued on Page B8
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * Friday, March 21, 2025 | B7

MARKETS DIGEST
EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index
Last Year ago Last Year ago Last Year ago
41953.32 t 11.31, or 0.03% Trailing P/E ratio 25.14 27.68 5662.89 t 12.40, or 0.22% Trailing P/E ratio * 22.32 23.83 17691.63 t 59.16, or 0.33% Trailing P/E ratio *† 28.57 30.65
High, low, open and close for each P/E estimate * 18.85 18.76 High, low, open and close for each P/E estimate * 20.48 21.35 High, low, open and close for each P/E estimate *† 24.47 28.65
trading day of the past three months. Dividend yield 1.94 1.81 trading day of the past three months. Dividend yield * 1.38 1.44 trading day of the past three months. Dividend yield *† 0.82 0.82
All-time high 45014.04, 12/04/24 All-time high 6144.15, 02/19/25 All-time high: 20173.89, 12/16/24

Current divisor 0.16268413125742

44800 6100 20000

44000 6000 19500

65-day
moving average
43200 5900 19000

65-day moving average

65-day moving average
Session high 42400 5800 18500
DOWN UP
t

Session open Close

41600 5700 18000
Close Open
t

Session low 40800 5600 17500

Bars measure the point change from session's open

40000 5500 17000
Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar. Dec. Jan. Feb. Mar.
*Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; † Based on Nasdaq-100 Index

Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners
High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4 p.m. to 6 p.m. ET as reported by electronic NYSE NYSE Amer.
Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,184,672,319 13,713,228
Industrial Average 42250.29 41695.61 41953.32 -11.31 -0.03 45014.04 37735.11 5.5 -1.4 6.5 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 430,328,211 7,745,049
Transportation Avg 14737.18 14550.03 14637.85 -54.07 -0.37 17754.38 14397.68 -8.5 -7.9 -3.9 Most-active issues in late trading Decl. volume* 725,678,806 5,624,775
Utility Average 1019.52 1011.35 1018.01 3.74 0.37 1079.88 835.53 18.5 3.6 1.2 Volume After Hours Issues traded 2,822 288
Company Symbol (000) Last Net chg % chg High Low
Total Stock Market 56494.87 55720.11 56003.32 -143.79 -0.26 61024.05 49376.46 7.2 -4.1 7.4 Advances 1,148 143
Impact BioMedical IBO 13,345.8 4.61 2.53 121.63 5.10 2.07
Barron's 400 1217.15 1202.48 1206.24 -6.15 -0.51 1356.99 1092.05 4.0 -3.6 5.3 Declines 1,590 131
SPDR S&P 500 ETF Trust SPY 8,717.6 565.72 0.23 0.04 566.11 526.98
Unchanged 84 14
Nasdaq Stock Market Playa Hotels & Resorts PLYA 7,506.0 13.32 0.01 0.08 13.32 13.31 New highs 35 1
Nasdaq Composite 17903.20 17576.82 17691.63 -59.16 -0.33 20173.89 15282.01 7.9 -8.4 8.4 NVIDIA NVDA 6,960.5 118.45 -0.08 -0.07 125.40 115.35 New lows 37 1
Nasdaq-100 19888.85 19549.31 19677.61 -59.05 -0.30 22175.60 17037.65 7.4 -6.4 10.9 Micron Technology MU 6,078.7 106.18 3.18 3.09 114.60 102.88 Closing Arms† 1.20 0.73
Nike Cl B NKE 5,244.7 68.66 -3.20 -4.45 77.00 67.98 Block trades* 5,149 180
S&P

.
Veren VRN 5,240.1 6.63 … unch. 6.64 6.63
500 Index 5711.15 5632.33 5662.89 -12.40 -0.22 6144.15 4967.23 8.0 -3.7 8.3 Nasdaq NYSE Arca

ly
JD.com ADR JD 4,853.0 42.88 -0.10 -0.23 43.03 42.77
MidCap 400 2991.26 2959.18 2960.80 -22.11 -0.74 3390.26 2825.94 -1.7 -5.1 3.0 Total volume*6,098,334,263 281,687,757
SmallCap 600 1308.47 1290.21 1295.33 -6.46 -0.50 1544.66 1241.62 -2.4 -8.0 -1.1 Percentage gainers… Adv. volume*2,947,403,333 71,026,531
Impact BioMedical IBO 13,345.8 4.61 2.53 121.63 5.10 2.07 Decl. volume*3,059,127,325 209,033,721
Other Indexes
Russell 2000
NYSE Composite
Value Line
2089.98 2060.49 2068.63 -13.45
19617.66 19446.48 19537.27 -44.05
584.97 578.68 580.29 -3.10
-0.65
-0.22
-0.53
on 2442.03 1942.96
20272.04 17388.09
656.04 560.48
-1.4
7.3
-4.6
-7.2
2.3
-5.0
-0.3
5.6
-3.1
Allurion Technologies
Luminar Technologies LAZR
Fortrea Holdings
ALUR

FTRE
1,819.0
786.3
173.3
3.15
6.85
9.33
0.87
0.57
0.56
38.16
9.08
6.39
3.36
8.08
9.33
2.28
6.26
8.77
Issues traded
Advances
Declines
Unchanged
4,478
1,592
2,734
152
2,118
556
1,517
45
NYSE Arca Biotech 5876.98 5786.97 5790.91 -72.11 -1.23 6318.63 4861.76 9.5 0.8 4.4
DT Midstream DTM 224.1 104.21 4.96 5.00 104.21 99.25
New highs 53 15
us ,

NYSE Arca Pharma 1015.86 1006.36 1010.19 2.53 0.25 1140.17 912.71 0.01 8.1 6.7 ...And losers New lows 113 10
l

KBW Bank 124.21 121.92 123.07 0.19 0.15 140.59 96.78 19.2 -3.5 -1.8 116.3 2.71 -0.36 3.07 2.70 Closing Arms† 0.60 0.81
e
Dakota Gold DC -11.73
al a

PHLX§ Gold/Silver 177.54 174.02 176.52 0.05 0.03 176.52 119.21 46.1 28.7 4.3 Planet Labs PBC PL 804.0 3.89 -0.35 -8.25 4.25 3.51 Block trades* 31,480 1,250
PHLX§ Oil Service 67.38 65.96 66.94 0.30 0.44 95.25 62.70 -25.8 -7.8 -4.1 Kuke Music Holding ADR KUKE 123.2 2.31 -0.19 -7.60 2.72 2.20 * Primary market NYSE, NYSE American NYSE Arca only.
ci on

PHLX§ Semiconductor 4648.46 4575.45 4601.37 -33.16 -0.72 5904.54 4306.87 -6.1 -7.6 10.3 Linde LIN 210.9 430.09 -27.66 -6.04 459.98 430.09 †(TRIN) A comparison of the number of advancing and declining
issues with the volume of shares rising and falling. An
Cboe Volatility 21.17 19.30 19.80 -0.10 -0.50 38.57 11.86 53.3 14.1 -6.0 Maravai LifeSciences MRVI 149.8 2.26 -0.14 -5.83 2.40 1.79 Arms of less than 1 indicates buying demand; above 1

Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure.

International Stock Indexes Percentage Gainers... Percentage Losers

er s

Latest YTD
Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week
Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg
m er

World MSCI ACWI 843.47 –1.90 –0.23 0.3 Optinose OPTN 9.15 3.15 52.50 25.80 4.82 -63.3 Leishen Energy Holding LSE 8.27 -4.23 -33.84 14.99 3.76 ...
MSCI ACWI ex-USA 353.57 –0.83 –0.24 8.5 ProAssurance PRA 23.02 7.48 48.13 23.29 10.76 85.6 FST KBSX 2.90 -1.15 -28.40 15.48 1.26 -74.2
MSCI World 3693.55 –8.31 –0.22 –0.4 Regencell Bioscience RGC 45.00 14.23 46.25 45.73 3.03 1071.9 Akebia Therapeutics AKBA 2.04 -0.80 -28.17 2.89 0.80 ...
MSCI Emerging Markets 1140.69 –2.60 –0.23 6.1 NanoVibronix NAOV 4.45 1.19 36.50 13.97 1.92 -54.5 USA Rare Earth USAR 12.00 -3.52 -22.66 20.00 9.24 14.7
m rp

Americas MSCI AC Americas 2135.00 –4.65 –0.22 –3.5 Outset Medical OM 11.28 3.00 36.28 78.30 5.85 -64.0 COSCIENS Biopharma CSCI 3.43 -0.92 -21.15 11.10 1.96 -56.5
Canada S&P/TSX Comp 25060.24 –8.97 –0.04 1.3 Rent the Runway RENT 6.55 1.72 35.61 41.81 3.70 -11.4 Yiren Digital ADR YRD 6.85 -1.76 -20.44 9.20 4.12 27.3
Latin Amer. MSCI EM Latin America 2129.04 –20.51 –0.95 14.9 Aeva Technologies AEVA 4.19 1.08 34.73 5.49 2.20 -3.9 Alumis ALMS 3.57 -0.80 -18.31 13.53 3.52 ...
Brazil Bovespa 131954.90 –553.55 –0.42 9.7 Urgent.ly ULY 4.83 1.14 30.89 32.04 2.99 -79.4 Defiance Tgt 2X Lg IONQ IONX 24.01 -5.34 -18.19 35.54 22.00 ...
Chile S&P IPSA 4062.96 –10.42 –0.26 12.4 Apollomics Cl A APLM 10.39 2.43 30.53 75.00 6.20 -82.7 D-Wave Quantum QBTS 8.69 -1.91 -18.02 11.95 0.75 357.4
co Fo

Mexico S&P/BMV IPC 53100.83 40.07 0.08 7.2 NIP Group ADR NIPG 2.67 0.60 28.99 17.76 0.99 ... Alarum Technologies ADR ALAR 6.61 -1.43 -17.79 46.69 5.86 -70.2
EMEA STOXX Europe 600 552.98 –2.39 –0.43 8.9 CervoMed CRVO 11.56 2.19 23.37 25.92 1.80 -48.6 Venus Concept VERO 2.68 -0.58 -17.69 17.49 2.33 -62.3
Eurozone Euro STOXX 563.56 –5.56 –0.98 11.5 ARS Pharmaceuticals SPRY 14.31 2.66 22.83 18.51 7.55 59.0 Quantum QMCO 16.45 -3.18 -16.20 90.64 2.22 35.8
Belgium Bel-20 4487.84 –11.59 –0.26 5.2 HF Foods Group HFFG 3.55 0.62 21.16 4.13 1.70 3.5 Cloudastructure Cl A CSAI 6.64 -1.26 -15.95 52.43 4.22 ...
Denmark OMX Copenhagen 20 1963.13 –7.66 –0.39 –6.6 First Guaranty Bancshares FGBI 8.53 1.47 20.82 15.25 6.56 -16.3 ICAD ICAD 2.09 -0.38 -15.38 3.78 1.18 30.6
9.7 Kuke Music Holding ADR KUKE 2.50 0.41 19.62 40.70 1.45 -89.4 F&G Annuities & Life FG 36.44 -6.30 -14.74 50.75 34.90 -10.7
France CAC 40 8094.20 –77.27 –0.95
Germany DAX 22999.15 –288.91 –1.24 15.5
Israel Tel Aviv 2501.73 –2.90 –0.12 4.5
Most Active Stocks Volume Movers Ranked by change from 65-day average*
Italy FTSE MIB 39188.17 –524.49 –1.32 14.6 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week
Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low
Netherlands AEX 919.26 –3.49 –0.38 4.6
Norway Oslo Bors All-Share 1766.92 –4.48 –0.25 7.4 Plus Therapeutics PSTV 352,141 4300.1 1.38 170.06 2.67 0.24 ProAssurance PRA 17,241 7763 23.02 48.13 23.29 10.76
NVIDIA NVDA 246,851 -8.2 118.53 0.86 153.13 75.61 Optinose OPTN 2,163 5919 9.15 52.50 25.80 4.82
South Africa FTSE/JSE All-Share 89518.75 –630.94 –0.70 6.4
n-

D-Wave Quantum QBTS 175,705 95.3 8.69 -18.02 11.95 0.75 Virtus LifeSci Biotech BBC 333 4489 19.98 0.03 31.65 18.77
Spain IBEX 35 13306.30 –101.80 –0.76 14.8
AGM Group Holdings AGMH 160,301 950.9 0.08 6.94 2.19 0.06 Franklin FTSE Taiwan ETF FLTW 1,869 2252 45.98 0.47 51.92 40.41
Sweden OMX Stockholm 1007.14 –2.30 –0.23 5.5
Direxion TSLA Bull 2X TSLL 145,040 49.0 8.16 0.25 41.50 4.94 Beacon Roofing Supply BECN 21,750 2245 123.83 1.89 123.90 77.54
Switzerland Swiss Market 13097.05 56.13 0.43 12.9
Turkey BIST 100 9810.94 –49.35 –0.50 –0.2 SAG Holdings SAG 126,085 23621.8 1.17 73.33 8.27 0.47 IDX Dynamic Fixed Incm DYFI 170 2175 23.23 0.02 25.03 23.01
no

U.K. FTSE 100 8701.99 –4.67 –0.05 6.5 Windtree Therapeutics WINT 121,613 38054.6 2.18 28.99 737.44 1.62 KraneShs China Hlth Care KURE 1,822 2045 15.49 -1.90 20.51 12.91
U.K. FTSE 250 20097.98 –24.39 –0.12 –2.5 Ford Motor F 108,969 26.2 10.01 -1.57 14.85 9.06 MFS Active Interm Muni MFSM 196 1988 24.75 0.19 25.08 24.47
Palantir Technologies PLTR 105,132 6.7 87.39 1.50 125.41 20.33 SPDR S&P Pharmaceuticals XPH 783 1898 44.09 0.09 48.76 38.88
Asia-Pacific MSCI AC Asia Pacific 189.91 0.35 0.19 4.6
Tesla TSLA 98,426 7.7 236.26 0.17 488.54 138.80 VictoryShares THB Mid Cap MDCP 181 1635 27.25 -0.67 31.08 26.50
Australia S&P/ASX 200 7918.90 90.65 1.16 –2.9
* Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least
China Shanghai Composite 3408.95 –17.48 –0.51 1.7 5,000 shares =Has traded fewer than 65 days
Hong Kong Hang Seng 24219.95 –551.19 –2.23 20.7
1.19 –2.3
Scan this code
India BSE Sensex 76348.06 899.01
Japan NIKKEI 225 37751.88 … Closed –5.4 Get real-time U.S. stock quotes and CURRENCIES & COMMODITIES
Singapore Straits Times 3930.49 22.18 0.57 3.8 track most-active stocks,
South Korea KOSPI 2637.10 8.48 0.32 9.9 new highs/lows, mutual funds and Currencies
Taiwan TAIEX 22377.26 416.43 1.90 –2.9 ETFs. U.S.-dollar foreign-exchange rates in late New York trading
Thailand SET 1181.71 –7.95 –0.67 –15.6
All are available free at WSJMarkets.com US$vs, US$vs,
Sources: FactSet; Dow Jones Market Data Thurs YTDchg Thurs YTDchg
Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%)
Americas Vietnam dong .00003912 25560 0.3
CREDIT MARKETS Argentina peso .00091068.8584 3.7 Europe
Brazil real .1760 5.6803 –8.2 Czech Rep. koruna .04339 23.048 –5.3
Canada dollar .6981 1.4325 –0.4 Denmark krone .1455 6.8734 –4.6
Consumer Rates and Returns to Investor Benchmark
Treasury yield Yields
curve Forex Race Chile peso .001078 928.02 –6.7 Euro area euro 1.0854 .9214 –4.6
U.S. consumer rates Selected rates andtoRates
Yield maturity of current bills, Yen, euro vs. dollar; dollar vs. Colombiapeso .000239 4180.25 –5.1 Hungary forint .002722 367.44 –7.6
notes and bonds major U.S. trading partners Ecuador US dollar 1 1 unch Iceland krona .007521 132.96 –4.3
A consumer rate against its 30-year mortgage, Rate Mexico peso .0496 20.1501 –3.3 Norway krone .0947 10.5568 –7.3
benchmark over the past year 6.00% Uruguay peso .02369 42.2050 –3.4 Poland zloty .2587 3.8660 –6.4
Bankrate.com avg†: 6.76% 10% Asia-Pacific Sweden krona .0987 10.1331 –8.5
30-year fixed-rate Citizens National Bank, NA 5.50% One year ago 5.00 Switzerland franc 1.1343 .8816 –2.8
t WSJ Dollar Index Australiadollar .6302 1.5868 –1.8
mortgage 8.00% Bossier City, LA 888-861-0515 5
s
Turkey lira .0264 37.8156 7.0
China yuan .1380 7.2482 –0.7
t 4.00 Ukraine hryvnia .0241 41.5500 –1.2
Delta Community Credit Union 5.88% t Hong Kong dollar .1287 7.7729 0.1
6.00 0 UK pound 1.2967 .7712 –3.5
India rupee .01158 86.323 0.9
Atlanta, GA 800-544-DECU Tradeweb FTSE Thursday Close 3.00 Middle East/Africa
Indonesia rupiah .0000607 16474 1.3
4.00 Chemung Canal Trust Company 6.00% 2.00 –5 Japan yen .006721 148.78 –5.4 Bahrain dinar 2.6529 .3770 –0.04
t s s
Elmira, NY 607-737-3711 Yen Kazakhstan tenge .001988 503.12 –4.2 Egypt pound .0198 50.5683 –0.5
Euro
10-year Treasury 2.00 1.00 Macau pataca .1248 8.0100 0.1 Israel shekel .2719 3.6777 1.0
El Dorado Savings Bank 6.00% –10
note yield Malaysia ringgit .2259 4.4260 –1.0 Kuwait dinar 3.2457 .3081 –0.1
Sacramento, CA 800-874-9779 1 3 6 1 2 3 5 7 10 20 30 2024 2025
0.00 New Zealand dollar .5758 1.7367 –2.8 Oman sul rial 2.5980 .3849 –0.02
First Savings Bank of Hegewisch 6.10% month(s) years
AM J J A S O N D J F M Pakistan rupee .00357 280.125 0.6 Qatar rial .2743 3.646 0.01
Chicago, IL 773-646-4200 maturity Philippines peso .0175 57.243 –1.5 Saudi Arabia riyal .2666 3.7512 –0.1
2024 2025
3-yr chg Sources: Tradeweb FTSE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Singapore dollar .7491 1.3349 –2.2 South Africa rand .0551 18.1559 –3.8
Yield/Rate (%) 52-Week Range (%)
Interest rate Last (l)Week ago Low 0 2 4 6 8 High (pct pts) South Korea won .0006817 1467.01 –0.8

Federal-funds rate target 4.25-4.50 4.25-4.50 4.25 l 5.50 4.00

Corporate Borrowing Rates and Yields Sri Lanka rupee .0033738 296.40 1.1
WSJ Dollar Index 99.32
Close Net Chg % Chg YTD%Chg
0.32 0.32 –3.34
Taiwan dollar .03028 33.027 0.7
Prime rate* 7.50 7.50 7.50 l 8.50 4.00 Yield (%) 52-Week Total Return (%) Thailand baht .02965 33.730 –1.7 Sources: Tullett Prebon, Dow Jones Market Data
Bond total return index Close Last Week ago High Low 52-wk 3-yr
SOFR 4.29 4.31 4.27 l 5.40 3.99
Money market, annual yield 0.45 0.46 0.40 l 0.51 0.38 U.S. Treasury, Bloomberg 2252.430 4.150 4.160 4.880 3.630 4.947 –0.455 Commodities
Five-year CD, annual yield 1.67 1.68 1.62 l 1.69 1.18 Pricing trends on someClose Thursday
raw materials, 52-Week
or commodities YTD
U.S. Treasury Long, Bloomberg 3191.990 4.590 4.630 5.050 3.990 3.425 –7.477 Net chg % Chg High Low % Chg % chg
30-year mortgage, fixed† 6.76 6.74 6.69 l 7.72 2.17
15-year mortgage, fixed† 6.12 6.11 6.02 l 7.11 2.35 Aggregate, Bloomberg 2148.280 4.610 4.650 5.310 4.100 5.432 0.219
DJ Commodity 1071.98 1.57 0.15 1095.84 942.52 8.60 4.85
Jumbo mortgages, $726,200-plus† 6.87 6.81 6.76 l 7.79 2.22 Fixed-Rate MBS, Bloomberg 2127.210 4.910 4.960 5.570 4.340 5.776 0.175
Five-year adj mortgage (ARM)† 6.20 6.30 5.88 l 6.78 3.05 FTSE/CC CRB Index 307.41 1.10 0.36 316.63 265.48 7.28 3.60
High Yield 100, ICE BofA 3868.569 6.584 6.929 7.871 6.208 7.924 5.310
New-car loan, 48-month 7.62 7.62 7.18 l 7.94 4.04 Crude oil, $ per barrel 68.26 1.10 1.64 86.91 65.75 -15.80 -4.82
Muni Master, ICE BofA 595.613 3.514 3.507 3.760 3.074 1.640 1.228
Bankrate.com rates based on survey of over 1,500 online banks. *Base rate posted by 70% of the nation's largest Natural gas, $/MMBtu 3.975 -0.272 -6.40 4.491 1.575 136.19 9.41
banks.† Excludes closing costs. EMBI Global, J.P. Morgan 924.590 7.325 7.413 8.073 7.084 7.855 3.368
Sources: FactSet; Dow Jones Market Data; Bankrate.com Gold, $ per troy oz. 3040.00 4.10 0.14 3040.00 2158.10 39.30 15.62
Sources: J.P. Morgan; Bloomberg Fixed Income Indices; ICE Data Services
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B8 | Friday, March 21, 2025 * * THE WALL STREET JOURNAL.

BIGGEST 1,000 STOCKS

Net Net Net Net Net Net
How to Read the Stock Tables Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg
The following explanations apply to NYSE, NYSE Arca, NYSE American and Nasdaq Gartner IT 418.77 -30.66 Labcorp LH 235.78 -3.94 OldDomFreight ODFL 161.13 -1.31 ShinhanFin SHG 32.49 -0.33 TeledyneTech TDY 499.29 -1.43 VentureGlobal VG 11.78 0.58
Stock Market listed securities. Prices are consolidated from trades reported by various GenDigital GEN 27.56 -0.34 LamResearch LRCX 77.55 -0.38 OldRepublic ORI 37.77 0.06 Shopify SHOP 101.85 0.31 Ericsson ERIC 8.25 0.04 Veralto VLTO 98.14 -1.12
market centers, including securities exchanges, Finra, electronic communications Generac GNRC 133.36 -0.31 LamarAdv LAMR 112.15 -2.60 OmegaHealthcare OHI 37.61 -0.23 SimonProperty SPG 164.45 -0.35 TelefonicaBras VIV 8.63 -0.27 s VeriSign VRSN 242.31 0.10
networks and other broker-dealers. The list comprises the 1,000 largest companies GeneralDynamics GD 265.70 -2.27 LasVegasSands LVS 42.88 -1.03 Omnicom OMC 80.69 -0.80 SiriusXM SIRI 23.04 -0.04 Telefonica TEF 4.63 -0.04 VeriskAnalytics VRSK 287.68 -2.06
based on market capitalization. GeneralMills GIS 58.31 -0.89 LatticeSemi LSCC 60.54 -1.79 OnHolding ONON 45.56 -1.51 SkechersUSA SKX 56.37 -1.10 TelekmIndonesia TLK 14.35 -0.46 Verizon VZ 43.75 -0.19
Underlined quotations are those stocks with large changes in volume compared GeneralMotors GM 49.44 -0.35 Leidos LDOS 134.85 -3.75 Oracle ORCL 152.72 0.27 Skyworks SWKS 68.39 -1.66 TempusAI TEM 48.04 0.01 VertexPharm VRTX 510.18 -2.34
with the issue’s average trading volume. Genmab GMAB 19.84 -0.41 Lennar A LEN 120.07 -0.23 Orix IX 21.65 -0.07 SmithAO AOS 66.71 -0.89 Tenaris TS 39.90 -0.21 Vertiv VRT 89.08 -0.09
Genpact G 49.44 -1.67 Lennar B LEN.B 113.10 -1.23 OtisWorldwide OTIS 101.90 -0.87 Smith&Nephew SNN 28.46 0.07 TencentMusic TME 14.28 -0.43 Viatris VTRS 9.44 0.02
Boldfaced quotations highlight those issues whose price changed by 5% or more if GenuineParts GPC 120.74 -3.85 LennoxIntl LII 578.77 -12.66 Ovintiv OVV 42.12 -0.24 Smucker SJM 109.35 -0.81 TenetHealthcare THC 126.34 -1.41 Viking VIK 39.97 -0.12
their previous closing price was $2 or higher. GileadSciences GILD 105.87 -1.64 LeonardoDRS DRS 33.69 -1.26 OwensCorning OC 147.07 -0.30 SmurfitWestrock SW 45.71 -0.29 Teradyne TER 88.18 -0.33 VinFastAuto VFS 3.32 -0.17
Footnotes: GitLab GTLB 51.16 -0.44 LiAuto LI 26.77 -0.75 PDD PDD 130.92 5.00 Snap SNAP 9.23 0.19 Tesla TSLA 236.26 0.40 Vipshop VIPS 16.64 -0.31
s-New 52-week high; t-New 52-week low; dd-Indicates loss in the most recent four GlobalPayments GPN 97.38 -0.74 LibertyBroadbandC LBRDK 83.54 2.14 PG&E PCG 17.20 0.11 Snap-On SNA 329.87 -2.91 TetraTech TTEK 29.26 -1.09 Visa V 339.50 -0.37
quarters. GlobalFoundries GFS 38.13 -0.46 LibertyBroadbandA LBRDA 83.04 2.25 PNC Finl PNC 173.41 -0.42 Snowflake SNOW 157.19 1.23 TevaPharm TEVA 16.24 -0.05 Vistra VST 131.90 2.27
GlobeLife GL 128.60 1.20 LibertyFormOne C FWONK 87.07 -1.21 POSCO PKX 55.32 2.00 SOQUIMICH SQM 44.24 -1.16 TexasInstruments TXN 180.68 -1.06 Vodafone VOD 9.70 -0.08
Stock tables reflect composite regular trading as of 4 p.m. ET and GlobusMedical GMED 73.91 0.57 LibertyFormOne A FWONA 80.08 -0.75 PPG Ind PPG 111.26 -1.84 SoFiTech SOFI 12.64 -0.09 TexasPacLand TPL 1371.48 -13.51 VornadoRealty VNO 38.63 -0.05
changes in the official closing prices from 4 p.m. ET the previous day. GoDaddy GDDY 180.69 -0.75 LibertyLiveA LLYVA 65.62 -0.48 PPL PPL 34.98 -0.01 Solventum SOLV 74.99 -1.32 TexasRoadhouse TXRH 170.75 0.71 VulcanMatls VMC 238.72 -2.39
s GoldFields GFI 21.86 -0.02 LibertyLiveC LLYVK 67.06 -0.36 PTC PTC 159.90 -1.34 Somnigroup SGI 57.42 1.22 Textron TXT 73.49 -0.95
GoldmanSachs GS 562.68 5.34 Light&Wonder LNW 104.33 -0.17 Paccar PCAR 98.32 -1.27 Sony SONY 24.89 -0.08 ThermoFisher TMO 518.64 0.23 W X Y Z
Thursday, March 20, 2025 Net Net Grab GRAB 4.58 -0.13 EliLilly LLY 842.57 5.56 PackagingCpAm PKG 197.18 -1.31 SouthState SSB 92.81 -1.59 ThomsonReuters TRI 170.09 -0.93
Graco GGG 83.28 -0.24 LincolnElectric LECO 194.07 -0.31 PalantirTech PLTR 87.39 1.29 Southern SO 89.97 0.37 3M
WEC Energy WEC 107.81 0.26
Net Stock Sym Close Chg Stock Sym Close Chg MMM 151.27 -1.94 W.P.Carey WPC 61.60 -0.13
Grainger GWW 973.66 -9.93 Linde LIN 457.75 -2.00 PaloAltoNtwks PANW 184.01 -3.53 SoCopper SCCO 99.22 -0.32 Toast TOST 35.88 0.78 WPP
Stock Sym Close Chg BIIB 141.38 -0.05 Danaher DHR 210.25 -0.01 SouthwestAir LUV 34.15 WPP 40.76 0.44
Biogen GpoAeroportuar PAC 189.50 -2.94 Lineage LINE 60.30 -0.02 PanAmerSilver PAAS 26.40 -0.12 0.55 TollBros TOL 107.17 0.14 Wabtec
BioMarinPharm BMRN 71.60 0.28 s Darden DRI 199.01 10.86 GpoAeroportSur ASR 286.98 0.11 LithiaMotors LAD 305.02 -1.70 ParamountB PARA 11.93 0.19 Spotify SPOT 594.55 8.32 TopBuild
WAB 185.41 -0.19
A B C BioNTech BNTX 96.23 -3.04 Datadog DDOG 103.17 -1.26 GpoFinGalicia GGAL 56.36 -1.36 LiveNationEnt LYV 122.14 -0.51 ParamountA PARAA 22.74 -0.01 SproutsFarmers SFM 139.77 -1.05 TorontoDomBk TD
BLD 306.55 0.68 WalgreensBoots WBA 11.12
59.90 0.01 Walmart
-0.04
Birkenstock BIRK 45.16 -0.85 DaVita DVA 149.01 -0.82 StandardAero SARO 29.13 0.04 TotalEnergies TTE 64.06 -0.19
WMT 85.81 -0.52
AECOM ACM 94.99 -1.16 Guidewire GWRE 193.46 -2.80 LloydsBanking LYG 3.77 0.02 ParkerHannifin PH 624.72 -5.29
BLK 954.17 -3.06 Dayforce DAY 57.64 -0.03 StanleyB&D SWK 80.52 -1.64 ToyotaMotor TM 192.17 -0.97
WarnerBrosA WBD 10.65 -0.27
AES AES 13.16 0.18 BlackRock HCA Healthcare HCA 333.52 -0.66 LockheedMartin LMT 466.74 -3.81 Paychex PAYX 145.23 -2.30
BX 148.75 -0.97 DeckersOutdoor DECK 115.67 -3.38 STN 83.65 -0.14 TractorSupply TSCO 51.84 -0.96
WarnerMusic WMG 32.48 -0.27
Aflac AFL 108.70 0.24 Blackstone HDFC Bank HDB 63.72 0.55 s Loews L 88.18 0.38 PaycomSoftware PAYC 215.43 -2.01 Stantec
XYZ 61.00 -0.37 Deere DE 477.02 -2.39 SBUX 99.28 0.09 TradeDesk
WasteConnections WCN 189.86 -0.84
AGNC Invt AGNC 10.29 -0.07 Block HP HPQ 28.51 -0.25 LogitechIntl LOGI 90.87 -0.53 Paylocity PCTY 190.75 -0.15 Starbucks TTD 55.85 0.53 WasteMgt
BlueOwlCapital OWL 20.64 -0.37 DellTechC WM 226.90 -0.46
Ansys ANSS 324.63 1.59 DELL 98.92 0.20 HSBC HSBC 57.61 -1.24 Lowe's LOW 226.26 0.75 PayPal PYPL 69.67 -0.33 StateStreet STT 90.52 0.31 s Tradeweb TW 143.00 0.73 Waters
Boeing BA 172.83 0.21 DeltaAir DAL 46.95 -0.80 SteelDynamics STLD 126.64 -1.88 TraneTech
WAT 363.22 -8.12
ASE Tech ASX 9.83 0.06 H World HTHT 37.71 -0.34 lululemon LULU 324.45 -5.12 Pearson PSO 15.91 -0.77 TT 349.33 -0.73 Watsco
BKNG 4589.03 -2.86 DescartesSystems DSGX 100.03 -0.04 WSO 502.33 -5.75
ASML ASML 734.06 -0.85 Booking Haleon HLN 10.39 0.02 LyondellBasell LYB 72.69 -0.97 PembinaPipeline PBA 39.98 0.52 Stellantis STLA 12.17 -0.50 TransDigm TDG 1360.74 -10.58 WebsterFin WBS 51.52
BAH 103.58 -9.13 DeutscheBank DB -0.58
AST Space ASTS 24.69 -0.96 BoozAllen 24.15 -0.63 Halliburton HAL 24.99 -0.09 PenskeAuto PAG 149.97 -0.57 Steris STE 225.47 0.20 TransUnion TRU 85.26 0.13
WellsFargo WFC 72.52 -0.24
AT&T T 26.79 -0.05 BostonSci BSX 101.51 0.78 DevonEnergy DVN 36.13 0.08 HalozymeTherap HALO 64.32 0.02 M N Pentair PNR 88.30 -0.76 StifelFinancial SF 98.22 -0.46 Travelers TRV 259.54 -1.78 Welltower WELL 147.89 -0.87
AbbottLabs ABT 126.78 -0.64 BristolMyers BMY 60.42 0.34 DexCom DXCM 75.11 1.73 HamiltonLane HLNE 149.20 -1.37 Penumbra PEN 281.33 1.85 STMicroelec STM 24.40 -1.08 Trimble TRMB 70.68 -0.96 WescoIntl WCC 164.97 -1.15
AbbVie ABBV 211.96 -0.29 BritishAmTob BTI 41.07 -0.12 Diageo DEO 108.00 1.56 s HarmonyGold HMY 12.85 0.22 Macom Tech MTSI 108.65 -1.27 PepsiCo PEP 147.15 -0.96 Stryker SYK 374.22 -3.83 Trip.com TCOM 64.53 -2.47 WestPharmSvcs WST 227.51
MTB 176.91 -0.15 PerformanceFood PFGC 75.97 -1.60 -2.88
Accenture ACN 300.91 -23.56 BrixmorProp BRX 25.97 -0.05 DiamondbkEner FANG 158.48 0.88 HartfordIns HIG 119.67 ... M&T Bank SumitomoMits SMFG 16.26 -0.05 TruistFinl TFC 41.33 0.06 WestAllianceBcp WAL 76.61 -0.17
AcuityBrands AYI 267.25 0.29 Broadcom AVGO 190.54 -4.44 Dick's DKS 191.35 -6.77 Hasbro HAS 60.38 -0.24 MGM Resorts MGM 32.53 -0.16 PermianRscs PR 13.97 -0.12 SummitTherap SMMT 19.44 -0.67 Twilio TWLO 101.79 -1.21 WesternDigital WDC 44.51
MPLX 54.07 -0.28 PetroleoBrasil PBR 14.03 -0.39
Adobe ADBE 389.61 1.72 BroadridgeFinl BR 233.81 -1.56 DigitalRealty DLR 151.41 0.32 HealthpeakProp DOC 20.35 -0.08 MPLX ... SunComms SUI 131.60 -0.01 TylerTech TYL 568.97 -9.08 WesternMidstrm WES 41.85
MSCI 565.99 -4.42 PetroleoBrasilA PBR.A 12.79 -0.04 0.01
AdvDrainageSys WMS 109.66 -2.24 BrookfieldAsset BAM 49.35 -0.34 DiscoverFinSvcs DFS 164.47 2.26 Heico HEI 261.47 -3.00 MSCI SunLifeFinancial SLF 56.69 -0.02 TysonFoods TSN 60.42 -0.37
t Westlake
MGA 36.19 -0.11 Pfizer WLK 101.28 -0.68
AdvMicroDevices AMD 107.14 0.91 Brookfield BN 53.75 -0.31 Disney DIS 98.86 -1.43 HeicoA HEI.A 208.22 -2.70 MagnaIntl PFE 26.19 -0.02 SuncorEnergy SU 37.71 0.20 UBS Group UBS 32.99 -0.08
Weyerhaeuser WY 30.11 0.20
Aegon AEG 6.62 -0.11 BrookfieldInfr BIP 28.75 -0.72 DocuSign DOCU 85.11 -0.50 HenrySchein HSIC 70.45 -0.39 MakeMyTrip MMYT 99.87 -0.24 PhilipMorris PM 152.47 -0.47 Sunoco SUN 57.86 -0.66 UDR UDR 43.64 0.07 WheatonPrecMtls WPM 75.57 -0.60
AerCap AER 104.60 0.25 BrookfieldRenew BEPC 29.30 0.32 DolbyLab DLB 81.87 -0.69 Hershey HSY 164.47 -2.88 ManhattanAssoc MANH 172.44 -2.05 Phillips66 PSX 128.82 -0.18 SuperMicroComp SMCI 39.10 -1.00 U-Haul UHAL 63.73 -0.72 Williams WMB 59.75 0.43
AffirmA AFRM 47.95 0.24 BrookWealth BNT 53.65 -0.50 DollarGeneral DG 81.67 -0.66 Hess HES 157.37 0.99 ManulifeFinl MFC 30.54 0.06 Pilgrim'sPride PPC 51.93 1.46 Suzano SUZ 9.83 0.13 U-Haul N UHAL/B 58.04 -0.73 Williams-Sonoma WSM 164.99
CART 38.93 -0.81 PinnacleFinPtrs PNFP 105.53 -0.60 -1.28
AgilentTechs A 120.28 -1.93
Brown&Brown BRO 119.80 -0.08 DollarTree DLTR 64.59 0.29 HessMidstream HESM 43.52 -0.36 Maplebear Symbotic SYM 21.65 0.15 UL Solutions ULS 53.72 -0.07
WillisTowers WTW 334.51 ...
AgnicoEagleMines AEM 105.41 -0.07 Brown-Forman A BF.A 34.26 -0.09 DominionEner D 54.98 0.07 HewlettPackard HPE 16.23 -0.11 MarathonPetrol MPC 151.95 2.38 PinnacleWest PNW 94.20 ... SynchronyFinl SYF 53.87 -0.65 US Foods USFD 63.38 -1.69 Wipro
MKL 1847.47 -4.34 Pinterest WIT 3.00 -0.07
AgreeRealty ADC 76.26 0.25 Brown-Forman B BF.B 34.92 0.06 Domino's DPZ 466.05 4.38 Hilton HLT 231.91 -1.04 Markel PINS 31.42 -0.18 Synopsys SNPS 449.99 -0.29 UWM UWMC 5.92 0.01 Wix.com WIX 169.13 -3.28
AirProducts APD 292.92 -1.08 BuildersFirst BLDR 128.76 0.47 Donaldson DCI 67.85 -1.09 Hologic HOLX 61.01 -0.46 MarketAxess MKTX 217.82 1.07 PlainsAllAmPipe PAA 20.24 0.05 Sysco SYY 71.19 -1.20 Uber UBER 74.35 1.33 WoodsideEnergy WDS 14.42
MAR 244.84 -2.78 PlainsGP -0.25
Airbnb ABNB 126.15 0.15 BungeGlobal BG 73.95 -1.29 DoorDash DASH 192.93 2.27 HomeDepot HD 355.52 2.10 Marriott PAGP 21.56 0.04 Ubiquiti UI 319.55 -0.64 Woodward
T U V WWD 186.59 -0.51
AkamaiTech AKAM 81.55 -0.86 BurlingtonStrs BURL 236.57 -8.01 Dover DOV 181.30 -0.97 HondaMotor HMC 30.15 -0.15 Marsh&McLen MMC 233.37 0.80 PlanetFitness PLNT 100.33 -0.35 UltaBeauty ULTA 340.89 -2.83 WooriFinl
CACI Intl CACI 369.66 -17.23 Dow DOW 36.61 -0.58 MartinMarietta MLM 483.78 -6.42 Pool WF 33.87 -0.47
AlamosGold AGI 26.09 -0.04 Honeywell HON 210.89 2.24 POOL 320.34 -1.88 59.23 0.31 Workday
TAL Education TAL 13.97 -0.44 Unilever UL WDAY 250.47 -2.03
Albemarle ALB 77.03 -2.46 CAVA CAVA 84.66 3.66 Doximity DOCS 62.77 0.08 HormelFoods HRL 29.68 -0.09 MarvellTech MRVL 70.49 0.68 Primerica PRI 288.89 -0.50
MAS 70.41 -1.20 PrimoBrands PRMB 32.40 0.43 TC Energy TRP 49.16 0.84 UnionPacific UNP 234.79 -1.60 WynnResorts WYNN 83.07 -1.98
Albertsons 21.27 -0.36 CBRE Group CBRE 130.13 1.40 DrReddy'sLab RDY 13.58 0.14 DR Horton DHI 131.13 0.75 Masco
ACI MASI 169.50 -3.24 PrincipalFinl PFG 84.13 -0.28 TD Synnex SNX 129.58 -2.37 UnitedAirlines UAL 74.04 -0.39 XP XP 15.21 -0.48
Alcoa AA 34.84 -0.47 CDW CDW 168.09 -4.75 DraftKings DKNG 38.44 -0.10 HostHotels HST 14.96 -0.16 Masimo 6.73 -0.13 XPO
MTZ 126.58 0.61 ProcoreTech PCOR 69.47 -0.35 TE Connectivity TEL 146.28 -1.48 UnitedMicro UMC XPO 107.96 -3.56
Alcon ALC 91.37 0.50 CF Industries CF 76.92 -0.45 Dropbox DBX 26.37 -0.38 HoulihanLokey HLI 162.27 -0.56 MasTec UPS B 116.98 -0.49
Telus TU 14.65 -0.27 UPS XcelEnergy XEL 70.09 -0.15
AlexandriaRlEst ARE 96.98 -0.71 CGI A GIB 98.73 -4.79 DukeEnergy DUK 120.16 0.85 HowmetAerospace HWM 131.67 -0.31 Mastercard MA 536.38 0.29 Procter&Gamble PG 167.55 -1.02
TJX TJX 116.25 -1.61 UnitedRentals URI 630.69 3.75 XChangeTEC.INC XHG 0.84 -0.01
Alibaba BABA 136.91 -6.29 CH Robinson CHRW 99.30 -0.01 Duolingo DUOL 306.17 5.05 Hubbell HUBB 339.18 -3.03 MatchGroup MTCH 31.21 -0.23 Progressive PGR 274.62 1.33 US Bancorp USB 42.61 -0.07
TKO TKO 150.40 0.55 XPeng XPEV 22.07 -1.73
AlignTech ALGN 168.81 2.67 CME Group CME 266.54 1.07 DuPont DD 76.93 -0.64 HubSpot HUBS 598.22 -6.55 McCormickVtg MKC.V 79.70 -1.67 Prologis PLD 112.07 -0.90 41.06 -0.56 Xylem
T-MobileUS TMUS 257.03 -2.22 US Steel X XYL 119.84 -1.47
Allegion ALLE 127.72 -0.93 CMS Energy CMS 73.69 -0.02 DutchBros BROS 65.49 -0.80 Humana HUM 266.83 -0.51 McCormick MKC 80.70 -0.64 PrudentialFinl PRU 110.78 0.16
TPG TPG 50.49 -0.01 UnitedTherap UTHR 313.60 -5.25 YPF YPF 35.53 0.05
AlliantEnergy LNT 63.55 0.04 CNA Fin CNA 49.20 -0.06 Dynatrace DT 49.63 0.15 JBHunt JBHT 147.50 0.44 McDonald's MCD 307.00 0.08 Prudential PUK 20.71 0.70
T.RowePrice TROW 93.04 -1.01 UnitedHealth UNH 511.30 8.10 Yum!Brands YUM 157.89 0.38
AllisonTransm ALSN 98.90 -0.29 CNH Indl CNH 12.95 0.02 EMCOR EME 399.52 0.98 HuntingtonBcshs HBAN 14.95 -0.02 s McKesson MCK 666.36 2.57 PSEG PEG 83.30 0.17 21.03 -0.53 YumChina
MEDP 319.63 -7.84 PublicStorage PSA 296.48 0.86 TaiwanSemi TSM 177.47 3.71 UnitySoftware U YUMC 52.53 -1.10
s Allstate ALL 210.18 5.31 CRH CRH 97.59 -1.17 ENI E 31.47 0.15 HuntingIngalls HII 201.71 -5.72 Medpace
MDT 91.22 -0.65 PulteGroup PHM 105.34 0.22 Take-TwoSftwr TTWO 209.63 0.77 UniversalHealthB UHS 178.70 0.62 ZTO Express ZTO 20.14 -1.62
AllyFinancial ALLY 36.12 0.66 CSX CSX 29.98 -0.09 EOG Rscs EOG 124.30 -0.64 HyattHotels H 123.92 -1.78 Medtronic
TakedaPharm TAK 15.16 0.03 UnumGroup UNM 81.04 -0.35 ZebraTech ZBRA 285.01 -0.82
AlnylamPharm ALNY 253.55 0.10 CVS Health CVS 68.64 0.73 EPAM Systems EPAM 172.28 -8.59 ICICI Bank IBN 30.64 0.02 MercadoLibre MELI 2067.57 1.63 PureStorage PSTG 50.79 -0.73
MRK 94.73 0.71 Qiagen TalenEnergy TLN 212.96 2.66 VICI Prop VICI 32.01 0.06 Zillow C Z 70.94 0.37
Alphabet A GOOGL 162.80 -1.09 CadenceDesign CDNS 258.50 -0.20 EQT EQT 53.73 0.13 ICL Group ICL 5.97 -0.11 Merck QGEN 39.36 -0.29
Tapestry TPR 72.91 -0.59 Vale VALE 10.14 -0.05 Zillow A ZG 69.27 0.42
Alphabet C GOOG 165.05 -1.23 CAE CAE 24.61 0.06 EastWestBncp EWBC 89.89 -0.47 IdexxLab IDXX 420.62 -1.53 MetaPlatforms META 586.00 1.94 Qualcomm QCOM 157.95 -0.31
MET 82.72 -0.30 QuantaServices PWR 271.10 0.70 TargaResources TRGP 199.52 0.56 ValeroEnergy VLO 134.83 0.99 ZimmerBiomet ZBH 111.78 -1.13
AltairEngg ALTR 111.54 -0.13 CamdenProperty CPT 120.05 0.21 EastGroup EGP 176.87 -2.40 ING Groep ING 19.98 -0.51 MetLife
Target TGT 104.20 -0.74 Vaxcyte PCVX 74.46 -1.68 Zoetis ZTS 163.16 -0.59
Altria MO 58.09 0.14 Cameco CCJ 44.85 0.66 EastmanChem EMN 89.88 -1.50 IQVIA IQV 184.26 -2.68 Mettler-Toledo MTD 1200.38 -20.06 QuestDiag DGX 166.46 -1.55
TechnipFMC FTI 29.29 0.43 VeevaSystems VEEV 235.85 -1.32 ZoomComms ZM 76.03 -0.23
Amazon.com AMZN 194.95 -0.59 Campbell's CPB 37.98 -0.52 Eaton ETN 295.53 0.97 ITT ITT 135.12 -1.71 MicrochipTech MCHP 51.00 -3.57
R S TeckResourcesB TECK 42.48 -0.11 Ventas VTR 67.71 0.13 Zscaler ZS 203.55 -0.40
Ambev ABEV 2.35 -0.02 CIBC CM 56.64 -0.16 eBay EBAY 66.34 -0.86 IcahnEnterprises IEP 9.67 0.01 MicronTech MU 103.00 0.94
CanNtlRlwy CNI 97.74 0.08 Ecolab ECL 251.94 -2.18 Icon ICLR 183.96 -0.52 Microsoft MSFT 386.84 -0.98
Amcor AMCR 9.72 -0.12
Amdocs DOX 88.32 -0.87 CanadianNatRscs CNQ 30.81 0.09 Ecopetrol EC 10.11 -0.10 IDEX IEX 183.73 -0.85 MicroStrategy MSTR 302.07 -2.16 RBC Bearings RBC 333.57 -4.77
CdnPacKC CP 73.58 -0.67 EdisonIntl EIX 58.92 0.42 IllinoisToolWks ITW 253.36 -2.88 MidAmApt MAA 162.57 0.78 RB Global RBA 98.87 -0.36
AmerSports AS 29.17 -0.01
MIDD 153.93 -0.97 RELX RELX 49.89 0.54 Exchange-Traded Portfolios

.
Ameren AEE 99.97 -0.09 CapitalOne COF 174.47 1.87 EdwardsLife EW 70.95 0.05 Illumina ILMN 84.79 -0.17 Middleby
s CardinalHealth CAH 133.08 0.96 Elastic ESTC 94.81 -0.51 ImperialOil IMO 71.26 0.94 MitsubishiUFJ MUFG 14.33 0.03 RPM RPM 114.03 -1.84
AmericaMovil AMX 14.17 0.03 RTX 134.47 -0.85

ly
Carlisle CSL 339.29 -8.81 ElbitSystems ESLT 413.00 2.40 Incyte INCY 60.58 0.24 MizuhoFin MFG 5.89 -0.03 RTX
AEP AEP 106.21 0.37
AmerExpress AXP 270.83 0.18 Carlyle CG 43.81 0.35 ElectronicArts EA 143.25 1.28 Infosys INFY 18.06 -0.51 Mobileye MBLY 14.24 -0.30 RalphLauren RL 225.13 0.56 Largest 100 exchange-traded funds. Preliminary close data as of 4:30 p.m. ET
CarMax KMX 71.69 0.86 ElevanceHealth ELV 434.28 3.80 IngersollRand IR 81.67 -0.46 Moderna MRNA 32.45 -0.87 RangeResources RRC 40.27 -0.24
AmericanFin AFG 125.19 -0.03
AmHomes4Rent AMH 36.47 0.12 Carnival CCL 21.20 0.15 Embraer ERJ 52.50 -3.90 Ingredion INGR 131.76 -0.65 MolinaHealthcare MOH 315.26 0.39 RaymondJames RJF 141.73 -4.69 Thursday, March 20, 2025 Closing Chg YTD
Carnival CUK 19.05 0.06 EmersonElec EMR 111.80 -0.59 Insmed INSM 78.77 -0.17 MolsonCoorsB TAP 58.99 0.70 RealtyIncome O 56.46 0.02
AIG AIG 83.71 0.05 RDDT 108.75 -1.16 ETF Symbol Price (%) (%)
AmerTowerREIT AMT 214.27 0.51 CarpenterTech CRS 186.18 -4.43 Enbridge ENB 44.23 0.48 Insulet PODD 265.39 -0.43 monday.com MNDY 264.56 1.88 Reddit Closing Chg YTD
AmerWaterWorks AWK 141.81 -0.24
Ameriprise AMP 493.08 -5.95
Ametek
Amgen
Amphenol
AME 175.93 -1.14
AMGN 315.04 -0.71
APH 66.36 -1.05
AnalogDevices ADI 205.90 -4.07
CarrierGlobal CARR 66.43 -1.25 EncompassHealth EHC 99.16 -0.20
Carvana

Caterpillar
Celestica
Cemex
CVNA 185.42 9.33 Endeavor
CaseysGenStores CASY 394.84 -7.39 EnergyTransfer ET
CAT 336.25 -2.37 EnphaseEnergy ENPH 61.69 -0.62
CLS 95.65 3.73 Entegris
CX 6.03 -0.07 Entergy
on
EDR 28.83 -0.22
18.85 -0.09

ENTG 99.05 -1.32

ETR 84.64 -0.02
s
Intel

ICE
INTC 23.96 -0.16

ICE 175.59 1.90

Mondelez
InteractiveBrkrs IBKR 175.86 -2.29 MongoDB
MonolithicPower
MDLZ

MPWR
63.95

609.02
-0.05

-20.82
InterContHtls IHG 112.68 -0.17 MonsterBev MNST 56.87 0.05 RegionsFinl RF
IBM
IntlFlavors
IBM 243.32 -8.97 Moody's
IFF
RegalRexnord

RegenPharm

MCO 459.79 -0.52 ReinsGrp

79.74 -0.81 MorganStanley MS 120.47 0.62 Reliance
RRX
MDB 189.30 -0.76 RegencyCtrs REG 72.04 -0.04
REGN
123.53

662.62
0.22

-9.74
21.68 -0.07
RGA 191.58 -0.48
RS 281.50 -1.56
ETF
CommSvsSPDR
CnsmrDiscSel
DimenUSCoreEq2
EnSelSectorSPDR
FinSelSectorSPDR
Symbol Price (%) (%)
XLC
XLY
DFAC
XLE
XLF
96.84
196.74
33.36
93.17
49.64
–0.22

–0.30
0.37
0.14
0.0
–0.24 –12.3
–3.6
8.8
2.7
JPM EqPrem
JPM UltShIncm
PacerUSCashCows
ProShUltPrQQQ
SPDRBbg1-3MTB
SPDR DJIA Tr
JEPI
JPST
COWZ
TQQQ
BIL
DIA
57.27
50.58
55.52
61.60
91.63
420.12
–0.21 –0.5
0.02 0.4
–0.32 –1.7
–1.03 –22.2
0.02 0.2
–0.07 –1.3
s AngloGoldAsh AU 36.50 0.98
s Cencora COR 267.84 2.03 EnterpriseProd EPD 34.10 0.10 IntlPaper IP 52.29 -0.33 Morningstar MORN 295.70 -0.94 RenaissanceRe RNR 235.70 -4.71 HealthCrSelSect XLV 147.01 0.06 6.9
SPDR Gold GLD 280.75 –0.13 16.0
us ,

AB InBev BUD 63.04 -0.04 CenovusEnergy CVE 14.03 0.14 Equifax EFX 243.45 1.19 Interpublic IPG 26.47 -0.18 Mosaic MOS 28.38 0.41 RentokilInit RTO 22.51 0.36 IndSelSectorSPDR XLI 132.96 –0.50 0.9
SPDRPtfDevxUS SPDW 37.51 –0.69 9.9
Centene CNC 59.62 0.39 Equinix EQIX 851.72 -3.61 s Intra-Cellular ITCI 131.60 0.07 MotorolaSol MSI 422.28 -2.08 Repligen RGEN 139.34 -5.54 SPDRS&P500Value SPYV 51.17 –0.18 0.1
AnnalyCap NLY 21.76 -0.04 InvscNasd100 QQQM 197.30 –0.35 –6.2
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s AnteroMidstream AM 17.78 0.06

s CenterPointEner CNP 35.96 0.10 Equinor EQNR 25.32 0.17 Intuit INTU 600.42 -2.69 MuellerIndustries MLI 79.59 -1.86 RepublicSvcs RSG 234.86 0.30 InvscQQQI QQQ 479.26 –0.34 –6.3
SPDRPtfS&P500 SPLG 66.56 –0.21 –3.5
CentraisElBras EBR 7.41 0.01 Equitable EQH 52.41 -0.35 IntuitiveSurgical ISRG 491.81 -0.25 MurphyUSA MUSA 438.82 -5.18 ResMed RMD 221.11 -0.94 SPDRS&P500Growth SPYG 82.01 –0.26 –6.7
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AnteroResources AR 40.97 -0.05 InvscS&P500EW RSP 174.64 –0.42 –0.3
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Aon AON 393.17 2.79 CharlesRiverLabs CRL 165.35 -8.53 EquityLife ELS 68.72 0.25 InvitatHomes INVH 34.04 0.19 NICE NICE 154.00 2.02 RestaurantBrands QSR 67.97 -0.06 iShBitcoin IBIT 47.85 –1.56 –9.8
SPDR S&P 500 SPY 565.49 –0.29 –3.5
CharterComms CHTR 362.58 9.56 EquityResdntl EQR 70.17 0.40 IronMountain IRM 88.43 -0.18 NIO NIO 4.71 -0.46 Revvity RVTY 106.98 -2.94 SchwabIntEquity SCHF 20.38 –0.63 10.2
APi Group APG 37.57 -0.19 iShCoreDivGrowth DGRO 61.72 –0.34 0.6
ApolloGlbMgmt APO 144.77 1.37 CheckPoint CHKP 229.14 -1.18 ErieIndemnity ERIE 409.90 -4.37 ItauUnibanco ITUB 5.66 -0.07 NNN REIT NNN 41.62 -0.08 RexfordIndlRealty REXR 40.36 -0.61 iShCoreMSCIEAFE IEFA 78.03 –0.79 11.0
SchwabUS BrdMkt SCHB 21.82 –0.27 –3.9
Chemed CHE 601.61 -2.01 EssentialUtil WTRG 38.86 -0.28 NRG Energy NRG 99.64 1.38 RioTinto RIO 62.92 -0.94 SchwabUS Div SCHD 27.95 –0.29 2.3
AppFolio APPF 215.51 -1.48 iShCoreMSCIEM IEMG 55.27 –0.88 5.8
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Apple AAPL 214.10 -1.14 CheniereEnergy LNG 230.23 2.96 EssexProp ESS 302.08 2.83 J K L NVR NVR 7287.92 13.07 Rivian
Robinhood
RIVN 10.88 -0.48
HOOD 43.66 0.86 iShCoreMSCITotInt IXUS 71.77 –0.75 8.5
SchwabUS LC
SchwabUS LC Grw
SCHX
SCHG
22.36
25.54
–0.22 –3.5
–0.27 –8.4
CheniereEnerPtrs CQP 61.69 -2.78 EsteeLauder EL 68.02 0.42 NXP Semicon NXPI 202.64 -4.74 566.74
AppliedIndlTechs AIT 228.46 -1.80 JD.com 42.98 -1.85 Nasdaq RBLX 57.92 -0.18 iShCoreS&P500 IVV –0.22 –3.7 542.12 –0.71 –4.8
ApplMaterials AMAT 154.38 -0.08 Chevron CVX 164.77 0.72 EvercoreA EVR 204.35 0.12 JD NDAQ 76.91 0.33 Roblox iShCoreS&P MC IJH 59.13 –0.72 –5.1
SPDR S&PMdCpTr MDY
Chewy CHWY 32.32 0.07 Everest EG 354.80 -1.42 JPMorganChase JPM 239.01 -0.10 Natera NTRA 149.63 -1.24 RocketCos. RKT 14.34 0.24 SPDR S&P Div SDY 135.09 –0.54 2.3
AppLovin APP 306.74 9.71 Jabil JBL 143.83 4.35 NationalGrid NGG 65.08 1.27 RocketLab RKLB 18.53 -0.25 iShCoreS&P SC IJR 106.05 –0.48 –8.0 TechSelectSector XLK 213.38 –0.71 –8.2
Chipotle CMG 49.00 0.01 Evergy EVRG 67.97 0.21 123.30 –0.26 –4.1
Aptargroup ATR 145.20 -1.78 JackHenry JKHY 175.30 -1.87 NatWest Rockwell ROK 258.09 -1.94 iShCoreS&PTotUS ITOT VanEckSemicon SMH 227.05 –0.16 –6.2
Chubb CB 294.12 -2.13 EversourceEner ES 61.60 0.10 NWG 12.10 -0.21 129.63
Aptiv APTV 62.48 -0.25 JacobsSolns J 121.89 -2.36 NetApp 27.91 -0.35 iShCoreS&PUSGrw IUSG –0.35 –7.0 VangdSC Val VBR 189.58 –0.61 –4.3
Aramark ARMK 34.13 -1.55 ChunghwaTel CHT 39.01 0.19 ExactSciences EXAS 44.28 -1.42 NTAP 92.10 -1.43 RogersComm B RCI iShCoreS&PUSVal IUSV 92.20 –0.12 –0.4
Church&Dwight CHD 108.07 0.04 Exelixis EXEL 37.18 0.12 t JamesHardie JHX 28.83 -2.53 NetEase NTES 99.97 -1.94 RoivantSciences ROIV 10.97 0.03 VangdExtMkt VXF 177.41 –0.68 –6.6
ArcelorMittal MT 32.00 -1.06 JazzPharm JAZZ 140.57 -1.50 Netflix iShCoreTotUSDBd IUSB 46.04 0.07 1.9 VangdDivApp 194.50 –0.42 –0.7
ChurchillDowns CHDN 112.01 -0.96 Exelon EXC 44.59 0.15 NFLX 950.84 -8.65 Roku ROKU 73.82 1.68 VIG
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ArchCapital ACGL 92.45 -0.74 JefferiesFinl JEF 59.18 -0.12 Neurocrine iShCoreUSAggBd AGG 98.86 0.06 2.0 VangdFTSEAWxUS VEU 62.48 –0.79 8.8
Ciena CIEN 65.63 -0.27 s ExpandEnergy EXE 109.25 0.69 NBIX 110.07 -0.24 Rollins ROL 51.68 -0.35
ADM ADM 46.52 -0.41 iShEdgeMSCIMinUSA USMV 92.54 –0.34 4.2 VangdFTSEDevMk VEA 52.58 –0.77 10.0
Cigna CI 321.39 0.56 Expedia EXPE 173.09 0.61 J&J JNJ 163.02 0.03 NewOrientalEduc EDU 51.92 -0.74 RoperTech ROP 575.45 -2.38
AresMgmt ARES 147.34 -0.27 iShEdgeMSCIUSAQual QUAL 171.93 –0.38 –3.5 VangdFTSE EM VWO 46.24 –0.90 5.0
CincinnatiFinl CINF 146.22 -1.46 ExpeditorsIntl EXPD 115.67 -0.73 JohnsonControls JCI 83.15 0.26 NYTimes A NYT 48.60 -0.46 RossStores ROST 124.60 -1.35
argenx ARGX 613.04 -6.93 iShGoldTr IAU 57.44 –0.12 16.0 VangdGrowth VUG 378.14 –0.24 –7.9
CTAS 194.46 -1.91 ExtraSpaceSt EXR 145.87 -0.92 JonesLang JLL 253.32 0.34 Newmont NEM 47.76 -0.23 RoyalBkCanada RY 113.81 -0.41
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AristaNetworks ANET 82.97 -1.45 Cintas iShiBoxx$IGCpBd LQD 108.91 –0.15 1.9
CiscoSystems CSCO 60.62 -0.50 ExxonMobil XOM 115.90 0.49 JuniperNetworks JNPR 36.16 0.08 NewsCorp B NWS 31.05 -0.20 RoyalCaribbean RCL 214.72 -0.40 VangdHiDiv VYM 129.79 –0.31 1.7
Arm ARM 119.07 1.16 iShMBS MBB 93.61 0.11 2.1 VangdInfoTech VGT 562.71 –0.56 –9.5
Citigroup C 71.82 0.38 F5 FFIV 268.48 -1.73 KB Financial KB 55.85 0.29 NewsCorp A NWSA 27.16 ... RoyalGold RGLD 155.29 0.53
AscendisPharma ASND 163.24 -2.81 iShMSCI EAFE EFA 84.18 –0.84 11.3 VangdIntermBd BIV 76.40 0.08 2.2
CitizensFin CFG 40.99 -0.37 FTAI Aviation FTAI 106.70 -2.31 KE Holdings BEKE 21.55 -0.90 NextEraEnergy NEE 71.15 0.65 RoyaltyPharma RPRX 33.50 0.09
Assurant AIZ 212.05 -1.65 iShMSCIEAFEValue EFV 60.12 –1.00 14.6 VangdIntrCorpBd VCIT 81.67 –0.04 1.7
CleanHarbors CLH 197.90 1.14 Fabrinet FN 222.07 -2.45 KKR KKR 116.71 0.17 Nike NKE 71.86 -1.13 Rubrik RBRK 70.19 -0.77
AsteraLabs ALAB 68.97 0.08 iShNatlMuniBd MUB 106.03 0.08 –0.5 VangdIntermTrea VGIT 59.19 0.10 2.1
AstraZeneca AZN 76.52 0.20
Clorox CLX 145.34 0.18 FactSet FDS 430.93 -7.47 KLA KLAC 716.46 -3.15 NiSource NI 39.57 0.29 RyanSpecialty RYAN 71.69 -0.25 iSh1-5YIGCpBd IGSB 52.26 ... 1.1
Cloudflare NET 117.94 0.36 FairIsaac FICO 1853.46 -19.53 KT KT 18.18 -0.22 Nokia Ryanair RYAAY 46.86 -0.37 VangdLC VV 260.22 –0.29 –3.5
Atlassian TEAM 226.16 -3.70 NOK 5.33 -0.03 iSh1-3YTreaBd SHY 82.53 0.02 0.7 314.83 –0.16 –8.3
m rp

20.29 -0.27 Nomura SAP 271.69 0.25 VangdMegaGrwth MGK

AtmosEnergy ATO 150.82 0.07
Coca-Cola KO 69.71 0.43 Fastenal FAST 75.51 -0.95 Kanzhun BZ NMR 6.52 -0.05 SAP iShRussMC IWR 85.79 –0.43 –3.0 VangdMC VO 261.31 –0.27 –1.1
CocaColaCon COKE 1313.61 -12.86 FederalRealty FRT 97.32 -0.21 Kaspi.kz KSPI 95.81 -0.50 Nordson NDSN 205.64 -2.15 S&P Global SPGI 497.20 1.98
AuroraInnov AUR 7.14 -0.32 iShRuss1000 IWB 309.75 –0.24 –3.9 VangdMBS VMBS 46.25 0.15 2.0
CocaColaEuropac CCEP 85.56 -0.12 FedEx FDX 246.21 -0.91 Kellanova K 82.33 -0.02 NorfolkSouthern NSC 233.54 -1.12 SBA Comm SBAC 220.97 1.18
Autodesk ADSK 267.82 -0.48 iShRuss1000Grw IWF 368.20 –0.23 –8.3 VangdRealEst VNQ 91.28 –0.07 2.5
CognizantTech CTSH 77.21 -2.45 FergusonEnts FERG 163.90 -0.69 Kenvue KVUE 23.39 -0.14 NorthernTrust NTRS 98.87 -0.40 SEI Investments SEIC 76.01 -0.06
ADP ADP 297.51 -1.28 iShRuss1000Val IWD 187.99 –0.25 1.5 VangdRuss1000Grw VONG 94.85 –0.27 –8.2
Coherent COHR 68.71 -1.06 Ferrari RACE 444.03 -9.25 KeurigDrPepper KDP 33.43 -0.04 NorthropGrum NOC 489.23 -2.29 SK Telecom SKM 21.29 -0.35
AutoZone AZO 3573.38 -18.23 iShRuss2000 IWM 205.06 –0.63 –7.2 VangdS&P500ETF VOO 520.13 –0.23 –3.5
CoinbaseGlbl COIN 190.38 0.63 Ferrovial FER 44.95 0.23 KeyCorp KEY 16.09 0.04 NorwegCruise NCLH 20.09 0.25 SS&C Tech SSNC 82.34 -0.51
Avalonbay AVB 211.50 0.66 iShS&P500Grw IVW 94.58 –0.23 –6.8 VangdST Bond BSV 78.09 0.06 1.1
Avantor AVTR 16.28 -0.39
ColgatePalm CL 90.28 -0.16 FidNatlFinl FNF 64.12 -0.05 KeysightTech KEYS 155.13 -0.34 Novartis NVS 113.21 1.65 t Saia SAIA 352.28 1.63
iShS&P500Value IVE 190.09 –0.24 –0.4 VangdSTCpBd VCSH 78.78 ... 1.0
Comcast A CMCSA 36.50 0.41 FidNatlInfo FIS 74.41 0.08 KimberlyClark KMB 139.08 -0.57 NovoNordisk NVO 78.79 -0.21 SailPoint SAIL 19.88 -0.07
AveryDennison AVY 177.05 -2.06 iShSelectDiv DVY 133.48 –0.27 1.7 VangdShortTrea VGSH 58.57 0.05 0.7
ComfortSystems FIX 356.79 -0.74 FifthThirdBncp FITB 39.43 -0.03 KimcoRealty KIM 20.91 -0.06 NuHoldings NU 11.40 -0.55 Salesforce CRM 279.03 -0.36
AxonEnterprise AXON 558.41 -9.70 iSh7-10YTreaBd IEF 95.10 0.15 2.9 VangdSC VB 226.30 –0.64 –5.8
co Fo

CommerceBcshrs CBSH 61.44 -0.90 FirstCitizBcshA FCNCA 1842.96 -38.97 KinderMorgan KMI 28.06 0.21 Nucor NUE 129.50 -1.55 Samsara IOT 39.49 -0.33
BCE BCE 23.02 -0.35 iShShortTreaBd SHV 110.33 0.02 0.2 VangdTaxExemptBd VTEB 49.86 0.10 –0.5
SABESP SBS 17.97 -0.08 FirstHorizon FHN 19.22 -0.01 Kinetik KNTK 53.71 -0.61 Nutanix NTNX 72.50 -0.34 Sanofi SNY 57.79 -0.81
BHP Group BHP 49.31 -0.75 s iSh20+YTreaBd TLT 91.24 0.07 4.5 VangdTotalBd BND 73.38 0.04 2.0
ConagraBrands CAG 25.90 ... FirstSolar FSLR 128.46 -0.88 KinrossGold KGC 12.32 0.12 Nutrien NTR 52.45 0.10 Schlumberger SLB 41.28 0.20
BJ'sWholesale BJ 108.63 -1.38 iShUSTech IYW 145.69 –0.36 –8.7 VangdTotIntlBd BNDX 48.69 –0.06 –0.7
Confluent CFLT 26.62 -0.63 FirstEnergy FE 39.81 0.25 KinsaleCapital KNSL 459.02 7.62 nVentElectric NVT 56.86 ... SchwabC SCHW 78.57 -0.16
BP BP 34.75 0.14 iShUSTreasuryBd GOVT 22.93 0.09 –0.2 VangdTotIntlStk VXUS 63.96 –0.78 8.5
ConocoPhillips COP 102.31 0.98 Fiserv FI 221.79 1.44 Klaviyo KVYO 32.91 -0.02 NVIDIA NVDA 118.53 1.01 Sea SE 127.09 0.94
BWX Tech BWXT 100.39 -2.15 iSh0-3MTreaBd SGOV 100.55 ... 0.2 VangdTotalStk VTI 278.74 –0.24 –3.8
s ConEd ED 108.48 0.99 Flex FLEX 36.06 0.11 Philips PHG 25.88 -0.90 Seagate STX 88.38 -0.55
BXP BXP 68.47 -0.39 JPMNasdEqPrem JEPQ 52.65 –0.17 –6.6 VangdTotWrldStk VT 118.25 –0.43 0.7
Baidu BIDU 94.27 -3.97
ConstBrands A STZ 178.88 -0.12 Floor&Decor FND 83.95 0.98 KoreaElecPwr KEP
KraftHeinz
7.53
KHC 29.71 -0.18
... O P Q Sempra
ServiceIntl
SRE 70.00 -0.44
SCI 78.78 -0.50
JanusHendersonAAA JAAA 50.53 0.02 –0.4 VangdValue VTV 173.42 –0.20 2.4
ConstellationEner CEG 219.44 1.39 FlutterEnt FLUT 240.85 -0.82
BakerHughes BKR 44.69 0.09 Kroger 64.72 -0.76 OGE Energy OGE 45.26 0.07 ServiceNow NOW 824.12 -20.00
Cooper COO 80.39 0.27 FomentoEconMex FMX 98.62 -0.81 KR
Ball BALL 51.57 -0.27 Kyndryl 34.22 -1.25 ONEOK OKE 100.65 0.60 ServiceTitan TTAN 94.12 -1.15
Copart CPRT 53.85 -0.03 FordMotor F 10.01 -0.16 KD
BBVA BBVA 14.17 -0.32 LatamAirlines LTM 31.95 -0.68 ON Semi 43.20 -0.38 SharkNinja SN 89.40 -0.86
Core&Main CNM 48.51 -0.54 Fortinet FTNT 98.45 0.28 ON
BancoBradesco BBDO 2.00 -0.01
BancodeChile BCH 27.85 -0.64
BancSanBrasil BSBR 4.76 -0.08
CorebridgeFin CRBG 32.48 -0.07 Fortis
Corning GLW 48.67 -0.09 Fortive
FTS 45.24 0.09
FTV 74.66 -0.59
LKQ LKQ 40.98 -0.57 O'ReillyAuto ORLY 1343.15 3.06 Shell
LPL Financial LPLA 334.45 2.24 OccidentalPetrol OXY 47.96
SHEL 71.95 0.43
... SherwinWilliams SHW 336.03 1.11
Cash Prices Thursday, March 20, 2025
Corpay CPAY 352.82 0.48 FortuneBrands FBIN 63.01 -0.53 L3HarrisTech LHX 209.89 -3.15 Okta OKTA 112.80 -1.28 Shift4Paymts FOUR 87.48 -0.77
BcoSantChile BSAC 22.93 -0.29
Corteva CTVA 61.83 -0.63 FoxA FOXA 53.21 0.27
These prices reflect buying and selling of a variety of actual or “physical”
BancoSantander SAN 6.89 -0.21
BanColombia CIB 42.67 -0.26
CoStar CSGP 79.02 -0.38 FoxB FOX 49.40 0.32 commodities in the marketplace—separate from the futures price on an
Costco COST 895.40 -8.65 Franco-Nevada FNV 155.53 1.28
BankofAmerica BAC 42.48 0.27
BankMontreal BMO 97.90 -0.18
CoterraEnergy CTRA 29.01 -0.22 FranklinRscs BEN 20.01 -0.07
CPNG 23.31 -0.23 FreedomHolding FRHC 135.47 -1.23
Borrowing Benchmarks exchange, which reflects what the commodity might be worth in future
BankNY Mellon BK 83.93 0.03
Coupang
wsj.com/market-data/bonds/benchmarks months.
Crane CR 153.17 -1.72 FreeportMcM FCX 40.70 0.28
BankNovaScotia BNS 48.10 -0.13
Credicorp BAP 194.28 1.86 FreseniusMedCare FMS 24.62 -0.16 Thursday Thursday
n-

Barclays BCS 15.97 -0.19

CredoTech CRDO 46.49 -0.28 FrontierComms FYBR 35.95 0.18
BarrickGold GOLD 19.28 -0.11
BaxterIntl BAX 33.44 -0.65
CrowdStrike CRWD 369.03 -6.02 FullTruck
CrownCastle CCI 104.59 0.24
YMM 13.27 -0.42 Money Rates March 20, 2025 Energy Wool,64s,staple,Terr del-u,w n.a.
BectonDicknsn BDX 231.85 0.06
Crown Holdings CCK 90.16 -0.35 G H I Coal,C.Aplc.,12500Btu,1.2SO2-r,w 76.000
Grains and Feeds
BeiGene ONC 262.59 -3.67
CubeSmart CUBE 42.07 0.08 Key annual interest rates paid to borrow or lend money in U.S. and Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 14.200 Bran,wheat middlings, KC-u,w 95
BellRing BRBR 70.40 0.22
Cullen/Frost CFR 122.64 -1.38 GE Aerospace GE 203.93 -1.64 international markets. Rates below are a guide to general levels but
BentleySystems BSY 41.65 -0.36
CMI 325.40 -1.76 GE HealthCare GEHC 81.81 -0.59
Corn,No. 2 yellow,Cent IL-bp,u 4.4000
no

WRB 63.59 -0.10

Cummins Metals Corn gluten feed,Midwest-u,w 122.9
Curtiss-Wright CW 327.46 -3.62 GE Vernova GEV 336.83 1.03
Berkley don’t always represent actual transactions.
s BerkHathwy A BRK.A 7928803000.01
CyberArkSoftware CYBR 346.76 -1.59 GFLEnvironmental GFL 48.08 0.07 Gold, per troy oz Corn gluten meal,Midwest-u,w 452.1
s BerkHathwy B BRK.B 528.73 3.46 GSK GSK 39.41 -0.14
Week —52-WEEK— Engelhard industrial 3034.00 Cottonseed meal-u,w n.a.
BerryGlobal BERY 70.18 -0.44 D E F Gallagher AJG 334.44 7.80 Inflation Latest ago High Low Hominy feed,Cent IL-u,w 115
BestBuy BBY 73.48 -0.31 GameStop GME 23.51 -0.20 Handy & Harman base 3038.15
Bilibili BILI 20.15 -1.08 s DTE Energy DTE 136.94 0.77 Gaming&Leisure GLPI 50.99 0.12 Feb. index Chg From (%) Handy & Harman fabricated 3372.35 Meat-bonemeal,50% pro Mnpls-u,w 275
Bio-Techne TECH 60.34 -0.55 DT Midstream DTM 99.25 0.54 Garmin GRMN 208.71 -0.06 level Jan. '25 Feb. '24 Other short-term rates LBMA Gold Price AM *3034.00 Oats,No.2 milling,Mnpls-u 4.1850
LBMA Gold Price PM *3027.55 Rice, Long Grain Milled, No. 2 AR-u,w 34.88
U.S. consumer price index Week 52-Week Krugerrand,wholesale-e 3179.13 Sorghum,(Milo) No.2 Gulf-u n.a.
Latest ago high low SoybeanMeal,Cent IL,rail,ton48%-u,w 306.90
All items 319.082 0.44 2.8 Maple Leaf-e 3255.19
Dividend Changes Core 325.252 0.44 3.1 Call money
American Eagle-e 3255.19 Soybeans,No.1 yllw IL-bp,u 9.8200
Mexican peso-e 3924.78 Wheat,Spring14%-pro Mnpls-u 7.7975
International rates 6.25 6.25 7.25 6.25 Austria crown-e 2984.99 Wheat,No.2 soft red,St.Louis-u 5.5075
Amount Payable /
Austria phil-e 3194.34 Wheat - Hard - KC (USDA) $ per bu-u 5.9150
Company Symbol Yld % New/Old Frq Record
Week 52-Week Commercial paper (AA financial) Silver, troy oz. Wheat,No.1soft white,Portld,OR-u 6.2500
Increased Latest ago High Low 90 days 4.27 4.27 5.37 4.26 Engelhard industrial 33.4000 Food
FirstEnergy FE 4.5 .445 /.425 Q Jun01 /May07 Handy & Harman base 33.4540
J.Jill JILL 1.6 .08 /.07 Q Apr16 /Apr02 Prime rates Secured Overnight Financing Rate Handy & Harman fabricated 41.8180 Beef,carcass equiv. index
Two Harbors Pfd C TWOpC 7.3 .5983 /.45313 Q Apr28 /Apr11 4.29 4.31 5.40 4.27 LBMA spot price *£26.1400 choice 1-3,600-900 lbs.-u 312.57
U.S. 7.50 7.50 8.50 7.50
Williams-Sonoma WSM 1.6 .66 /.57 Q May24 /Apr17 (U.S.$ equivalent) *33.9200 select 1-3,600-900 lbs.-u 296.42
Canada 4.95 5.20 7.20 4.95 Value 52-Week Broilers, National comp wtd. avg.-u,w 1.3109
Reduced Japan 1.875 1.625 1.875 1.475 Latest Traded High Low Coins,wholesale $1,000 face-a 25727
Butter,AA Chicago-d 2.2950
NGL Energy Ptrs Pfd. B NGLpB 13.1 .7377 /.7542 Q Apr15 /Apr01 Other metals Cheddar cheese,bbl,Chicago-d 156.50
Policy Rates DTCC GCF Repo Index LBMA Platinum Price PM *993.0
NGL Energy Ptrs Pfd. C NGLpC 13.3 .732 /.7486 Q Apr15 /Apr01 Cheddar cheese,blk,Chicago-d 162.00
Euro zone 2.65 2.65 4.50 2.65 Treasury 4.342 43.892 5.471 4.286 LBMA Palladium Price PM *963.0 Milk,Nonfat dry,Chicago lb.-d 115.00
Initial Switzerland 1.00 1.00 2.25 1.00 MBS 4.344 65.488 5.526 4.294 Platinum,Engelhard industrial 996.0 Coffee,Brazilian,Comp-y 3.9748
Amer Natl Grp Pfd. D ANGpD 7.1 .48654 Apr15 /Mar31 Britain 4.50 4.50 5.25 4.50 Palladium,Engelhard industrial 965.0 Coffee,Colombian, NY-y 4.1119
Australia 4.10 4.10 4.35 4.10 Weekly survey Aluminum, LME, $ per metric ton *2687.0 Eggs,large white,Chicago-u,w 5.0650
Stocks Copper,Comex spot 5.0850
Latest Week ago Year ago Flour,hard winter KC-p 16.20
Organovo Holdings ONVO 1:12 /Mar21 Overnight repurchase Iron Ore, 62% Fe CFR China-s *101.7 Hams,17-20 lbs,Mid-US fob-u n.a.
Zoomcar Holdings ZCAR 1:20 /Mar24 Steel, HRC USA, FOB Midwest Mill-s *950.0
U.S. 4.33 4.34 5.45 4.00 Freddie Mac Hogs,Iowa-So. Minnesota-u 86.87
Foreign Battery/EV metals Pork bellies,12-14 lb MidUS-u n.a.
30-year fixed 6.67 6.65 6.87 10375
Afya AFYA ... .23205 Apr04 /Mar26 U.S. government rates BMI Lithium Carbonate, EXW China, =99.5%-v,w Pork loins,13-19 lb MidUS-u 0.9795
15-year fixed 5.83 5.80 6.21 BMI Lithium Hydroxide, EXW China, =56.5% -v,w 9525
Banco Bradesco Ord ADR BBDO 6.6 .00303 M May09 /Apr03 Steers,Tex.-Okla. Choice-u n.a.
Discount Notes on data: BMI Cobalt sulphate, EXW China, >20.5% -v,w 6693 Steers,feeder,Okla. City-u,w 340.00
Banco Bradesco Pref ADR BBD 6.9 .00333 M May09 /Apr03
4.50 4.50 5.50 4.50 U.S. prime rate is the base rate on corporate BMI Nickel Sulphate, EXW China, >22%-v,k 3590
Intl General Insurance IGIC 0.4 .85 Apr22 /Apr04
loans posted by at least 70% of the 10 largest BMIFlakeGraphite,FOBChina,-100Mesh,94-95%-v,m 435 Fats and Oils
Intl General Insurance IGIC 0.4 .025 Q Apr22 /Apr04 Federal funds U.S. banks, and is effective December 19, 2024.
Fibers and Textiles Degummed corn oil, crude wtd. avg.-u,w n.a.
LexinFintech ADR LX 1.2 .11 SA May16 /Apr17 Other prime rates aren’t directly comparable;
Effective rate 4.3300 4.3300 5.3400 4.3300 Grease,choice white,Chicago-h 0.4700
Qifu Technology ADR QFIN 2.5 .70 SA Jun02 /Apr23 lending practices vary widely by location; Burlap,10-oz,40-inch NY yd-n,w 0.8775 Lard,Chicago-u n.a.
Seapeak 8.5% Pfd. B SEALpB 8.2 .5313 Q Apr14 /Mar31
High 4.5500 4.5500 5.6500 4.4700 Discount rate is effective December 19, 2024.
Low 4.3200 4.3200 5.3300 4.3000 Secured Overnight Financing Rate is as of
Cotton,1 1/16 std lw-mdMphs-u 0.6358 Soybean oil,crude;Centl IL-u,w 0.4034
Seapeak 9% Pfd. A SEALpA 8.8 .5625 Q Apr14 /Mar31 Cotlook 'A' Index-t *78.50 Tallow,bleach;Chicago-h 0.4875
Bid 4.3200 4.3200 5.3300 4.3200 March 19, 2025. DTCC GCF Repo Index is
Signet Jewelers SIG 2.0 .32 Q May23 /Apr25 Depository Trust & Clearing Corp.'s weighted Hides,hvy native steers piece fob-u n.a. Tallow,edible,Chicago-u 0.4900
X Financial ADR XYF 2.6 .25 SA Jul02 /Jun20 Offer 4.3300 4.3300 5.3600 4.3300 average for overnight trades in applicable
ZTO Express (Cayman) ADR ZTO 4.7 .35 SA Apr29 /Apr10 CUSIPs. Value traded is in billions of U.S. dollars.
Treasury bill auction Federal-funds rates are Tullett Prebon rates as KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; D=CME; E=Manfra,Tordella &
Note: Dividend yields as of 3:30 p.m. ET Brookes; H=American Commodities Brokerage Co;
4 weeks 4.215 4.225 5.285 4.215 of 5:30 p.m. ET.
Sources: FactSet; Dow Jones Market Data K=bi-weekly; M=monthly; N=nominal; n.a.=not quoted or not available; P=Sosland Publishing; R=SNL Energy;
13 weeks 4.205 4.200 5.255 4.195 Sources: Federal Reserve; Bureau of Labor S=Platts-TSI; T=Cotlook Limited; U=USDA; V=Benchmark Mineral Intelligence; W=weekly; Y=International
KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Statistics; DTCC; FactSet; Coffee Organization; Z=not quoted. *Data as of 3/19
26 weeks 4.100 4.075 5.170 4.075 Tullett Prebon Information, Ltd.
spin-off. Source: Dow Jones Market Data

New Highs and Lows Stock

52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
Sym Hi/Lo Chg Stock
52-Wk %
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52-Wk %
Sym Hi/Lo Chg Stock
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Continued From Page B6 52-Wk % 52-Wk % Gelteq GELS 0.95 -5.8 JamesHardie JHX 28.77 -8.1 MSP Recovery MSPR 1.27 -3.5 ON24 ONTF 5.36 -2.2 QVCA QVCGA 0.17 -8.1 Synaptogenix SNPX 2.15 -4.6 TrueCar TRUE 1.68 1.1
52-Wk % Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Gentex GNTX 23.50 1.3 JohnsonOutdoors JOUT 24.56 -2.3 MalibuBoats MBUU 29.19 -3.2 OfficePropIncm OPI 0.58 -11.8 QuiptHomeMed QIPT 2.30 -2.3 SynergyCHC SNYR 2.89 -1.9 TungrayTech TRSG 1.20 1.1
Globant GLOB 124.53 -3.5 KaivalBrands KAVL 0.53 -2.8 MarineProducts MPX 8.17 -2.7 OlemaPharm OLMA 3.94 0.2 RamacoRscsB METCB 7.96 -6.7 TNL Mediagene TNMG 0.98 -16.5 US PhysTherapy USPH 74.46 -1.8
Stock Sym Hi/Lo Chg CenturyTherap IPSC 0.52 -5.7 ElevationOnc ELEV 0.24 -41.8
Greenlane GNLN 0.45 -3.4 Knight-Swift KNX 44.33 -1.7 Marwynn MWYN 3.75 -0.3 OmniAb OABI 2.23 -10.6 RedwireWt RDW.WS 0.16 -37.0 TPIComposites TPIC 0.88 -12.6 Unifi UFI 4.83 1.2
AUTL Chegg CHGG 0.74 -0.6 EnvirotechVeh EVTV 0.24 ...
HealthInTechA HIT
AutolusTherap 1.66 -13.7
Coincheck CNCK 5.64 -2.2 EvokePharma EVOK 2.63 -14.2
0.64 -3.2 KyvernaTherap KYTX 2.25 -4.2 MersanaTherap MRSN 0.43 -3.7 OpenLending LPRO 3.02 -13.9 RockwellMedical RMTI 1.33 -20.5 TandyLeather TLF 2.91 ... UnvlElectronics UEIC 6.53 -2.8
BTC Digital Wt BTCTW 0.01 -45.1 HeliosTech HLIO 33.10 -1.7 MontroseEnvl MEG 14.56 -3.4 RxSight RXST 24.38 0.2 UniversePharm UPC 0.08 -9.2
ConcordMed CCM 3.80 1.6 Eyenovia EYEN 1.31 -13.8 LoboEV LOBO 1.10 7.7 PAMT PAMT 12.46 -2.4 TangoTherap TNGX 1.68 3.2
Beeline BLNE 2.10 -1.2 HubGroup HUBG 36.32 0.1 Movano MOVE 2.10 -6.0 SHF SHFS 0.22 -4.9 VentyxBiosciences VTYX 1.31 -1.5
CorbusPharm CRBP 5.88 -0.5 FemtoTech FMTO 1.67 -14.3 LandstarSystem LSTR 144.13 -0.3 Playtika PLTK 4.43 -2.0 Tantech TANH 2.39 -3.6
BensonHill BHIL 0.34 -40.5 Hydrofarm HYFM 2.83 -1.7 MullenAuto MULN 0.34 -15.0 SagtecGlobal SAGT 2.95 -2.2 VirpaxPharm VRPX 0.10 -8.3
BionanoGenom BNGO 3.17 -1.5 Cronos CRON 1.81 -1.6 Fluent FLNT 2.01 -2.4 iCoreConnect ICCT 0.48 -0.2
LanzaTechGlobal LNZA 0.39 -3.1
NaaSTechnology NAAS 0.86 -0.9
Polaris PII 39.29 -1.0
Saia SAIA 342.68 0.5
Tilly's TLYS 2.19 -4.9
WernerEnterprises WERN 29.02 -0.3
BlkRkTCPCap TCPC 7.67 -0.3 CytekBiosci CTKB 4.04 -3.8 ForemostCleanEnWt FMSTW 0.04 -15.3 IndaptusTherap INDP 0.70 -2.0 Limoneira LMNR 17.53 -3.2 NautilusBiotech NAUT 0.93 4.2 Polyrizon PLRZ 0.51 -2.5 SallyBeauty SBH 8.50 -5.6 TitanAmerica TTAM 12.84 -0.8 Westlake WLK 99.37 -0.7
BoltBiotherap BOLT 0.38 6.0 DigiAsia FAAS 0.31 -26.5 Fortrea FTRE 8.77 -5.3 indieSemicon INDI 2.17 -4.7 LiveVentures LIVE 6.50 -2.6 NYMtgTrNts2029 NYMTI 24.50 -0.2 ProKidney PROK 0.93 -4.9 SealedAir SEE 29.30 -0.9 Toro TTC 71.23 1.1 Winnebago WGO 34.05 -1.7
BonNaturalLife BON 0.24 -25.8 DocGo DCGO 2.73 -2.1 FrontViewREIT FVR 13.48 -6.6 IntegratedMedia IMTE 0.92 -6.9 LogicMark LGMK 0.14 -10.7 NewGenIvf NIVF 0.90 -6.3 PsyenceBiomed PBM 0.67 -4.1 SempraNts79 SREA 21.76 -0.3 Transcat TRNS 69.92 -2.9 ZimVie ZIMV 11.54 -2.4
CompassPath CMPS 2.88 -3.1 E2openWt ETWO.WS 0.01 -52.9 FusionFuelGreen HTOO 0.28 -3.8 J.Jill JILL 17.82 -7.5 LytusTech LYT 0.06 5.5 Nkarta NKTX 1.48 -1.3 PureTechHealth PRTC 16.71 -6.3 SkycorpSolar PN 3.41 -3.4 TreeHouseFoods THS 26.31 -1.8 Zoomcar ZCAR 0.21 -20.7
Caesarstone CSTE 2.73 -7.3 EaglePoint7.75Nts ECCU 24.33 0.2 GEE Group JOB 0.18 0.2 JackintheBox JACK 30.54 -0.8 MBX Biosci MBX 7.78 -5.1 NorthAmConstr NOA 15.09 -4.8 PyxisTankersWt PXSAW 0.01 -41.0 Sphere3D ANY 0.45 -3.3 TritonIntlPfdE TRTNpE 18.88 0.1 Zynex ZYXI 2.56 -5.2
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. * * * Friday, March 21, 2025 | B9

MARKETS & FINANCE

STOCK SPOTLIGHT
Stocks End Lower After Accenture
The professional-services
conference. The chip maker’s
shares closed up 0.9%.

Rate Optimism Wanes

firm said its consulting
business is already getting Quantum-computing stocks
hit by the administration’s Shares in the volatile sector
crackdown on federal declined despite the
contracting. The stock slid appearance of several
7.3%. Shares of other big quantum-company executives
The post-Fed rally sputtered Index performance on Thursday short-term rates set by the government contractors at Nvidia’s conference.
Thursday, with major U.S. 1.00%
Fed, declined to 3.956%, from similarly declined; IBM shares Among the larger stocks,
stock indexes ending lower af- 3.979% Thursday. were down 3.6%, and Booz Quantum Computing dropped
ter an up-and-down session. Dow Jones Industrial Average Allen Hamilton stock fell 8.1%. more than 11%, D-Wave
The Nasdaq Composite fell 0.75  Natural-gas futures fell 6.4% Quantum skidded 18%, IonQ
S&P 500
0.3% to bring the tech-heavy to close at $3.975 per million QXO fell more than 9% and Rigetti
index’s year-to-date perfor- Nasdaq Composite British thermal units after the The building-products Computing also declined by
0.50
mance loss to 8.3%. The S&P Energy Information Adminis- distributor agreed to buy more than 9%.
500 declined tration said domestic invento- Beacon Roofing Supply, in a
THURSDAY’S 0.2%. The Dow 0.25 ries grew last week by more deal worth about $11 billion CVC Capital Partners
MARKETS Jones Indus- than traders were expecting. including debt. Shares of The buyout firm’s first full-
trial Average both companies gained; QXO year earnings since going
0
shed 11 points, or less than  Hong Kong’s Hang Seng In- was up 2.9%, while Beacon public beat expectations. The
0.1% and is so far the best per- dex fell 2.2% while China’s climbed 1.9%. shares rose 4.5% in
former of the major indexes –0.25 Shanghai Composite lost 0.5%. Amsterdam.
this year, down 1.4% in 2025. —Ryan Dezember Tesla
Indexes rose Wednesday af- The EV maker recalled most SoftBank
–0.50
ter the Federal Reserve held Cybertrucks on Thursday The Japanese tech
interest rates steady and said AUCTION RESULTS because of the potential for conglomerate agreed to buy
Five-minute intervals Here are the results of Thursday's Treasury auctions.
a majority of policymaking of- –0.75 All bids are awarded at a single price at the market- an exterior panel to fall off. U.S. chip designer Ampere
clearing yield. Rates are determined by the difference
ficials at the central bank had 10 a.m. 11 noon 1 p.m. 2 3 4 between that price and the face value. Late on Wednesday, Computing. SoftBank shares
two rate cuts penciled in for FOUR-WEEK BILLS Commerce Secretary Howard declined 2%.
this year. Source: FactSet Applications $241,228,041,500 Lutnick had told Fox viewers
Accepted bids $75,253,794,000
Given a worsening outlook " noncompetitively $6,600,938,600
to buy Tesla stock, saying: FedEx
for inflation, the Fed’s “dot tion policies and their effect Bank cut, while the Bank of " foreign noncompetitively $0 “It’ll never be this cheap The parcel carrier’s shares
Auction price (rate) 99.672167
plot,” which charts its offi- on the economy. England and its Swedish coun- (4.215%)
again.” Tesla shares edged edged down during the day,
cials’ rate forecasts, was more “The lack of a clarity that terpart kept rates unchanged. Coupon equivalent 4.288% 0.2% higher. but then fell 4% in after-
Bids at clearing yield accepted 3.47%
optimistic about lower bor- businesses have eventually Cusip number 912797PA9
hours trading after it
rowing costs than some inves- translates into the clarity that PDD trimmed both revenue and
tors feared. the market has,” said Kevin Elsewhere: The bills, dated March 25, 2025, mature on April 22,
2025. The Chinese owner of profit forecasts for the
Stocks opened Thursday Gordon, senior investment  Gold prices notched a new EIGHT-WEEK BILLS bargain app Temu posted its current fiscal year.
lower but promptly climbed. strategist at Charles Schwab. high, with front-month futures Applications $205,946,519,300 slowest quarterly revenue
Accepted bids $75,252,964,300
Markets got a midmorning “That makes it difficult for the adding $4.10 a troy ounce to " noncompetitively $1,390,154,000 growth since 2022; profit Berkshire Hathaway
boost from housing data that bull market to resume in a close at $3,040. It was the " foreign noncompetitively $0 growth also slowed. The Shares of Warren Buffett’s
Auction price (rate) 99.344333
showed an unexpected in- strong way.” eighth consecutive daily gain (4.215%) company’s American Berkshire Hathaway ended
crease in existing-home sales, In Europe, equities and the for the precious metal. Coupon equivalent 4.302% depositary receipts rose 4%, the day 0.7% higher, their
97.58%

.
Bids at clearing yield accepted
which rose 4.2% in February euro weakened after European Cusip number 912797PJ0 reversing earlier declines. fifth consecutive record close.
from the prior month, accord- Central Bank President Chris-  Copper prices neared a re-

ly
The bills, dated March 25, 2025, mature on May 20,
ing to the National Associa- tine Lagarde warned tit-for- cord. Futures rose to $5.085 2025. Nvidia
tion of Realtors. Stock gains tat tariffs would weaken pound in New York, 3.4 cents NINE-YEAR, 10-MONTH TIPS Chief Executive Jensen FRIDAY'S EXPECTED
eroded from there, however. growth and fuel inflation. The shy of the record set in May. Applications
Accepted bids
$42,793,535,400
$18,531,651,200
Huang told the Financial EARNINGS:
Though investors gained in-
sight into the Fed’s outlook for
rates and the economy on
Wednesday, major questions
Stoxx Europe 600 Index de-
clined 0.4% while Germany’s
Dax shed 1.2%
Some of Europe’s other
on  Benchmark 10-year Treasury
notes ended at 4.233%, down
from 4.257% on Wednesday.
" noncompetitively
Auction price (rate)

Interest rate
Bids at clearing yield accepted
$68,515,200
102.334952
(1.935%)
2.125%
83.18%
Times that the chip maker
would spend hundreds of
billions of dollars on U.S.-
made electronics. His
The cruise company Carnival
is due to report before the
open. Investors have been
nervous about travel demand
Cusip number 91282CML2
remain about President central banks made rate deci- Two-year notes, which often remarks came as Nvidia since Delta Air Lines cut its
us ,

The Treasury inflation-protected securities, dated

Trump’s tariff and immigra- sions. The Swiss National move with expectations for March 31, 2025, mature on Jan. 15, 2035. hosts its flagship AI quarterly outlook.
l
e
al a

Accenture Healthtech VCs Look to AI for New Returns Boeing Hit

ci on

Is Feeling With Suit

BY BRIAN GORMLEY Global venture investment in
health technology, annually
other era of healthcare tech-
nology I have been involved
to 12 months, it’s a really
risky position to be in,” said

Consultant Over Death

Venture capitalists are
$30 billion
in in the past two decades,” Dr. Mitesh Rao, co-founder
er s

looking to artificial intelli- said Steve Kraus, a partner and CEO of startup OMNY
gence to sling healthtech with Bessemer Venture Part- Health, which expects to
25
m er

Crackdown startups to a faster pace of

growth and hopefully lift the
industry out of its trough. 20
ners.
Investors are being selec-
tive in their search for the
reach that mark this year.
Investors are finding fewer
healthtech startups that meet
Continued from page B1
Barnett’s death and declined to
Global venture investment next breakout success in their criteria. The number of comment on the family’s law-
BY CHIP CUTTER in health technology, which healthtech AI, scanning for venture financings globally suit. The company has previ-
m rp

15
includes telehealth, fitness startups with competitive ad- has slid each year since peak- ously said that issues raised by
Accenture, one of the wearables and digital care vantages such as proprietary ing at 1,639 in 2021. Barnett have been fixed, that it
10
country’s biggest consulting and treatments, slipped to data, deep understanding of Last year, healthtech start- didn’t retaliate against him, and
firms, warned investors that it $11.3 billion in 2024, its low- the medical system and prod- ups closed 737 venture fi- that it encourages all employ-
is already feeling the squeeze est since 2019, when startups 5 ucts that fit into existing nancings, according to Pitch- ees to speak up if they see a po-
co Fo

from efforts to rein in spend- raised $8.4 billion, according workflows. Book. tential problem or issue.
ing on federal contractors. to market tracker PitchBook 0 Companies with a keen un- During the boom, a com- The suit was filed Wednes-
The Trump administration is Data. 2018 ’20 ’24 derstanding of their clients pelling vision might have day in the U.S. District Court in
preparing to escalate its ef- Just two venture-backed and their needs stand out, swayed investors. Nowadays, South Carolina. The family is
fort. healthtech companies went Source: PitchBook said Chirag Shah, a partner startups instead emphasize seeking compensation for back
The administration plans to public last year, and the 53 with Define Ventures. brass-tacks fundamentals pay and lost future pay and
ask Accenture and other con- acquisitions of venture- public or be acquired without “What separates you is such as the clinical and fi- benefits, as well as for emo-
sulting companies to create a funded startups were the accepting lower prices, ven- your knowledge of your cus- nancial advantages of their tional distress and legal fees.
scorecard within weeks to jus- fewest since the 36 in 2020, ture capitalists and entrepre- tomers,” he added. “You products. The suit doesn’t specify an
tify their work with the U.S. according to PitchBook. neurs say. know what your customer is As startups grow faster, amount.
government, according to a Healthtech venture fund- But recent advances in AI going through in a very deep acquirers will become more According to the suit, Bar-
draft of a letter reviewed by ing, along with acquisitions are enabling startups to grow and nuanced way.” aggressive, some investors nett, who worked for Boeing for
the Wall Street Journal. and initial public offerings, faster and tap in to a giant Investors also are favoring predict. more than 30 years until 2017,
n-

In a letter to consulting ex- soared in the pandemic, loft- opportunity to improve effi- companies with a clear path “With AI, I think we’re go- suffered from PTSD, depression
ecutives, the General Services ing many startups to fizzy ciency in healthcare, inves- to sustaining themselves. ing to see a growing number and anxiety because of his
Administration instructs firms valuations. tors said. “If you’re a growth-stage of acquirers in this space,” treatment by the company. It
to complete a detailed review Since the market’s turn, “The go-to-market mo- company and you don’t have said Emma Silverman, a part- says Barnett’s managers iso-
no

of their existing projects with though, some of these com- tions of these companies is line of sight to being cash- ner with venture investor lated him, called him repeatedly
federal agencies. panies have struggled to go vastly different than any flow positive in the next nine TMV. and at one point threatened to
Companies including Inter- “push you until you break.”
national Business Machines, Barnett went public with his
Booz Allen Hamilton, Deloitte
and others will have until
March 31 to respond.
A Popular Nvidia, Tesla and MicroStrat-
egy—a trio of stocks popular
with the day-trading crowd.
Early investors watched the
price of the funds rise by
more than 10-fold from Sep-
analysis that takes into ac-
count the timing of inflows.
“It is like a thresher,” Ptak
accusations against the com-
pany in 2019. Additional former
employees came forward last
Shares of Accenture fell
more than 7% Thursday after
Chief Executive Julie Sweet
Trade The MicroStrategy funds
offer the starkest example of
the speed with which fortunes
tember to November, the pe-
riod in which MicroStrategy
shares also soared.
said. “Money goes in and it
doesn’t come out.”
So far, investors haven’t
year with concerns about the
jet maker’s manufacturing pro-
cess amid scrutiny over a Janu-
told investors the company
expected “ongoing uncer-
tainty” as the government’s
Reverses can be minted and then lost
with single-stock funds.
Defiance ETFs and Tuttle
The funds have crashed
since, and while they are still
up since inception, the aver-
been deterred, opting to buy
the dip.
The biggest MicroStrategy
ary 2024 fuselage-panel blow-
out on an Alaska Airlines jet.
In letters to Congress and at
priorities shift. Capital Management launched age investor is down a lot. fund, known by ticker MSTU, a pair of congressional hear-
Accenture gets about 8% of Continued from page B1 competing products in August The two funds have saddled has posted almost $500 mil- ings, they described a company
its global revenue from its has taken investors on an and September, and both be- investors with an estimated lion of inflows in the year to culture that discouraged em-
federal contracting work. The even wilder ride. The three came overnight hits, collecting $1.7 billion in losses since date, including $312 million ployees from coming forward
shares of IBM and Booz Allen largest single-stock funds give billions in investor cash as they launching seven months ago, over the past month, accord- with quality and safety con-
Hamilton also declined. holders leveraged exposure to posted eye-popping gains. according to a Morningstar ing to FactSet. cerns.

Mutual Funds Data provided by

Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret Fund
Net YTD
NAV Chg % Ret
GlexUSIdxInstPre 15.76 -0.09 9.3 SAIUSQtyIdx 20.83 -0.03 -2.1 CoreBond 10.34 +0.01 2.8 PutLargCap 35.36 ... 2.9 MuHYAdml 10.62 +0.03 0.5 TgtRe2060 51.77 -0.19 1.0
Top 250 mutual-funds listings for Nasdaq-published share classes by net assets. GrowthCompanyK6 27.59 -0.06 -9.3 SrsBlChGroRetail 17.78 -0.01 -10.4 CorePlusBd 7.27 +0.01 2.9 Schwab Funds MuIntAdml 13.56 +0.02 0.6 TgtRet2055 56.18 -0.20 1.0
e-Ex-distribution. f-Previous day’s quotation. g-Footnotes x and s apply. j-Footnotes e and s IntlIdxInstPrem 52.94 -0.37 11.4 SrsEmrgMkt 19.69 -0.12 7.5 Lord Abbett I 1000 Inv r 121.34 -0.28 -3.6 MuLTAdml 10.77 +0.02 0.2 TgtRetInc 13.31 -0.01 1.6
apply. k-Recalculated by LSEG, using updated data. p-Distribution costs apply, 12b-1. r- LgCpGwId InstPre 35.97 -0.08 -8.2 SrsGlobal 15.49 -0.10 9.2 ShtDurInc p 3.87 ... 1.4 S&P Sel 87.18 -0.18 -3.4 MuLtdAdml 10.88 +0.01 1.0 Welltn 42.35 -0.01 -1.1
Redemption charge may apply. s-Stock split or dividend. t-Footnotes p and r apply. v-Footnotes MidCpInxInstPrem 32.90 -0.13 -2.6 SrsGroCoRetail 21.73 -0.04 -9.3 Metropolitan West TSM Sel r 95.31 -0.23 -3.8 MuShtAdml 15.80 ... 0.9 WndsrII 44.32 -0.10 0.1
x and e apply. x-Ex-dividend. z-Footnote x, e and s apply. NA-Not available due to incomplete SAIUSLgCpIndxFd 22.44 -0.05 -3.4 SrsIntlGrw 18.38 -0.11 5.5 TotRetBdI 9.08 +0.01 NA Strategic Adviser PrmcpAdml r 168.72 -0.54 1.4 VANGUARD INDEX FDS
price, performance or cost data. NE-Not released by LSEG; data under review. NN-Fund not SeriesBondFd 9.03 +0.01 2.6 SrsIntlVal 13.98 -0.13 17.3 MFS Funds StratAdCorInFnd NA ... NA RealEstatAdml 129.32 -0.14 2.4 ExtndIstPl 332.54 -1.74 -6.5
tracked. NS-Fund didn’t exist at start of period. SeriesOverseas 14.77 -0.11 9.9 TotalBond 9.57 +0.01 2.7 IIE 37.12 -0.24 9.8 StratAdFidCoreS 9.17 +0.01 2.9 SmCapAdml 108.44 -0.72 -5.8 IdxIntl 20.55 -0.13 8.4
SerLTTreBdIdx 5.53 +0.01 5.0 Fidelity SAI MFS Funds Class I StratAdFidEmr 12.88 -0.08 6.3 SmGthAdml 90.82 -0.59 -7.7 MdCpGrAdml 106.72 -0.42 -2.3
SmCpIdxInstPrem 25.75 -0.17 -7.0 TotalBd 9.06 +0.01 2.6 GrowthI 188.21 -0.22 -6.7 StratAdFidUS 16.81 -0.03 -3.1 STBondAdml 10.23 +0.01 1.8 MdCpVlAdml 83.79 -0.22 ...
Thursday, March 20, 2025 TMktIdxInstPrem 155.11 -0.38 -3.8 Fidelity Selects ValueI 50.39 -0.07 3.3 StratAdIntlFnd NA ... NA STIGradeAdml 10.39 +0.01 1.8 SmValAdml 81.43 -0.55 -4.4
Net YTD Net YTD Net YTD TotalMarketIndex 19.60 -0.04 -3.8 Semiconductors r 30.06 -0.10 -10.2 Natixis Funds StratAdMunBond NA ... NA STIPSIxAdm 24.85 +0.02 2.3 TotBd2 9.53 +0.01 2.7
Fund NAV Chg % Ret Fund NAV Chg % Ret Fund NAV Chg % Ret TtlIntIdxInstPr 14.60 -0.08 8.7 Softwr 25.06 -0.18 -8.6 InvGradeBdY 9.89 +0.02 2.5 StratAdvFidIntl 13.15 -0.10 11.3 TotBdAdml 9.66 +0.01 2.7 TotIntlInstIdx r 137.46 -0.92 8.5
USBdIdxInstPrem 10.41 +0.01 2.6 Tech 33.05 -0.04 -10.4 LSGrowthY 27.47 -0.05 -7.1 TIAA/CREF Funds TotIntBdIdxAdm 19.45 -0.02 -0.5 TotItlInstPlId r 137.50 -0.92 8.5
AB Funds Artisan Funds LgCo 37.65 -0.07 -3.4 Fidelity Advisor I Fidelity Strategic A Northern Funds BdIdxInst 9.67 +0.01 2.7 TotSt 135.62 -0.33 -3.8
MuniIncmShares 11.19 +0.02 1.1 IntlVal Inst 50.58 -0.40 7.5 US CoreEq1 41.81 -0.11 -3.3 GrOppI TotIntlAdmIdx r 34.37 -0.23 8.5
182.46 +0.26 -7.8 StratAdEmrMrt NA ... NA StkIdx NA ... NA EqIdxInst 39.50 -0.09 -3.7
TotStAdml 135.67 -0.33 -3.8
VANGUARD INSTL FDS
AB Funds - ADV Baird Funds US CoreEq2 37.30 -0.11 -3.3 Fidelity Freedom First Eagle Funds Old Westbury Fds IntlEqIdxInst 24.48 -0.19 11.3 BalInst 47.89 -0.05 -1.2
LgCpGrAdv 102.54 -0.29 -6.3 AggBdInst 9.86 +0.01 2.8 US Small 45.85 -0.29 -6.3 Freedom2030 K 17.99 TxMCapAdml 291.56 -0.60 -3.6
-0.04 2.5 GlbA 72.14 -0.23 7.6 LrgCpStr 19.58 -0.05 NA LrgCpGrIdxInst 61.50 -0.13 -8.2 DevMktsIndInst 16.93 -0.11 10.1
American Century Inv CorBdInst 10.21 +0.02 2.6 US SmCpVal 45.26 -0.22 -6.7 Freedom2035 K 16.03 TxMIn r 16.90 -0.12 10.0
-0.03 2.4 Franklin A1 Parnassus Fds VANGUARD ADMIRAL DevMktsInxInst 26.46 -0.18 10.0
Ultra 84.38 -0.22 -9.6 ShtTBdInst 9.53 ... 1.4 US TgdVal 32.42 -0.15 -5.7 Idx2030InsPre 20.54 ParnEqFd USGroAdml 170.67 -0.34 -7.8
-0.04 1.8 IncomeA1 2.40 +0.01 3.1 58.93 -0.10 -1.1 500Adml 524.13 -1.09 -3.4 ExtndInst 134.75 -0.70 -6.5
American Funds Cl A BlackRock Funds USLgVa 50.36 -0.10 2.2 Idx2035InsPre 23.72 BalAdml ValAdml 67.67 -0.10 2.5
-0.06 1.7 FrankTemp/Frank Adv PGIM Funds Cl Z 47.89 -0.05 -1.2 FTScinst 38.56 -0.09 -5.0
AmcpA 40.93 -0.10 -4.2 HiYBlk 7.10 +0.01 1.5 Dodge & Cox Idx2040InsPre 25.00 -0.08 1.5 IncomeAdv 2.37 ... 2.7 TotalReturnBond NA ... NA CAITAdml 11.34 +0.02 0.6 WdsrllAdml 78.63 -0.18 0.1
GrwthInst 194.69 -0.47 -7.8
AMutlA 56.27 -0.16 2.4 HiYldBd Inst 7.10 +0.01 1.5 Balanced 107.22 -0.22 5.4 Idx2045InsPre 26.31 -0.09 1.5 FrankTemp/Franklin A PIMCO Fds Instl CapOpAdml r 188.43 -0.83 -0.5 WellsIAdml 61.87 -0.04 3.1 InstIdx 462.47 -0.96 -3.4
BalA 34.49 -0.02 0.8 BlackRock Funds III Income 12.74 +0.01 2.9 Idx2050InsPre 26.35 -0.10 1.5 DynaTech A 158.59 -0.38 -9.2 TotRt NA ... NA DivAppIdxAdm 52.80 -0.21 -0.6 WelltnAdml 73.14 -0.01 -1.1 InstPlus 462.48 -0.95 -3.4
BondA 11.34 +0.01 2.7 iShS&P500IdxK 664.50 -1.38 -3.4 Intl Stk 56.46 -0.45 13.1 Fidelity Invest Growth A 128.21 -0.57 -4.0 PIMCO Funds A EMAdmr 38.43 -0.24 4.5 WndsrAdml 71.01 -0.35 0.5 InstTStPlus 95.32 -0.24 -3.8
CapIBA 72.49 -0.20 5.8 BlackRock Funds Inst Stock 268.12 -0.34 4.3 Balanc 28.98 -0.02 -2.0 RisDv A 87.66 -0.45 -1.5 IncomeFd 10.73 ... NA EqIncAdml 90.88 -0.28 3.1 VANGUARD FDS MidCpInst 71.44 -0.23 -1.1
CapWGrA 64.89 -0.30 2.4 StratIncOpptyIns 9.55 +0.01 1.9 DoubleLine Funds BluCh 203.75 -0.05 -10.3 Guggenheim Funds Tru PIMCO Funds I2 ExplrAdml 99.65 -0.55 -6.7 DivdGro 36.17 -0.15 -0.1 MidCpIstPl 352.33 -1.15 -1.1
EupacA 57.42 -0.47 6.9 TotRet 9.89 +0.01 2.7 TotRetBdI 8.87 +0.02 3.1 BluChpGr K6 33.27 -0.01 -9.7 TotRtnBdFdClInst 23.87 +0.02 2.8 Income 10.73 ... NA ExtndAdml 134.76 -0.70 -6.5 IntlVal 40.79 -0.45 8.6 SmCapInst 108.44 -0.72 -5.8
FdInvA 79.84 -0.18 -0.9 Calamos Funds Edgewood Growth Instituti Contra 20.40 -0.01 -2.2 Harbor Funds PIMCO Funds Instl GroIncAdml 97.50 -0.17 -4.4 LifeGro 44.64 -0.14 1.1 SmCapIstPl 313.00 -2.08 -5.8
GwthA 71.47 -0.07 -4.0 MktNeutI 15.10 +0.02 1.3 EdgewoodGrInst 41.99 -0.06 -5.3 ContraK 20.47 -0.01 -2.2 CapApInst 105.04 -0.19 -7.6 IncomeFd NA ... NA GrwthAdml 194.68 -0.47 -7.8 LifeMod 31.72 -0.07 1.2 STIGradeInst 10.39 +0.01 1.8
HI TrA 9.80 +0.01 1.7 CausewayInst Federated Hermes Int CpInc 10.04 +0.01 -0.1 JHF III DispVal Price Funds HlthCareAdml r 79.39 +0.04 3.3 PrmcpCor 33.77 -0.11 1.0 STIPSIxins 24.87 +0.02 2.3
ICAA 56.80 -0.16 -1.3 CausewayInst 21.35 -0.24 15.0 TtlRtnBdI 9.49 +0.01 2.5 GroCo 36.52 -0.07 -9.5 DispValMCI 26.51 -0.12 -1.6 BlChip 172.11 -0.11 -7.6 HYCorAdml r 5.45 +0.01 1.9 STAR 27.86 -0.08 1.4 TotBdInst 9.66 +0.01 2.7
IncoA 25.48 -0.05 5.0 Columbia Class I Fidelity InvGrBd 10.07 +0.01 2.9 John Hancock DivGro 78.27 -0.24 1.8 InfProAd 23.27 +0.04 3.3 TgtRe2020 26.90 -0.03 1.6 TotBdInst2 9.53 +0.01 2.7
N PerA 62.53 -0.23 0.7 DivIncom I 33.51 -0.26 2.0 500IdxInstPrem 197.19 -0.41 -3.4 LowP 40.85 -0.20 0.2 BondR6 13.57 +0.01 2.7 Growth 97.69 -0.15 -7.4 InfTechIdx 288.08 -1.73 -9.5 TgtRe2025 18.95 -0.04 1.4 TotBdInstPl 9.66 +0.01 2.7
NEcoA 59.70 -0.15 -2.3 Dimensional Fds Contrafund K6 30.25 -0.02 -2.6 Magin 14.25 -0.04 -3.9 JPMorgan I Class LgCapGow I 77.55 -0.16 -5.7 IntlGrAdml 109.03 -0.47 7.3 TgtRe2030 38.34 -0.09 1.2 TotIntBdIdxInst 29.19 -0.03 -0.5
NwWrldA 80.65 -0.45 4.6 EmMktCorEq 24.16 -0.15 3.8 ExtMktIdxInstPre 85.00 -0.44 -6.5 NASDAQ 224.57 -0.73 -8.3 CoreBond 10.32 +0.01 2.8 MidCap 93.75 -0.68 -6.0 ITBondAdml 10.34 +0.01 2.9 TgtRe2035 24.26 -0.06 1.2 TotStInst 135.69 -0.34 -3.8
SmCpA 64.96 -0.30 -3.6 IntlCoreEq 16.96 -0.12 10.0 FidSerInt 8.57 ... -1.3 OTC 19.60 -0.01 -8.7 EqInc 24.49 -0.02 2.6 Putnam Funds Class A ITIGradeAdml 8.70 +0.01 2.7 TgtRe2040 43.69 -0.12 1.1 ValueInst 67.67 -0.10 2.5
TxExA 12.36 +0.02 0.4 IntSmCo 21.06 -0.15 8.6 FidSerToMarket 18.46 -0.05 -3.9 Puritn 24.11 -0.02 -3.0 LgCpGwth 74.83 -0.17 -6.1 PutLargCap p 35.35 -0.01 2.9 LarCapAd 131.45 -0.24 -3.5 TgtRe2045 29.98 -0.10 1.0 WCM Focus Funds
WshA 61.92 -0.11 0.9 IntSmVa 24.82 -0.19 13.2 FIDZroLgCpIx 20.17 -0.04 -3.6 SAIUSMinVolIndFd 21.81 -0.06 1.7 JPMorgan R Class Putnam Funds Class Y MidCpAdml 323.39 -1.05 -1.1 TgtRe2050 50.35 -0.18 1.0 WCMFocIntlGrwIns 23.94 -0.21 10.0
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

B10 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

HEARD STREET FINANCIAL ANALYSIS & COMMENTARY

ON
THE

Tariffs Are Risk for Midsize Businesses

Loans to middle-market firms bear watching as policy shifts play out

With the S&P 500 having en- times termed “stroke of the pen” Performance of S&P BDC* Index, pany revenues, versus about 34% neuvers have helped midmarket
tered correction territory, big-com- risk—such as an overnight price year to date for S&P 500 companies, according firms build some cushion. The peak
pany stocks are pricing in the po- surge in a crucial imported input, to data compiled by FS Invest- of maturities of private middle-
8%
tential effects of policies such as or the cancellation of a contract ments, an alternative-asset man- market debts isn’t until 2028, ac-
tariffs in real time. But for a lot of with a government client. ager, making them potentially less cording to tracking by KBRA. Mid-
6
investors, that isn’t where their ex- In a December survey of 1,000 exposed to retaliatory trade mea- market firms also have been
posure ends. midsize companies by the National sures. reducing leverage: Fitch Ratings es-
4
Many big and small investors Center for the Middle Market, 30% Out of roughly 1,900 private timates that across the private mid-
have in recent years gotten into of respondents said they sourced credit middle-market borrowers market companies it tracks, the key
2
funds that lend to middle-market raw materials, components or sup- tracked by ratings agency KBRA, debt-to-earnings ratio fell in 2023
private companies. So those inves- plies from Canada, and 23% sourced nearly 1,100 are in the software, and is thought to have also fallen in
0
tors need to size up their risks in from Mexico. commercial- and professional-ser- 2024, as that data is completed.
that market, too. One area where investors are ex- vices, or healthcare-technology and Yet if more midmarket compa-
Midsize companies are an impor- posed is through business-develop- –2
-services sectors. These industries nies come under some form of
tant barometer of the U.S. economy. ment companies, a kind of fund might be less likely to feel the im- stress, and interest rates stay rela-
Companies with revenue between company that primarily lends to –4 pact of higher imported-materials tively high, it could lead some pri-
$10 million and $1 billion employ midsize private firms. Analysts at Jan. 2025 Feb. March costs. vate-equity owners—known as
roughly 48 million people, accord- Jefferies recently identified 60 *Business Development Company
Investors’ risk might also pri- sponsors—to stop putting resources
ing to the National Center for the companies within the universe of Note: Latest data is March 18. marily be via loans to these firms, toward the most troubled handful
Middle Market, a research center borrowers from publicly listed Source: S&P Global not their equity. As long as compa- of them.
based at Ohio State University’s BDCs that they believed were the nies are still able to pay their debts, “A continued high-rate environ-
Fisher College of Business. That most likely to create issues related day, more than the S&P 500’s 3.5% lenders are unlikely to face ultimate ment will result in sponsors think-
compares with roughly 30 million to “Trump 2.0” policies. These in- drop as of then. losses. ing twice about continuing to sup-
people who work for S&P 500 com- clude government spending cuts, “I think the market is generally But one thing that middle-mar- port companies with challenged
panies, according to FactSet com- import tariffs and immigration discounting complete policy uncer- ket borrowers share is that they business models or broken balance
pany data. policy. tainty,” says Jefferies analyst John typically take on more debt relative sheets,” says Lyle Margolis, head of
On the larger end, firms of that This exposure isn’t necessarily Hecht. to their income than bigger invest- private credit for corporates at
size can be small-cap or even mid- overwhelming. Of those 60 names, As with big companies, among ment-grade companies. So if tariffs Fitch Ratings.
cap public companies. But many only nine represented more than which there can be winners and and other Trump administration Investors see big-company stock
won’t be publicly listed. So inves- 5% of the net asset value of funds losers from tariffs, there is also di- policies do push overall price levels prices every day. And they might

.
tors’ exposure can often be through that held those debts, according to versity among midmarket portfolio higher and lead to fewer Federal talk to small-business owners when
funds that lend to them. the Jefferies report. Still, investors companies. Investors might even Reserve rate cuts, it would cut they grab a bite to eat or visit the

ly
A concern with smaller compa- are now pricing in wider discounts gain some defensive positioning widely across the space. laundromat. But the less-visible
nies is whether having a more to BDCs’ holdings. with exposure to midsize firms: The Fed’s interest-rate cutting middle might still end up being im-
“monoline” business can make The S&P BDC Index was down Foreign revenue makes up about up to this point has helped on that portant to them.
them vulnerable to what is some- on
about 5.6% in March as of Wednes- 16% of private middle-market com- front, as refinancing and other ma- —Telis Demos

Nvidia’s Big Show Hits Marks but Plays to Tough Crowd

us ,
l
e
al a

Nvidia is doing just fine. Lately,

ci on

it has seemed harder to convince

the world of that simple truth.
The world, to be sure, has
changed a lot over the past year
since Nvidia hosted its previous
er s

GTC conference. Political and eco-

nomic instability both domestically
m er

and globally have made investors

edgy and damped the appetite for
riskier tech stocks in particular.
The Nasdaq Composite was down
nearly 8% for the year to date
m rp

ahead of Nvidia Chief Executive

Jensen Huang’s Tuesday GTC key-
note address, having more than
doubled in 2024.
The company’s stock slid again
co Fo

by more than 3% Tuesday. The

stock clawed back some of that
ground on Wednesday and Thurs-
day, but Nvidia is still down 11.7%
for the year compared with a blis-
tering 81% gain at this point last
year. The five other megacap tech
giants commanding market caps
above $1 trillion have averaged a
9.5% drop so far this year.
JUSTIN SULLIVAN/GETTY IMAGES

For its own business, Nvidia also

has had to contend with worries
about increased competition and
n-

developments such as China’s

DeepSeek, which has made claims
that seem to undercut the need to
spend billions on Nvidia’s GPU
no

chips to produce advanced AI mod- Nvidia stock is down 11.7% for the year compared with an 81% gain at this point of 2024. CEO Jensen Huang at Nvidia’s GTC conference Tuesday.
els and tools.
Huang answered both at this Wednesday. In his re- sector with nearly mance and the expectations that Chip makers free cash flow,

57%
year’s GTC, spending a good por- port, Mark Lipacis of $61 billion in trailing the past creates for the future. Sev- past four quarters
tion of his keynote address demon- Evercore ISI said op- 12-month free cash eral analysts noted that the big an-
strating that the sort of AI reason- erators of major data flow, triple that of nouncements from this year’s con- Nvidia $60.9 billion
ing popularized by DeepSeek centers have told him Broadcom and 25 ference—including the Blackwell
actually requires more-powerful that Nvidia has an Wall Street projects times as large as Ad- Ultra chips coming later this year TSMC 26.5
computing capabilities. “The under- eight-year lead over vanced Micro De- and the new Vera Rubin chips
standing of R-1 was completely competitors.
Nvidia’s revenue to vices. Nvidia also launching in the latter half of next
wrong,” he told financial analysts CoreWeave, a pro- increase this much seems to have plenty year—were largely as expected. Broadcom 20.7
on Wednesday, speaking of the vider of AI-focused this fiscal year. of room to throttle up Wall Street expects Nvidia’s rev-
open-source large language model data centers, said in its own investment; enue to grow 57% to a little more Qualcomm 12.7
that DeepSeek developed. initial-public-offering the company’s annual than $205 billion this fiscal year,
As far as the competition goes, papers filed earlier R&D outlay is only which is impressive for a company AMD 2.4
analysts roundly agree that Nvidia this month that it uses only GPU 10% of revenue, compared with an that size but still half the pace that
remains far ahead. “The roadmap chips from Nvidia because “our cur- 18% average for chip companies on Nvidia managed last year.
Marvell 1.4
looks really solid, and their capabil- rent customers have contractually the PHLX Semiconductor Index, ac- Strong chip companies often test
ity gap vs competitors across their specified our use of Nvidia GPUs.” cording to data from S&P Global the laws of physics, but even the
entire massive stack continues to Rivals will have a hard time clos- Market Intelligence. best among them can’t always fight Intel –15.7
widen,” wrote Stacy Rasgon of ing that distance. Nvidia’s financial Nvidia’s toughest competitor the laws of gravity.
Bernstein in a note to clients on muscle is unmatched in the chip seems to be its own past perfor- —Dan Gallagher Source: S&P Global Market Intelligence

Markets prediction for U.K. interest

rates over the next two years
4.5%
Don’t Be Fooled by Forecasts: Central Banks
4.4
Current level
Are Reluctant to Cut Rates Further
4.3 Investors have come to terms ministration, as well as the Ger- 60% possibility of three or more preset path over the next few
with the idea that interest rates man push for fiscal stimulus, will cuts, according to CME FedWatch. meetings,” the BOE’s minutes
won’t fall back to anywhere near add to worldwide inflation even Fed Chair Jerome Powell also noted.
4.2 where they were in 2022. How- while the U.K. economy remains said his “base case” was that the That isn’t surprising. Central
ever, even modest expectations for tepid. central bank will be able to look bankers’ greatest fear is to make
a few more cuts this year may be Similar concerns were present through the temporary impact of the same mistake as in the pan-
4.1 on perilous ground. in the projections issued by the tariffs. Likewise, investors think demic by declaring a source of in-
On Thursday, the Bank of Eng- Federal Reserve Wednesday. These there will be two more rounds of flation as “transitory” only to
4.0 land held borrowing costs steady showed the U.S. faced more risk of loosening in Britain, BOE figures backtrack. No matter if the initial
at 4.5%. The decision was notably higher unemployment and quicker show. assertion ultimately proved some-
close to unanimous: 8 out of 9 rate inflation than previously expected. Absent a full-blown recession, what correct.
3.9 setters agreed on a pause, com- Yet markets reacted positively though, even this measured The BOE’s reluctance to help a
May 2025 ’26 pared with the 7-to-2 vote last to the forecasts still showing two amount of monetary stimulus may weak British economy offers a
month for a quarter-point cut. rate cuts in the U.S. this year. That never come to pass. broader lesson: Monetary policy is
Note: Based on forward overnight indexed swaps BOE officials now fear the tariff is even though derivatives con- “There was no presumption often fighting yesterday’s war.
Source: Bank of England war unleashed by the Trump ad- tracts actually price in a roughly that monetary policy was on a —Jon Sindreu
 MANSION
For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

$60 Million Jason

Priciest condo in Alexander
downtown How the bullied,
Manhattan sells. shy kid became a
M2 star. M12

HOMES | MARKETS | PEOPLE | REDOS | SALES THE WALL STREET JOURNAL. Friday, March 21, 2025 | M1

This five-bedroom oceanfront listing on Sanibel Island,

Fla., was hit by Hurricane Ian in 2022, then Hurricanes

CLOCKWISE FROM TOP LEFT: VISUALPRO (2); ZILLOW; CALFIRE; VISUALPRO

Helene and Milton in 2024.

Selling After a Disaster

.
ly
on
With a mix of tenacity and very creative marketing copy, real-estate agents are determined to sell their
hurricane-, fire- and landslide-hit listings, even if they need a chainsaw to get to them
us ,

BY NANCY KEATES roof failed during one of the storms, and the California and the mountains of North Carolina.
l
e
structure should be raised up a little, says the Real estate that used to be an easy sell has now
al a

‘W
elcome to your dream renova- listing agent Yvonne Burnham of DomainRealty. become trickier to gussy up, especially when the
tion project!” She says “most of the value is in the land,” which smell and sight of charred buildings is still fresh
ci on

That’s the pitch on the listing is worth about $4 million, because it is an acre or neighborhood businesses are still closed years
for a five-bedroom oceanfront with direct access to the beach and expansive after disaster has struck.
mansion selling for $6.5 million on Sanibel Island, ocean views. Making a sale in these areas even more diffi-
an area on the west coast of Florida that was rav- Hurricanes, fires, landslides and floods have all cult is an increased awareness of the risks of cli-
aged by Hurricane Ian in 2022, and then hit again taken a toll on some of the country’s most mate change. According to a Redfin-commis-
er s

by hurricanes Helene and Milton in 2024. sought-after living locations, from white sandy sioned Ipsos survey of 2,000 homeowners and
The home sustained water damage when the beaches in Florida to breathtaking peninsulas in Please turn to page M6
m er
m rp

This home in Pacific Palisades burned Over two months later, the home’s listing did not
in the January fires. mention the home was no longer there.
co Fo
n-
no

Living the Western OFF THE MAP. YET ON OUR

RADAR.
Scotland Dream Hidden gems are our specialty. Our global collection
includes exclusive properties that are often off
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The rugged area west residence that feels like a private oasis, contact your
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of Glasgow is suddenly
a very hot market

BY RUTH BLOOMFIELD

JENNY RIDDELL DREAMED of

owning a Scottish castle for 30
years. Last year, her dream fi-
nally came true.
In August, Jenny, a retired
nurse, and her husband, Sean
Riddell, the former CEO of a
medical-technology company,
bought Cove Castle, a seven-bed-
room, roughly 4,700-square-foot
home built in 1867 on the shores
of Loch Long. “It is like some-
thing out of a Disney film,” said
Jenny. “I love history and old
properties, and there is some-
thing so intriguing about a cas-
tle, particularly one beside a
loch.”
JO HANLEY FOR WSJ

During their hunt for a castle, Find your agent at BHHSLuxuryCollection.com

location was as important as
©2025 BHH Affiliates, LLC. Real Estate Brokerage Services are offered through the network member franchisees of BHH Affiliates, LLC. Most franchisees
looks for the Riddells. Their main are independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service
marks of Columbia Insurance Company, a Berkshire Hathaway affiliate. Equal Housing Opportunity.
home is in the town of Ripon, in
Jenny and Sean Riddell at their home, Cove Castle Please turn to page M9
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M2 | Friday, March 21, 2025 NY / NE THE WALL STREET JOURNAL.

LUXURY AUCTIONS PRIVATE PROPERTIES

SELLING WITHOUT RESERVE!

April 5
Delray Beach, FL

Lakefront Estate in
Gated Community

April 10   

Three Properties: at Least One Selling Without Reserve!

May 14
Castries, St. Lucia

Luxe, 3-Acre Caribbean

Villa with 270° Views Condo Sale Sets a Record for
800.262.5132 PL  A  . 
Refer to PlatinumLuxuryAuctions.com for relevant disclaimers and brokerage information for these luxury auction® properties.
Downtown Manhattan
A West Village condo has
sold for $60 million in an off-
SELLERS: Harsh and
market deal, making it the

auction
ONLINE

.
Purvi Padia
priciest apartment ever sold

ly
BUYER: Unknown
in downtown Manhattan.
Financier Harsh Padia
and his wife, Purvi Padia,

ANACAPRI ESTATE

TORTOL A , BRITISH VIRGIN ISL ANDS

on purchased the apartment for
$29.1 million in 2016 from
Witkoff, the building’s de-
veloper, property records
us ,

show.
l
e
al a

SOLD

$60
ci on

MILLION
6,000 sq. ft., 5 bedrooms
Eric Brown and Zeve Sal-
man of Compass, who rep-
er s

The Padias didn’t respond resented the buyer of the

to a request for comment. Padias’ home, declined to
m er

The buyer’s identity name their client. They said

couldn’t be determined. they have a long list of po-
ONLINE AUCTION BEGINS MON., MARCH 31ST
The duplex has Hudson tential buyers looking to
River views and over 3,200 live in new buildings down-
m rp

square feet of private, land- town, such as 150 Charles

scaped terraces. and the nearby Greenwich
The unit’s centerpiece is a Lane condominium.
curved sculptural staircase. The Padias’ terraces in-
Built around 2013, 150 creased the unit’s desirabil-
co Fo

Charles is one of the newest ity, Brown said.

LISTED FOR $3.495M, STARTING BID ONLY $1M!
condo buildings in the his- In the West Village, “a
• 4 Bedroom, 4 Full & 2 Half Baths 3,177± Sq. Ft. Estate • Fully Furnished toric West Village. It has turn-key waterfront prop-
• 3 Distinct Alfresco Dining Areas • Upper Level Primary Suite w/Balcony drawn residents such as mu- erty with significant out- downtown that we used to wich Village sold for $72.5
• 2 Ensuite Guest Bedrooms on Main Level with Private Balconies sician Jon Bon Jovi and ac- door space is incredibly only see in Midtown on Bil- million last year.
EVAN JOSEPH/EVAN JOSEPH STUDIOS (3)

• Lower Level Guest Suite w/Bedroom, Bathroom, Kitchen & Dining Area tor Ben Stiller, and resales hard to find,” he said. lionaires’ Row,” he said. The record price for Man-
• Heated Infinity-Edge Pool • Multiple Gardens • Remote Security System there have commanded re- “There are only a handful.” The sale tops private-eq- hattan is $238 million, paid
• Whole-House Generator • 40,000 Gallon Cisterns • UV Water Filtration cord prices. The deal speaks to how uity executive Robert F. by hedge-fund manager Ken
(866) 924-5294 In 2023, a penthouse much values have escalated Smith’s $59.058 million pur- Griffin in 2019 for a condo
tied to former Credit Suisse downtown, according to Pe- chase at the Getty building at 220 Central Park South.
INTERLUXE.COM/WJBVI executive Robert Shafir sold ter Zaitzeff of Serhant, one in Chelsea in 2018. Jim St. André of Com-
for $52 million, far more of the agents who repre- But townhouses have pass represented the sellers
n-

This property is listed for sale by Akeem Wheatley - Emerald Properties BVI
- (284) 541-6861. Not a solicitation for listings or offer to sell real property. than the $29.38 million it sented the sellers. traded for more; a double- along with Zaitzeff.
Interluxe provides advertising and online bidding services only. For full terms
please visit www.interluxe.com. traded for in 2016. “We’re seeing prices wide townhouse in Green- —Katherine Clarke
no

NEW TO MARKET ON THE MARKET ON THE MARKET

N. Kingstown, RI

Providence, RI
Barrington, RI

55 Pleasant Street $4,500,000 6 White Birch Lane $3,495,000 303 Laurel Avenue $3,395,000
Wickford Village 5 BD 4F 2H BA Rumstick Point 5 BD 4F 2H BA Blackstone Blvd 6 BD 3F 2H BA
Parker & Bill Sizeland | LDC 401.862.7428 Elizabeth Kirk | K|S Team 401.225.0371 Kira Greene 401.339.5621

NEW TO MARKET ON THE MARKET NEW TO MARKET

Smithfield, RI

Westerly, RI
Exeter, RI

6 Cavalry Drive $2,100,000 129 Purgatory Road $1,850,000 15 Rabbit Run $1,595,000
Waterfront | Set on 7 Acres 3 BD 3F 1H BA Exeter Country Club | 14 Acres 4 BD 3F 1H BA Misquamicut Waterfront 3 BD 2 BA
James Hall 401.639.9953 Jason Vickers | LDC 401.783.2400 Lori Joyal | LDC 401.742.1225

BA R RI NGTO N B LO CK I SL AND CHARLESTOWN JAMESTOWN LIT TLE COMPTON

N A R R AGA N S E T T NE WPORT PROVID ENCE SOUTH KINGSTOWN WATC H HILL
Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in
                                                          
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | M3

PRIVATE PROPERTIES

A German Castle Goes on the Market

German entrepreneur Jan Hen-
ric Buettner was head of AOL Ger-
many in the 1990s and a Califor-
nia venture capitalist in the early
2000s. In 2005, he decided to add
castle owner to his résumé.
That fall, the Hamburg native
paid 7 million euro for the Weis-
senhaus estate, a beachfront prop-
erty on northern Germany’s Baltic
coast with a 26,900-square-foot
castle and some three dozen other
structures. Now the 185-acre
property has come on the market
with an asking price of €185 mil-
lion, or about $201 million.
About 71 miles northeast of
Hamburg, the Weissenhaus estate
is located in an eponymous vil-
lage. “Maybe the new owner can
even claim the surname ‘von
Weissenhaus,’” says Buettner, 60.
He bought the property from the
von Platen-Hallermunds, a Ger-
man aristocratic family who had
first acquired it in the 18th cen-
tury. The Neo-Baroque castle,
which dates to the late-19th cen-
tury, was being used as an event
space at the time, and many of
the buildings on the estate were
in ruins, he says. Buettner in-
vested about €154 million con-
verting the property into a luxury
resort where he and his wife, 27-
year-old artist Holly Buettner, FOR SALE than other residential properties
spend a few months every year. AROUND in Germany. “In my 35 years in
Buettner initially stayed in the
$201 the real-estate industry, I never

.
castle when he came to the prop- heard of a luxury property getting

ly
erty, but now he and his wife have
a 430-square-foot pied-à-terre in
MILLION close to this price range,” says
Stephan Kippes, managing direc-
185 acres, about 40 buildings,
a stately building known as the tor of Munich’s IVD Institute, a
2 miles of beachfront
Kavaliershaus. In addition to serv-
ing as his home, the Kavaliershaus
also contains the resort’s break-
fast room.
its 16 bedrooms into a primary
suite and four or five larger bed-
on real-estate research organization.
Weissenhaus comes with 2
miles of beachfront and 4.5 miles
of hikeable trails. Among its ame-
us ,

Julia Scharfe, who has the list- rooms, Scharfe said. The property nities: a spa complex, a music stu-
ing along with Sylt/Sotheby’s also has a number of residential dio, and a water recycling facility.
l
e
Thorsten Möller, says that the structures, including a 4,300- Buettner divides his time be-
al a

gated estate is ideally suited to square-foot villa completed in tween Weissenhaus, a Hamburg
serve as a private compound, of- 2022; a 19th-century brick bakery apartment, an Italian home on
ci on

fering a well-heeled family both that is now a five-bedroom home; Lake Maggiore, and a private na-
seclusion and security. A future and a two-bedroom garden villa, ture reserve in South Africa’s
owner could convert the castle it- finished in 2017. Western Cape province, where he
self into a home by reconfiguring The estate is priced far higher prefers to spend much of his time.
er s
m er
m rp
co Fo

FROM TOP: KOLJA ERDMANN (2); MICHAEL POLIZA (2)

He is selling Weissenhaus, he mies, or G-7, a matter of months

says, so he can put the sizable after Russia invaded Ukraine. Dig-
proceeds into the 600-acre Afri- nitaries such as U.S. diplomat Vic-
can property. toria Nuland and German foreign
In 2022, Weissenhaus was minister Annalena Baerbock took
taken over by a different kind of up residence. “We had a great
elite when it hosted a meeting of view on everything,” Buettner
Buettner spent millions converting
n-

the foreign ministers of the Group says.

the estate into a luxury resort.
of Seven major advanced econo- —J.S. Marcus
no

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Broker must accompany client during client’s initial visit to each community. Both the client and Broker must execute the Developer’s Registration Form on the initial visit. Broker must also execute the Developer’s Broker Participation Agreement. Each community is owned, developed and sold by a separate and distinct entity, and no entity is responsible for, or has any obligation or liability for, any other entity. Valencia Ridge is being developed and sold by Pasco
County Associates I, LLLP, a Florida limited liability limited partnership. Valencia Harbor is being developed and sold by Lee County Homes Associates I, LLLP, a Florida limited liability limited partnership. Valencia Sky is being developed and sold by Naples Associates VI, LLLP, a Florida limited liability limited partnership. Valencia Trails is being developed and sold by Naples Associates IV, LLLP, a Florida limited liability limited partnership. Valencia Parc at Riverland® is
being developed and sold by Riverland Associates IV, LLLP, a Florida limited liability limited partnership. Valencia Walk at Riverland® is being developed and sold by Riverland Associates II, LLLP, a Florida limited liability limited partnership. Valencia Grand is being developed and sold by Boynton Beach Associates 30, LLLP, a Florida limited liability limited partnership. This advertisement is a solicitation for the sale of Lots at Valencia Grand THE COMPLETE
OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO. CP22-0092. N.J. Reg. No. 22-04-0011. Valencia Ridge, Valencia Harbor, Valencia Sky, Valencia Trails, Valencia Parc, Valencia Walk, and Valencia Grand are designed for residents aged 55 & older and are intended to meet the exemption under the Federal Fair Housing Act. A purchase in one community does not grant any rights to use any of the recreational or other
facilities and amenities of any other community. Facilities and amenities vary between communities and are subject to change at any time without notice. No representation or guarantee is made as to the timing of construction of the facilities and amenities. See a sales associate for details. This is not an offering in states where prior registration is required. Equal Housing Opportunity. All rights reserved. ©2025 1100-938 1-24-25 1100-936 2-7-25
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M4 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

PRIVATE PROPERTIES
Mark Stewart is the new
CEO of Goodyear Tire &
Rubber, so it’s fitting that
he owns a home built by an
early auto-industry titan.
With an indoor pool and a
hidden bar, the circa-1926
Detroit house was built
during a glittering era of
Motor City parties—but
these days, the ballroom is
usually used for karaoke,
said Stewart.
ture is original to when the
FOR SALE Fishers owned the house,

$7 said Stewart, who believes

it may have been used as a
MILLION speakeasy during Prohibi-
tion. Stewart and Gamez-
24,000 sq. ft., 15 bedrooms,
Galaz added another speak-
ballrooms, hidden bar
easy-style bar in a third-
floor entertainment area,
Stewart bought the red- which has a home theater
brick Tudor in 2022 for and a piano room.
$4.9 million with his hus- The couple refurbished
band, Antonio Gamez-Galaz, the original Waterford
and the two spent over $3 chandeliers and Baccarat
million restoring and reno- sconces in the living and
vating the house. dining rooms, Stewart said.
Now that Stewart and
Gamez-Galaz are moving to
Ohio, where Goodyear is
based, they are reluctantly
Goodyear CEO Lists in Detroit One fireplace mantel in the
great room had been re-
moved by a previous owner,
so they used an old photo
saying goodbye to the square-foot estate is lo- almost a century ago for Detroit Historical Society. years ago. to commission a replica.
home. They are putting the cated in the historic Palmer Alfred J. Fisher of Fisher During the Fishers’ owner- The house retains origi- When the couple bought
15-bedroom mansion on the Woods neighborhood, said Body Company, an influen- ship, their daughter Alma nal details including the house, Stewart was the
market for $7 million, mak- listing agent Alex Chapman tial early automotive-manu- was married in the ball- stained-glass windows im- COO of Stellantis, the par-
ing it the most expensive of @properties Christie’s facturing company that was room, said Stewart, who ported from Europe, hand- ent company of car compa-
home for sale in the city. International Real Estate later purchased by General was acquainted with Alma painted silk wall coverings, nies including Chrysler and
The roughly 24,000- REMI. The house was built Motors, according to the before she died several and a circa 16th-century Jeep. When he was tapped
English fireplace mantel, as the CEO of Goodyear in
said Stewart. There is an January 2024, they consid-
indoor fountain in the ered keeping the house, but

.
“palm room.” In the 1920s, they are not spending as

ly
WSJ’s
it was fashionable to have much time there as they
such spaces for showing off would like, said Stewart.
tropical decor, Stewart said. “It’s definitely with a
on The library has its original tear in the eye that we de-

Take On
built-in oak bookcases, cided to put it on the mar-
hand-painted ceilings and ket,” he said.
large fireplace. The house set a Detroit

The Week
us ,

In the billiards room on record when Stewart

the first-floor, a hidden bar bought it, and now he is
l
e
can be closed up into the aiming to top that, said
al a

wall, said Stewart. The fea- Chapman. But his asking

price isn’t unheard of for
ci on

the area. The most expen-

sive home sale in the De-
troit area was a $10.1 mil-
lion deal for a historic
house about 12 miles north-
er s

west in Bloomfield Hills in

2023, said Chapman. Homes
m er

in Palmer Woods sold for

an average $550,000 in the
last 12 months, about the
same price as the year
m rp

prior, said Chapman.

Your Leg Up on the Markets —Sarah Paynter

co Fo

WSJ’s Take On the Week brings you the insights LISTEN NOW
and analysis you need to understand the world
of money and investing. This weekly podcast cuts
through the noise and dives into markets, the

and business news ahead, all so you can make

SASHA MARCETA/SKYVIEW EXPERTS (4)

smarter investing decisions and take on the week

Hosted by WSJ’s Telis Demos
and Gunjan Banerji. New episodes drop Sundays.

Listen now wherever you get your podcasts.

n-

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no
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THE WALL STREET JOURNAL. Friday, March 21, 2025 | M5

.
ly
on
us ,
l
e
al a
ci on
er s
m er
m rp
co Fo
n-
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M6 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

MANSION
1,159-square-foot home starts with
“Location, location, location.” Ac-
LIST PRICE cording to the listing, the home’s
$2.25 MILLION benefits include a 180-degree view
of the ocean and the fact that
plans to remodel and fix minor
land-movement damages have been
submitted to the city. However, the
listing fails to mention that much
of the neighborhood currently has
no power or gas service, since it
was cut off for safety reasons by
the utility companies last year. The
house will be sold “as-is,” but it is
unclear if it has had power and gas
restored and the listing agent de-
clined to comment.

Selling In a Nearby, in an area of Rolling

Hills where the risk of land move-
ment also prompted a shutoff of

Disaster Zone gas and power to some of the

homes, a four-bedroom, 3,165-
square-foot house that is listed for
Continued from page M1 $3 million is touted as an “oppor-
renters in September 2024, 56% of tunity to go completely off Grid
Millennials and 50% of Gen Z say and Green.” After sitting on the
climate change affects where they market since June, the price was
choose to live. However, only 31% lowered by around $1 million from
of Boomers and 40% of Gen X This estate with ocean views and a rich history is in Portuguese Bend, one of the areas hardest hit by the recent its original listing price of $4.15
cared, says Daryl Fairweather, Palos Verdes Peninsula landslides. An area in front of the home caved in from the fissures. million. It is currently in contin-
Redfin’s chief economist. These gency, which means certain terms
results mirror the results of a re- damaged, but it is surrounded by the property. million. It didn’t mention that the must be satisfied before the deal
port Redfin released in 2022 rubble, he says. With the con- Some old, pre-disaster listings house was destroyed in the can close. The potential buyer isn’t
showing that home buyers with struction traffic that will inevita- are still on real-estate sites even fire. “It helps also if you are sell- an investor but someone who
access to flood-risk data bid on bly come over the next few years, after the home has been de- ing land to have a few photos of plans on living there, says listing
lower-risk homes. he says “it will be difficult. Every- stroyed. Sellers want the insur- how the house looked before the agent Leslie Stetson of Berkshire
When it comes to areas hit by thing is completely burnt down.” ance companies to be able to ac- fire if they want to build it back Hathaway HomeService.
natural disasters, the balance be- The seller wants to keep the cess the listing images and details like it was before,” she says. Stetson says it was tough sell-
tween marketing and truth can be house on the market, which to see how much a house was In the Portuguese Bend Beach ing the property without utilities,
delicate. To best serve their sell- means Shkurenko will have to fig- worth, says Susan Kastner, a real- Club neighborhood of Rancho Palos and that she has never advised
ers, and to make the offerings ure out the appropriate price. He estate broker with Compass. She Verdes, Calif., one of the most im- anyone to buy or not in an area
more attractive to buyers, real-es- says he hasn’t heard from any has a listing in Pacific Palisades pacted areas of continuing land- where there is land movement.
tate agents are deploying a range buyers in the Palisades right now, that, two months after the Pali- slides on the Palos Verdes Penin- “I’m not a geologist,” she says.

.
of strategies to try to show homes except for bargain hunters who sades Fire, was still showing up sula, the marketing blurb for a However, the house is in a peace-

ly
in a positive light. But they usu- have called offering $400,000 for on Zillow as for sale for $5.959 $2.599 million, two-bedroom, ful area with stunning views, she
CLOCKWISE FROM TOP LEFT: CHARLIE RAINE; EMILY CRISTIANO; CALFIRE; RYAN LAHIFF

ally point out, often toward the says. “There are people who are
bottom of the listing description, willing to take a risk,” she says.
sometimes subtly, that there
might be some “issues.”
The wildfires that devastated Pa-
cific Palisades, Malibu and Altadena
on LIST PRICE
$2.35 MILLION
“A person is free to make any de-
cision they want.”
Some real-estate agents in the
landslide area are taking a more
us ,

in January created an especially hands-on approach to selling

tricky challenge for real-estate damaged properties by getting es-
l
e
agents. Ruslan Shkurenko, an agent timates and lining up contractors
al a

with Carolwood Estates, has a list- for measures they say could make
ing for a two-bedroom, 1,708- homes physically less vulnerable
ci on

square-foot home in the Pacific Pal- to land movement.

isades asking $2.35 million. The Charlie Raine is the listing
marketing touts it as being located agent for a $2.25 million, five-
in “one of Los Angeles’s most desir- bedroom, 4,000-square-foot house
able neighborhoods,” but that lan- in Portuguese Bend, also one of
er s

guage will have to change, he says. A two-bedroom, 1,708-square-foot house, shown before and after the wildfire that devastated the Pacific the hardest hit by the recent Pa-
The house was only partially Palisades in January, is surrounded by burned homes. los Verdes Peninsula landslides.
m er
m rp
co Fo
n-
no

Who adopted who?

Adopt a teen.
You can’t imagine the reward.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, March 21, 2025 | M6A

MANALAPAN, FL HUTCHINSON ISLAND, FL NAPLES, FL PALM BEACH, FL

MLS# RX-11062637 | $150,000,000 MLS# RX-11034492 | $21,000,000 MLS# 225006142 | $20,995,000 MLS# RX-11045340 | $16,500,000
Jack Elkins, 561.247.2165 Betty Schneider, 561.307.6602 & The CVJ Team Jack Elkins, 561.247.2165
Edward Zakarian | Raya, 561.847.0380 Joseph Caveney, 978.549.9195

NAPLES, FL NAPLES, FL NANTUCKET, MA AMAGANSETT, NY

MLS# 225011355 | $10,995,000 MLS# 224046747 | $10,750,000 MLS# 91882 | $7,995,000 MLS# 910854 | $7,775,000
J2 Luxury Group, 617.320.8253 J2 Luxury Group | Jim Craft, 617.320.8253 Jim Houghton, 508.228.9206 Bill Stoecker, 516.818.4904
Gregory Sofranko, 239.877.1966 & Jeremy Poulos, 239.770.6640

.
ly
GREENWICH, CT
on
NAPLES, FL NAPLES, FL NAPLES, FL
MLS# 122125 | $6,850,000 MLS# 225007173 | $6,700,000 MLS# 224041450 | $5,950,000 MLS# 225010195 | $5,195,000
us ,

Stacy Young, 917.816.6733 Laurie Bellico, 239.293.9389 John & Anthony Turco, 239.233.4453 John & Anthony Turco, 239.233.4453
l
e
al a
ci on
er s
m er

NAPLES, FL PALM BEACH GARDENS, FL WARWICK, NY CARLISLE, MA

MLS# 225001882 | $4,595,000 MLS# RX-11069417 | $3,599,000 MLS# 824790 | $3,199,999 MLS# 73298755 | $2,800,000
m rp

Joan Crompton, 239.565.4856 Chas Berle, 561.981.1072 The Kerwar Team | Jason Kerwar Kevin Balboni, 978.697.0468
Karl Faerber, 239.248.1961 914.469.9737 & Diane Madden, 914.261.5909
co Fo

LINCOLN, MA NAPLES, FL HAMDEN, CT GUILFORD, CT

MLS# 73337188 | $2,795,000 MLS# 225019694 | $2,600,000 MLS# 24054098 | $2,375,000 MLS# 24060226 | $2,000,000
Steven White, 781.690.6433 Joe Muni, 239.273.9571 The Gulino Team Agota Perry Hill, 505.463.2036
n-

Eric Bergers, 860.770.3835

no

SOUTHBURY, CT NAPLES, FL WOODBURY, CT NORWALK, CT

MLS# 24033586 | $1,975,000 MLS# 225016804 | $1,799,900 MLS# 24075060 | $1,675,000 MLS# 24068302 | $1,495,000
Ron Nettleton, 203.217.4979 Gina Monteiro, 239.404.0868 Julie Tsai, 203.273.5966 Joe Balestriere, 203.216.0670
Danielle Smith, 239.398.0910

STONINGTON VILLAGE, CT NEW LONDON, CT LYNN, MA HOBE SOUND, FL

MLS# 24062772 | $1,495,000 MLS# 24073531 | $1,160,000 MLS# 73346888 | $1,295,000 MLS# RX-11056184 | $1,100,000
Carlos Reyes, 917.971.8821 The Hillyer Team Sean Connelly, 781.910.6261 Seaside Living Group
Edward Hillyer, 860.235.3424 Tara Goldstein, 561.951.5757

CT | FL | MA | NY | SC
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M6B | Friday, March 21, 2025 NY THE WALL STREET JOURNAL.

120 ONEIDA DR , GREENWICH, CT 123 BUT TS HOLLOW RD, MILLBROOK, NY

Exclusive, gated Indian Harbor Association custom Exceptional equestrian property, once a Carnegie
built 2015 home with unique 30-car garage. family estate, on 185 unrestricted acres.
$13,200,000 | M 203.667.3887 $12,950,000 | M 845.242.6314 | M 917.680.8933

890 BALD MOUNTAIN, AUSTERLITZ , NY 85 BIRCHALL DR , SC ARSDALE, NY

Elevated rustic masterpiece on 85 acres, this Exceptionally private Manor home with an
”Smart Home” compound is minutes to Hudson. inviting circular courtyard and so much more.
$8,950,000 | M 518.894.7656 $6,000,000 | M 914.584.3476

11 HEATHCOTE RD, SC ARSDALE, NY 15 HELENA AVE, L ARCHMONT, NY

Rare opportunity to own a premier 3.5 acre 262 BRUSHY RIDGE RD, NEW C ANA AN, CT Spectacular Mediterranean-style home designed
estate with pool, court and guest cottage. A truly exceptional home of unparalleled grandeur by architect Robert Keller in Larchmont Manor.
$5,300,000 | M 914.629.1940 and sophistication. Over four acres of pristine $5,195,000 | M 914.420.8665
grounds in a desirable location, this magnificent
property is a true masterpiece. This classic eight-
bedroom home has been thoughtfully designed to
the highest standards, seamlessly blending its rich
history with modern luxury.
$9,500,000 | M 203.858.5039 | M 203.644.0026

29 LOCK WOOD RD, OLD GREENWICH, CT

PUT THE POWER OF THE #1 BROKERAGE 490 NORTH ST, GREENWICH, CT

N O R T H O F N YC T O W O R K F O R YO U
Stylish five-bedroom Contemporary home with Architecturally significant, modern five-bedroom
stunning pool, Ipe wood decks & private backyard. home with pool on one Mid-Country acre.
$4,995,000 | M 203.570.3361 $4,595,000 | M 203.257.4870

.
ly
30 MILBANK AVE, GREENWICH, CT
The 1854 Robert Mead House in downtown
Greenwich. Magnificent. Expansion possibilities.
on
70-98 RYAN RD, PINE PL AINS, NY
Intoxicating 343 acre Farm with charming barns,
tasting room and Dutch Schultz’s distillery.
12 KONA RD, DARIEN, CT
Beautiful five-bedroom home offering the perfect
blend of luxury, tranquility and convenience.
177 OLD BRIARCLIFF RD, BRIARCLIFF MANOR, NY
A unique blend of classic Williamsburg Colonial
architecture and modern upgrades.
8 WALDEN LN, RYE, NY
Welcome to this private, picturesque front porch
home nestled in a quiet cul-de-sac.
$4,595,000 | M 203.536.4997 $4,500,000 | M 917.755.2640 $4,400,000 | M 203.273.0410 | M 203.253.4188 $4,300,000 | M 914.215.3508 $3,695,000 | M 914.450.2559
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181 L AMBERT RD, NEW C ANA AN, CT 5 VINCENT LN, ARMONK, NY 4 MORRIS CT, RYE, NY 968 L AKE AVE, GREENWICH, CT 5 CR AMPTON RD, BRONX VILLE, NY
This estate exudes timeless elegance while Incomparable Manor on 5.21 acres is the Intelligent design and modern comfort in this Sunny five-bedroom Mid-century home with Completely rebuilt and expanded this home is an
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embracing modern luxury. quintessential sanctuary in coveted estate area. spectacular Center Hall Colonial on 0.56 acre. open floor plan and pool on 4.79 acres. essay in elegant finishes and modern design.
$3,650,000 | M 203.918.4487 | M 203.801.8059 $3,600,000 | M 914.659.6200 $3,545,000 | M 914.329.5329 | M 646.352.1701 $2,895,000 | M 203.536.5534 $2,895,000 | M 914.659.5856
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2 SOUTH RD, L ARCHMONT, NY 300 WEST L AKE BLVD, MAHOPAC , NY 805 OAK WOOD RD, MAMARONECK, NY 40 NORTH RD, BRONX VILLE, NY 400 WHITE OAK SHADE RD, NEW CANAAN, CT
A stunning Tudor in the heart of Larchmont’s Awesome Adirondack-style lakefront with 190 Orienta Contemporary on a private cul-de-sac Pristine condition Colonial with five bedrooms Beautifully renovated home with a spacious flat
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prestigious Rouken Glen hamlet. feet of private shoreline and panoramic views. with idyllic front porch and in-ground pool. and six bathrooms featuring a wonderful layout. yard and oversized barn.
$2,895,000 | M 914.420.8665 $2,750,000 | M 914.548-1843 $2,499,000 | M 914.980.2879 $2,495,000 | M 914.715.6052 $2,395,000 | M 203.858.5039

50 OVERLOOK RD, CHAPPAQUA , NY 98 VERBANK RD, MILLBROOK, NY 70 STR AT TON RD, SC ARSDALE, NY 205 RIVER RD, BRIARCLIFF MANOR , NY 16 FOX HOLLOW LN, GARRISON, NY
Elegant six-bedroom Colonial Tudor on a coveted A classic antique Farmhouse. This well-proportioned Picture-perfect home nestled on a beautifully Stunning 5 bedroom, 3.5 bath Colonial, renovated Country Carriage-style home offers charm and
Chappaqua street, blending charm and luxury. home features spacious rooms. maintained .46 acre level lot close to all. by a highly regarded Westchester builder. natural light. Stone walls, gardens and pool.
$2,195,000 | M 917.224.7989 | M 914.629.1940 $2,149,000 | M 914.879.8423
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$2,250,000 | M 203.561.8075 $2,250,000 | M 917.680.8933 $2,095,000 | M 845.661.5438

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1286 ROUTE 9D, GARRISON, NY 100 NORTH ST, RYE, NY 10580 400 ROSEDALE AVE, WHITE PL AINS, NY 8 DUTCHESS COVE, HOLMES, NY 468 C AMBY RD, VERBANK, NY
Storybook French Normandy manor house with Custom renovated Colonial with fantastic layout, Classic brick beauty invites you into a world of Immerse yourself in a lakeside paradise at this Sunrise Hill is a stunning, home sited on 15 acres
iconic stone entrance. Minutes to Cold Spring. in walking distance to Rye train and schools. timeless beauty, elegance and refinement one-of-a-kind home on Lake Dutchess. offering privacy and views.
$1,999,000 | M 914.548.1843 $1,895,000 | M 914.282.3274 | M 914.374.0715 $1,879,000 | M 914.497.7937 $1,725,000 | M 917.734.8307 $1,375,000 | M 914.673.8161

6 GR ANDVIEW RD, RIDGEFIELD, CT 54 HOY T ST, SOUTH SALEM, NY 27 GALL AGHER LN, PLEASANT VALLEY, NY 215 INWOOD RD, SCARSDALE, NY 8 TAMANNY TR AIL DANBURY, CT
Inviting Colonial-style residence located on a Modern Adirondack home with stunning views, Designed for gatherings & getaways, this 5 bedroom Meticulously maintained four-bedroom Cape Stunning 5 bedroom, 3.5 bath residence with
great cul-de-sac neighborhood street. chef’s kitchen, and a beautiful deck. home unfolds across an open, light-filled layout. home in the Edgemont School District. exceptional high-end construction & modern design.
$1,375,000 | M 203.770.8591 $1,349,000 | M 914.318.4992 $1,295,000 | M 518.526.9734 | M 917.767.7705 $1,075,000 | M 914.843.8535 $925,000 | M 203.947.5803

543 MAIN ST, #700, NEW ROCHELLE, NY 2 OSBORNE CT, YORKTOWN HEIGHTS, NY 11 PROSPECT RD, YONKERS, NY 10705 7 FOUR FIELDS CT, WAPPINGERS FALLS, NY 42 LIME MILL RD, LAGR ANGEVILLE, NY
Spacious 3 bedroom, 2.5 bath top floor Condo with This stunning contemporary Colonial is a nature Three-bedroom home ready to be completed Appreciate the aesthetics of a well-built living Move-in-ready Colonial on cul-de-sac, featuring
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$875,000 | M 914.403.0617 $859,000 | M 845.590.8968 $819,000 | M 917.859.0331 $750,000 | M 845.453.1674 $699,900 | M 914.522.1185

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Charming home on two acres with stunning Charming 3 bedroom, 2 bath with distant lake This beautifully maintained Ranch nestled on Well-maintained two bedroom, two bath with on market value,
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@HOU LIHANL AWRENCE @HOULIHANRE @HOULIHANL AWRENCE Source: OKMLS, GMLS, CGNDMLS, SMARTMLS, 1/1/24 . 12/31/24, Total Volume Sold by company, Single Family, Westchester, Putnam, Dutchess, Columbia and Fairfield Counties combined.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY / NE Friday, March 21, 2025 | M7

MANSION
The Tuscan-style estate, with
ocean views and a rich history,
saw its front outdoor space cave
in from the fissures. To address
that issue up front, Raine included
in the marketing blurb that the
owner has “fought back” by in-
stalling what are called “helical”
piers, which seem to be working,
the listing says.
Raine also points out to pro-
spective buyers that he has had
engineering plans developed for
putting the home on steel beams
and the plans are “available to use
should the piers not suffice.” That This home on a ridge in Linville,
would cost under a million dollars N.C., left, was under contract to
to implement, he says. The home, sell when Hurricane Helene hit.
which had a price cut of $250,000
in January, hasn’t had power or plans and desires and time frames,
gas since last summer. There are no matter what’s going on in the
people interested, mostly for the world,” she says. “It’s a full-court
home’s history and the character press for us.”
of its 100-year-old architecture. Art Carter, CEO of California Re-
“The integrity of the design is still gional MLS, a multiple listing ser-
there and people who appreciate SALE PRICE vice with over 100,000 members,
that can see that, but it’s still not $14 MILLION says his group has a staff of 20
a cheap house.” He says he tries to people who actively police listings
educate prospective buyers on the to ensure agents aren’t submitting
possibilities of how they can fur- nearby Fort Myers Beach is “the the deal, she had to drive to physically getting to the houses she items that violate the National As-
ther save the home. “It’s not the house suffered no damage from re- Charleston, S.C., so she could more had listed to see what kind of dam- sociation of Realtors Code of Eth-
end of the world,” he says. cent hurricanes,” meaning the 2024 effectively communicate since age they sustained. To keep the ics, which stipulates honesty and
The marketing blurb of a differ- hurricanes Helene and Milton, but there was no internet or phone prospects viable, she’s had to coor- truthfulness. Fines for violations,
ent home Raine is marketing in the not necessarily 2022’s devastating service available at the time near dinate everything from enlisting which can range from violating the
Seaview neighborhood of Rancho Hurricane Ian, real-estate agents the listing. “All we had was AM ra- neighbors with chain saws to re- Fair Housing Act to using copy-
Palos Verdes warned that it had say. Another code term is “As Is dio,” she says. The house closed move trees to getting roofs re- righted photos without permission,
been adversely affected by the land Where Is,” which means the prop- for $14 million but it was a stress- paired to securing propane tanks. are between $100 and $2,500, he
movement, but assured potential erty is being sold as it is and limits ful four days. Her connections with contractors says. There has been leeway in the
buyers that “there are methods the seller’s liability regarding the Wright says in the storm’s after- helped her clients get things done areas impacted by the wildfires in
available to retrofit the foundation condition of the property. math, the crucial element has been more quickly. “People still have California in recent months be-
and isolate the affected portion of Marketing is one cause the conditions have been so
the home from the movement.” challenge for agents in difficult, but he says the group is
The Seaview house has since been disaster-struck areas. working to make sure the informa-

.
LIST PRICE

CLOCKWISE FROM TOP LEFT: CAYTON PRODUCTIONS; MARILYN WRIGHT; PETER MCMENAMIM
red tagged, meaning it is officially Closing existing sales af- tion on the listings is up to date.
$1.895 MILLION

ly
uninhabitable. ter a disaster is another. Natural disasters can make sell-
To help spur sales, real-estate Marilyn C. Wright, a ing a home even miles away diffi-
agents in hurricane-prone areas of real-estate agent with cult. Gayle Probst has a listing for
Florida’s west coast are position-
ing themselves as resources to
help owners make homes more
stormproof. Tiffany Burns, a real-
Premier Sotheby’s in
Asheville, N.C., had a
listing under contract in
nearby Linville, N.C.,
on a four-bedroom, 2,497-square-foot
house for $1.895 million in a
neighborhood called Ladera Linda,
about a mile from the current ac-
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estate adviser for Premier So- when Hurricane Helene tive landslide affecting a part of
theby’s International Realty who struck in September the Seaview neighborhood on the
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is based in Captiva, Fla., says her 2024. The 5,200-square- Palos Verdes Peninsula.
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team has a list of what she calls foot, four-bedroom, The house has only been on the
mitigation options, like elevating stone-and-timber home, market a short time, and she
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the house or putting in floodgates perched on over 5 acres thinks it will sell, but it might
over doors and windows, that on a ridge and built in take more time than it would have
they suggest to potential buyers. 2007, had only generator otherwise because people don’t
The language of the listings in power. It was on a road understand the boundaries of the
storm-struck areas can require a littered with fallen trees. slide area. “People think all of
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careful read: one stock phrase in Homes nearby had their This home is in Ladera Linda, about a mile from the current active landslide Seaview is falling off the hill but
listings on Sanibel Island and roofs blown off. To close affecting a part of the Seaview neighborhood. The house isn’t in a slide zone. it is not. It’s ridiculous,” she says.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M8 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

MANSION
BY JESSICA FLINT
LIST PRICE
$7.46 MILLION
W
hen entrepreneur Sandy
Lawrence set out to HOUSE
build a home on the OF THE
side of a rocky hill overlooking
Napa Valley, she envisioned some-
WEEK can be darkened without window
coverings,” Lawrence says.
thing that looked like it was
growing out of the landscape. Eco cred
So she built, quite literally, Rammed earth is a construction
from the ground up. process that uses largely local,
The home was completed in natural materials, which, as com-
2002 using a green building tech- pared with some conventional
nique called rammed earth that building materials, are not as en-
uses moist natural materials— ergy-intensive to produce and
which can include clay, sand and have a reduced carbon footprint
gravel—to form solid walls. Three due to lessened transport.
The thick walls are also energy
efficient and have kept Lawrence’s
heating and cooling costs low.
“The temperature inside the
house is comfortable most of the
year,” says Lawrence.

caves on Lawrence’s property pro-

vided some of the materials.
In 1997, Lawrence bought three
contiguous land parcels for
A Rammed-Earth
$863,000, according to public re-
cords. She eventually built on the
largest one, which spans roughly
70 acres. She estimates construc-
Home in California Renovation costs
In 2010, Lawrence slightly ex-
tion cost roughly $500 to $600 panded the house’s footprint us-
per square foot. Rammed earth is ing 18-inch-thick rammed earth
more expensive than traditional The Napa house, completed in 2002, was constructed blocks. “It looks like the rest of
building for many reasons, includ- using a green building method the house, but in a brick format,”
ing labor costs, says Lawrence, she says. She also remodeled the
kitchen and some bathrooms. She

.
who is in her 70s and has owned Francisco-based architect Michael believes the renovation costs were

ly
businesses like a Michelin-star Baushke and built by late Napa- around $1,200 per square foot.
restaurant. based architect David Easton, who
The layout features a was a leading expert in Market snapshot
on great room with floor- THE SPECS the modern-day rammed In January 2025, Napa’s median
to-ceiling glass doors 4,382 sq. ft. earth method. home sale price was $850,000, ac-
that open to a pond, a 3 bedrooms, cording to Redfin. That is up
formal dining room with 4 baths Can’t-miss features about 36% since January 2020,
us ,

a fireplace, a kitchen 75.3 acres Walls are not usually a when Napa’s prepandemic median

OPEN HOMES/SOTHEBY’S INTERNATIONAL REALTY (4)

that is minimalist in showstopper—but they home sale price was $625,000.
l
e
style (but not in terms of fea- are here. Ranging from 8- to 24- Cody Warren Avetoom, a real-
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tures, as there are two ovens and inches thick, the walls have a estate agent with Sotheby’s Inter-
two dishwashers) and an office rough side and a smooth side. The national Realty – St. Helena Bro-
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with built-in bookshelves. The pri- texture adds to the house’s natu- kerage in St. Helena, Calif., is this
mary suite has a wood-burning ral look and feel. property’s listing agent along with
stove and media center with a wet Throughout the house are 35 Jeffrey Earl Warren.
bar; the room opens to a patio. doors, many of which open to the
There are two other en suite bed- outside but have inside shutters.  A new House of the Week
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rooms. “The shutters are an amazing fea- drops every Friday at WSJ.com/
The house was designed by San ture because many of the rooms RealEstate.
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Smokey Bear is
within us all.
For wildfire prevention tips, visit
SmokeyBear.com
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. NY Friday, March 21, 2025 | M9

MANSION

Wild West
Scotland
Continued from page M1
the north of England, where they
are directors of a pharmacy-tech
company. They wanted a reason-
able drive to their Scottish sec-
ond home, and to be close to
Sean’s family, many of whom are
based around Edinburgh.
This brought them to Argyll
and Bute, a 2,667-square-mile re-
gion of lochs, islands and wild
coastline, just west of the city of
Glasgow, over 90 miles from Ed-
inburgh, and a four-hour drive
from Ripon. The area includes two government buying taxes. The
part of the Loch Lomond and the Land and Buildings Transaction
Trossachs National Park, one of Tax is charged at rates of up to
Scotland’s two national parks. Its 12%, depending on the value of
720 square miles are notable for the property. Buyers of second
their varied mix of highland and homes also pay the Additional
lowland landscapes, mountains Dwelling Supplement of 8%.
and lakes (or lochs), and rich Then there is Council Tax, lev-
wildlife, from red deer to pere- ied by the local government to
grine falcons. The Riddells’ castle was built in 1867 and hugs the pay for local services such as re-
Demand from a steady wave of shore of Loch Long. Tartan accents fill the living room. fuse collections. Rates vary de-
returning expats, second-home pending on the value of the prop-
owners, and commuters from erty, but across Argyll and Bute
100 miles
Glasgow is steadily pushing ORKNEY
the annual payment for an aver-
100 km
prices upward in both the region age home stands at about $2,100.
of Argyll and Bute, as well as Second-home owners, whatever
neighboring Renfrewshire. North Sea their nationality, pay a 100% sur-
According to the latest U.K. charge.
House Price Index, the U.K. gov- Currie points to the region’s
S
DE

ernment’s official record of prop- Inverness relative value for money com-
RI

erty sale prices, average prices in Aberdeen pared with Scotland’s “central
HEB

Argyll and Bute increased by 8% S COTL

COT L A N
NDD belt,” the area between Glasgow
between November 2023 and No- and Edinburgh. Prices in the cen-

.
vember 2024. The growth rate Dundee tral belt grew between 8% and

ly
dipped slightly to 5.9% between NORTH ARGYLL 15% between March 2020 and
AT L A N T I C AND BUTE
December 2023 and December OCEAN
September 2021, he said, making
2024. Average sale prices in Ren- Glasgow Edinburgh western Scotland look like excel-
frewshire, which is immediately
west of Glasgow, are up 10% over
the period ending December
2024.
on NORTHERN
IRELAND
Belfast ENGLAND
lent value. Recent homes sold by
Currie include a 300-acre estate
close to the town of Oban. It went
to a family from Glasgow looking
us ,

Meanwhile, average prices to make a lifestyle change by

Source: Argyll and Bute (administrative area) ANNA DEEN/WSJ
across Scotland grew by almost moving about 100 miles out of the
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7% and England saw growth of city. The five-bedroom, approxi-
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4.3% in the same period. split their time between their two seen a steady stream of buyers from North America or Australia, mately 4,090-square-foot house
Cove Castle was listed for of- homes. such as the Riddells moving to drawn to the unspoiled ruralness was listed for offers over $1.94
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fers over $1.52 million. Jenny and Jenny said the nearest town, Scotland from England. Some are of Argyll and Bute, says Currie. million.
Sean ended up paying slightly Helensburgh, is half an hour away retirees while others plan to con- “Some have Scottish heritage, Another factor in Scottish price
JO HANLEY FOR WSJ (3)

over $1.8 million to secure the and has basic shops. Glasgow is tinue working. “You can commute others have been on holiday here growth is its sales system. Rather
property. Since the August 2024 45 minutes away. back into Glasgow quite easily, or and just fallen in love,” he said. than listing a property with an
purchase, the couple have set Over the past couple of years, they are looking to work from “They also see that they can get a asking price or guide price, homes
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about redecorating and installing Jamie Currie, an estate agent at home,” he said. lot of space here.” are usually listed with an “offers
a new kitchen. They now plan to Galbraith Group estate agents, has Overseas buyers tend to come These international buyers face Please turn to page M10
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MAKE REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA
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This project has been filed in the state of Florida and no other state. This is not an offer to sell or solicitation of offers to buy
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opportunity OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS
certain conditions. Rosewood does not assume any responsibility or liability in connection with the condominium.
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M10 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

MANSION

David van der Hoeven. above, at his home near the

village of Dalmally, about 67 miles west of Glasgow. In
2007, van der Hoeven bought the 104-acre plot of land
overlooking Loch Awe, right, and built the 7,000-
square-foot home.

Continued from page M9 and don’t want big places

over” price tag and buyers are en- which cost a lot to heat,
couraged to make their best offer regardless of their
to secure it. Most homes which wealth.”
go over the “offers over” price The allure of life in Ar-
are sold at 5% to 10% more, said gyll and Bute inspired Da-
Currie, although some go far vid van der Hoeven to
higher. spend millions of dollars
“Anything with a coastal view and some 14 years build-
is doing very well,” he said. “Peo- ing a contemporary second
ple are paying between 12% and home there.
16% over the price for those prop- “It feels remote,” he
erties.” said. “It is a lovely combi-

.
The buyers looking for a home nation of feeling that you

ly
in Argyll and Bute who come to are in the middle of no-
Kevin Maley, director of country where, yet you can still get
house sales at estate agent Rettie, a supermarket delivery. It
tend to be in their 40s or 50s
from either Scotland or England.
Many, he said, have retired early
or work from home, freeing them
on is a really, really easy
place to live. I prefer the
west coast to the east
coast, because the east coast of
us ,

up to live where they please. Scotland is too twee and full of

“They can sell quite an expensive LISTINGS lawyers and bankers from Edin-
l
e
property down south, and prices burgh.”
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up here do not compare so they Van der Hoeven, 56, is a direc-

can buy something substantial tor of a financial-planning com-
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and significant, with land,” he pany and his main home is in a

said. village some 20 miles west of
Popular locations, says Maley, central Glasgow. In 2007, he spent
are the villages close to Argyll about $311,000 on a 104-acre plot
and Bute’s most scenic tourist of land overlooking Loch Awe,
er s

towns, places such as Helens- near the village of Dalmally, 67

burgh, Oban, Campbeltown, and miles northwest of Glasgow. He
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Rothesay. Like Currie, he says went on to spend around $3.25

that a water view is always million building his roughly
sought after, and buyers should 7,000-square-foot house, designed
expect to pay from around Offers over $546,000 Offers over $585,000 by architect Murray Kerr, founder
m rp

$650,000 for a historic period A three-bedroom, three-bathroom traditional cottage A five-bedroom, four-bathroom townhouse within a of London-based practice Denizen
house with four bedrooms and a is on Lismore, a roughly 10-square-mile island close former hunting lodge overlooks Loch Fyne. The house Works.
couple of acres of land. to the town of Oban. The 1,914-square-foot house has was recently converted into three separate homes in- The house took two years to
JO HANLEY FOR WSJ (4); SAVILLLS (MILLBANK, CLUNITER); RETTIE & CO (ACHNABA); TONY HARDLEY (LISMORE)

Traditionally, homes on Argyll walled gardens and is set in open countryside. cluding a 2,421-square-foot house, set within land- build and was completed in 2021.
and Bute’s chain of islands have Agent: Bell Ingram scaped gardens. It is in the village of Achnaba, about Van der Hoeven, plus his family
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been less accessible and therefore 77 miles from Glasgow. Agent: Rettie and friends, now use it during the
less expensive than those on the weekends. The 67-mile journey
mainland; Getting to islands such from the house to Glasgow takes
as the Isle of Arran or Islay re- around an hour and 40 minutes.
quires a ferry ride. “Years ago, Given Argyll and Bute’s current
there would have been a very big popularity with buyers such as
price differential, but thanks to van der Hoeven and the Riddells,
changes such as the internet and there is always a risk that this au-
working from home, I think the thentic, peaceful getaway could
islands have now caught up,” said slowly become a victim of its own
Maley. “Prices are very similar to success. Across the U.K. and Eu-
the mainland.” rope, there are countless exam-
n-

Maley said that the homes that ples of peaceful beauty spots that
are currently getting the highest have evolved into overpriced,
bids tend to be in good condition overcrowded tourist hot spots.
and ready to move into. “People Offers over $845,000 Offers over $748,000 “I think it is a long, long way
no

are a bit more wary of buying A historic five-bedroom, three-bathroom house over- A five-bedroom, three-bathroom Victorian manor on from that happening,” said van
older properties which have not looking the Firth of Clyde, Cluniter was built in 1851 the Isle of Bute overlooks the Firth of Clyde. The der Hoeven. “I can never say
had work done to them,” said Ma- and measures 3,639 square feet. The property is 3,715-square-foot property, named Millbank, has never but it is not a fashionable
ley. “They want something man- close to the village of Innellan, about 40 miles west plenty of original features including wood panelling place yet. It is not full of trendy
ageable and efficient. They are of Glasgow. Journeys to and from involve a short and a cast-iron staircase balustrade. The backyard coffee bars and wine bars. It is
very aware of the environment ferry ride. Agent: Savills measures 2.5 acres. Agent: Savills still pretty rugged.”

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

THE WALL STREET JOURNAL. Friday, March 21, 2025 | M11

PRIVATE PROPERTIES

When the Art has world to acquire pieces.

In 2007, they paid about
$1.1 million for land in a gated
American art.
They spent roughly $3.4 mil-
lion building the South Caro-

A Room of Its Own golf community in Six Mile,

S.C., about 30 miles west of
Greenville. They started build-
lina house, completing it in
2010. Outdoor entertaining
spaces allowed the Garveys to
ing a vacation house on the host parties of up to 80 people,
In a clifftop South Carolina market for $8.9 million. They 5.88-acre lot, with plans to John said. In 2021, for example,
home, a sculpture of a man ap- are returning to Chicago, eventually relocate there from they hired a bluegrass band to
pears to gaze at a wooden where they own an art-filled Chicago. perform outside at their annual
carving with a small house at condo, to be closer to their In 2008, while driving from “Garvey Renaissance Weekend”
its center. sons and granddaughter, said family reunion.
Sarah and John Garvey Sarah. FOR SALE After John retired in 2022,
built their house around the
piece, “Casa Blanca,” by Ar-
“I said to my kids—‘Bury
me here. Put my ashes here,’ ” $8.9 the Garveys made South Caro-
lina their primary home. But
gentine artist Raul Diaz. They
relate to the sculpture as they
Sarah said of the roughly
10,000-square-foot South Car-
MILLION when their granddaughter was
born, they decided to buy a
10,000 sq. ft., 6 bedrooms,
look back on their lives, said olina house. “But I tell you, vacation home on Lake Michi-
wine room, man cave
Sarah, a retired Boeing execu- you fall in love with these ba- gan, which is more convenient
tive and board to the family in Chicago.
member at the Art  ’Casa Blanca,’ by artist Raul Chicago to Six Mile, they dis- While most of the art isn’t
Institute of Chi- Diaz, has a dedicated space covered “Casa Blanca” at an for sale, they have decided to
cago. The couple art gallery in Charlotte, N.C. include “Casa Blanca” in the
spent years fo- bies and you kind of want to They immediately knew they listing price, John said, be-
cused on work, be part of their lives a little wanted it for their new house, cause it is integral to the
she said, but the bit more.” paying $24,000 for it; the ap- home’s design. “I love the
FROM TOP: INSPIRO 8 STUDIOS; BEN IVANS MEDIA

piece is a re- Sarah is a Texas native but praised value is currently piece so much,” said Sarah,
minder that “the John, a retired consultant, is about $36,000. but “I know I could procure
real meaning of from Chicago, where the cou- A space off the great room another piece by him.”
what life is, it’s re- ple raised their two sons. in the house was designed Beau Sylvester and Michael
ally home and the They have collected art for specifically to display “Casa Schultz of Herlong Sotheby’s
family.” years: Sarah started in col- Blanca,” John said. The dining International Realty have the
Now that same lege, when she scraped to- room was also custom built to listing.
message is gether about $200 from odd display art. It has two alcoves; —Sarah Paynter
prompting them to jobs to buy her first contem- one displays a Mark Alsterlind
put the six-bed- porary sculpture. Now the painting and the other holds  See more photos of notable
room house on the Garveys travel around the statues, glass items and Native homes at WSJ.com/RealEstate.

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Distinctive Properties

.
To advertise: email [email protected] or WSJ.com/classifieds

ly
DISTRICT OF COLUMBIA FLORIDA

on
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l

C U R AT I N G T H E
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Extraordinary A#REAL
4 R EESTATE
A L E POWERHOUSE
S TAT E T E AWITH
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[email protected]
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81 SEAGATE DR #PH20 9235 GULF SHORE DR #PH-01

NAPLES, FL NAPLES, FL

C A L L F O R D E TA I L S
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JUST SOLD

7515 PELICAN BAY BLVD #9C 285 GRANDE WAY #1406

NAPLES, FL NAPLES, FL
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2716 36th Place NW | Observatory Circle | $3,850,000

Renovated 1925 center-hall Colonial in Observatory Circle with 6 bedrooms, 4.5 baths, and over 4,800 sqft
of refined living. Elegant interiors with three fireplaces, chef’s kitchen, four levels of living space, a seamless
indoor-outdoor flow, and detached two-car garage.
no

2400 GULF SHORE BLVD N. #PH-3 266 BAREFOOT BEACH BLVD #201
NAPLES, FL BONITA SPRINGS, FL

3910 Hillandale Court NW | Georgetown 2602 36th Place NW | Observatory Circle 239.316.3883
Under Contract in One Day | List Price: $2,500,000 Sold in One Day for $1,900,000
Elegant corner townhome in Hillandale with $600K in This classic 1925 Tudor in Observatory Circle
W W W. D AW N M C K E N N A G R O U P. C O M
renovations, 3BR, 4.5BA, soaring ceilings, a gourmet featured 4 bedrooms, 3.5 baths, high ceilings, rich @ T H E DAW N M C K E N N AG R O U P
kitchen, and a luxe primary suite. Features a media millwork, and a deep, lush lot with a private deck and
room, private patio with outdoor kitchen, and access detached two-car brick garage. FLORIDA | ILLINOIS | MICHIGAN | U TA H | WISCONSIN
to Hillandale’s premier amenities.
©2025 Coldwell Banker and the Coldwell Banker logos are trademarks of Coldwell Banker
Real Estate LLC. The Coldwell Banker System fully supports the principles of the Fair Housing Act
©2025 TTR Sotheby’s International Realty, licensed real estate broker. Sotheby’s International Realty and the Sotheby’s and the Equal Opportunity Act. Owned by a subsidiary of Anywhere Real Estate Inc. Coldwell
International Realty logo are registered service marks used with permission.
Banker, the Coldwell Banker Logo, Coldwell Banker Global Luxury, and the ColdwellBanker
Global Luxury logo are registered service marks owned by Coldwell Banker Real Estate LLC.

DISTINCTIVE PROPERTIES
SELECT RESIDENTIAL LISTINGS FRIDAYS IN MANSION

LIST YOUR PROPERTY TODAY

(800) 366-3975 | [email protected]
For more information visit: wsj.com/classifieds
© 2025 Dow Jones & Company, Inc. All Rights Reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

M12 | Friday, March 21, 2025 NY THE WALL STREET JOURNAL.

MANSION

HOUSE CALL | JASON ALEXANDER JASON’S MOMS

Favorite house spot? My office

A Shy Guy Who upstairs. I can write in here, and I

have a piano, bass and guitar,
though I play none of them well.

Became George Hobby? Ceramic pottery. It’s Zen. I

have a studio in part of our garage.
Working with my hands on some-
thing completely clears my head.

On ‘Seinfeld’ Mom? She was a short, redheaded

woman who was boss of the
house. And my biggest fan.

The ‘Electric State’ actor on being bullied as a kid, Estelle Costanza? When Estelle
falling in love with Broadway and living in the Harris was cast to play George’s
mom on “Seinfeld,” I couldn’t be-
house he bought before the sitcom became a hit lieve it. I turned to Larry, who had
met my mom, and said, “You cast
my mother!”

T
he “Seinfeld” line that jobs to pay off what he owed.
probably best sums up my At an early age, I’d return from
childhood is when George school to a neighbor’s house or to
gives Jerry a tip on how to beat a mine as a latchkey kid. When I “The Burning,” along with Holly
polygraph test: “Just remember, was born, my half-siblings were 14 Hunter. Shooting ran over into the
it’s not a lie if you believe it.” and 20, so I spent most of my early fall, so BU suggested I take
I lived a lot of my childhood in youth as an only child. the semester off.
a self-created fantasy that I too At 6, I experienced three back- I ultimately left BU, moved to
often tried to present as reality. It to-back events that cemented me New York and platonically shared
was a defensive reflex to cope. I as a frightened, overwhelmed kid. an apartment with Holly. In 1981, I
didn’t think I was lying. First, my Uncle Abe, who I was was cast in Broadway’s “Merrily
My family first lived in a two- very close to, died prematurely. We Roll Along.” Near-constant
story house on a corner lot in Ma- Shortly after that, I came home to work followed.
plewood, N.J. My mother, Ruth, find our house completely cleaned At my “Seinfeld” audition in
was a hospital nurse and eventu- out. I thought my parents had 1988, the few pages I was given
ally a nursing educator. She was abandoned me. Instead, thieves had read to me like Woody Allen, so I
the breadwinner and often cased our place and looted it. A read them like Woody. Larry Da-
worked until 6 or 7 p.m. few months later, my father had a Above, Jason Alexander in 2023. At left, Alexander with his mother, Ruth vid brought me to L.A. to meet
When my father, Alexander, massive heart attack and was hos- Greenspan, in 1961. Jerry Seinfeld and read for NBC.
married my mom, he was deep in pitalized for months. Kids weren’t Today, I live with my wife,
debt. His first wife passed away allowed in, so I barely saw him. away in Livingston. My mom had children’s theater with the Push- Daena, in Los Angeles. We bought

.
from a long and expensive illness, Previously, I was so thin you already started a nursing school cart Players. our English cottage-style house in

ly
so he sometimes worked multiple could count my ribs. By the time I at a nearby medical center. A dad in the audience was a TV 1992, even though “Seinfeld” wasn’t
was 7, I was 25 pounds While I had escaped the bullies producer who wanted to shoot a yet a solid hit. The down payment
heavier. I was an easy tar- and could reinvent myself, I didn’t pilot based on our plays. I had to had taken me 20 years to earn.
get for bullies. on know anyone in town and still join the actors union, which gave Dad died in 2002, and Mom

FROM TOP: REBECCA J. MICHELSON; JASON ALEXANDER (FAMILY PHOTO)

At age 7, I watched wasn’t outgoing. One hot day, I me a chance to change my family passed away six years ago. They
Mark Wilson perform was in the community pool when name, Greenspan, a target of teas- looked a lot like my “Seinfeld”
magic on TV with his a cute girl asked, “Can you sing?” ing. Mom named me Jay but parents—Frank and Estelle
us ,

young son. Magic looked She said the local Livingston called me Jason, so I used Jason Costanza. The difference was
powerful, so I became a Teen Theatre was putting on “The and my father’s first name. The Frank never expressed much af-
l
e
student of magic. The Sound of Music.” At the first re- pilot never became a series, but I fection for George, but my dad
al a

summer before I turned hearsal, I knew “Do-Re-Mi” cold was now a “professional actor.” adored me. I knew it every day.
13, I attended a magic from my sister’s Broadway albums In junior high and high school, —As told to Marc Myers
ci on

camp, but my hands were and was cast to replace the oldest I performed in all the plays and
too small to palm cards or Von Trapp kid. I instantly had a musicals. I started going to Broad- Jason Alexander, 65, is a Tony-
perform simple moves. community of supportive friends. way shows with my drama friends winning actor and director known
That summer, we I knew nothing about acting, and fell in love with “Pippin.” for his roles on “Seinfeld” and
moved to a two-story, but as an introvert, I observed At Boston University, in 1977, I in the film “Pretty Woman.” He
er s

split-level house on a people and their behavior and was a theater major. In my junior appears in Netflix’s new sci-fi dark
half-acre about 15 minutes quirks. At 14, I started doing local year, I was cast in my first film, comedy film “The Electric State.”
m er
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co Fo

JUST NORTH
OF NAPLES
BEACHY,
PRIVATE & A LUXURY
RESIDENCE INSPIRED
ALL YOURS
n-

BY NATURE
no

How cool… to be ferried to your own beach, where umbrellas

dotting perect Gulf sands await. It’s an oh-so-rare resor
lifestyle — yet very private. Not only the beach, but golf, itness,
a theater and sublimely luxurious residences — each with
forever views across the course to the Gulf beyond.

RESIDENCESNAPLES.COM

Now Under Construction • From $12.75 Million • 239-776-3060

NOW UNDER CONSTRUCTION
Five Inspiring Condominium Floorplans • 3,000 to 4,000 SF ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING
REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS,
From the Mid $2Ms • Bonita Springs, Florida MAKE REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA
239-362-9550 • InfinityColony.com STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.

This project has been filed in the state of Florida and no other state. This is not an offer to sell or solicitation of offers to buy
ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS thecondominiumunitsinstateswheresuchofferorsolicitationcannotbemade.EqualHousingOpportunity.Rosewood
OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS MAKE REFERENCE TO THE INFORMATION Residences Lido Key is owned and being developed, offered and sold by WSR—Lido Beach, LLC (“Developer”). The
CONTAINED HEREIN AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, project is not owned, developed or sold by Rosewood Hotels and Resorts, L.L.C. or any of its affiliates (“Rosewood”).
TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. COMMUNITY FEATURES, AMENITIES Developer uses the Rosewood marks pursuant to a license agreement with Rosewood, which may be terminated under
AND PRICING APPROXIMATE AND SUBJECT TO CHANGE WITHOUT NOTICE. © COPYRIGHT 2025. ALL
certain conditions. Rosewood does not assume any responsibility or liability in connection with the condominium.
RIGHTS RESERVED. THE RONTO GROUP®
© Copyright 2025. All rights reserved. The Ronto Group®. Rosewood Hotels and Resorts®.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R1

Best of
Florida
Luxury
Properties

PHOTO COURTESY OF CABOT CITRUS FARMS

Seeking a new home or way of life? Relaxation is on the horizon

.
ly
on
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l
e
al a
ci on
er s
m er
m rp
co Fo

RENDERING BY
BINYAN STUDIO

LIVE THE
n-

The natural beauty of Cabot Citrus Farms will

soon include four golf courses and a selection of
fabulous, sun-drenched homes (top).
When finished, The Delmore in Surfside will
no

feature Florida’s most spectacular swimming

pool — clear acrylic — with swimmers
suspended from the building’s top floors (middle).

INSIDE
Shining New Landmark
A beloved hotel will soon be replaced with
a new version — and you can live there.
PAGE R6
An Immersive Experience
Two condo buildings, designed by health and well-
ness pioneers, can actually be good for you.
PAGE R12

COURTESY OF FONTAINEBLEAU DEVELOPMENT Not Just for Oldsters BINYAN STUDIOS

Elegant retreats like this one in 1 Homes Jupiter Island will be within A beach community for retirees is now so One of Miami’s most exclusive neighborhoods is just offshore, and
driving distance of Palm Beach’s action and culture, but in a more serene vibrant their kids are moving there, too. condos are selling quickly. Half the spacious homes in The Residences
location. Prices range from $11 million to over $27 million. PAGE R14 at Six Fisher Island, due to open next year, are already taken.

COURTESY OF RITZ-CARLTON RESIDENCES, PALM BEACH GARDENS

The resort lifestyle and gorgeous views of The Ritz-Carlton Residences, Palm Beach Gardens, are so enticing, early buyers are convincing their friends to join them.

The Wall Street Journal news organization was not involved in the creation of this content.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R2 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

Best of Florida Luxury Properties

SEASIDE LIVING
GETS EVEN
MORE EXCLUSIVE

Olara, a transformative 26-story waterfront

development in West Palm Beach, presents
275 luxury condominiums ranging from
two- to four-bedrooms plus a den, with
breathtaking views of the Atlantic Ocean, Palm
Beach Island and the Intracoastal Waterway.
Designed by Arquitectonica with interiors by
Gabellini Sheppard Associates, Olara features
over 80,000 square feet of resort-style
amenities, including a waterfront restaurant
by the renowned José Andrés Group, a
private dock with houseboats, two pools and
a 13,000-square-foot fitness center and spa
by The Wright Fit. Just minutes from premier
shopping and dining, Olara seamlessly
blends sophistication with South Florida’s

.
coastal lifestyle.

ly
For more information, please visit
www.olarawestpalmbeach.com or
contact the sales office at 561-448-3015.
on The Delmore, soon rising in Surfside, was designed by London-based Zaha Hadid Architects with luxury in mind. Each of its 37 large units will
RENDERING BY BINYAN STUDIOS

U
contain two kitchens, one for residents themselves and the other for the private chefs or caterers they hire for parties in their elegant new home.
by Julie Bennett
us ,

ltra-luxury condominiums on Miami’s sandy beaches are in such demand that

l
e
al a

one development company is coming all the way from Dubai to build one.
The Delmore is a 12-story building planned by DAMAC International of the
ci on

United Arab Emirates in Surfside. A few blocks to the south is The Perigon, a
17-story residential tower with 72 exquisite oceanfront residences on Collins
Avenue developed by Mast Capital and Starwood Capital.
er s

Future residents of the Perigon will enjoy thoughtful SIGHTS TO SEE

m er

details like a dedicated guard house, separate elevators Zaha Hadid Architects in London designed The
and entrances for service and delivery people, a garden Delmore with external materials inspired by the nearby
walkway designed after the Tuileries Garden in Paris sandy beach. The building’s north and south wings will
m rp

and $2 million for-purchase guest suites for staff or visit- be separated by a flow-through canyon leading from
ing in-laws. Director of Sales Philip Freedman says the the porte-cochère to the glass-roofed double-height
building, due for completion in 2027, is 75% presold. lobby, and out to the oceanside meditation garden.
Remaining units start at $10.54 million, with one pent- Suspended between the wings, a dozen stories high, will
house available for $37 million. be a 75-foot-long swimming pool. The clear, acrylic pool
co Fo

At the smaller Delmore, preconstruction sales and its swimmers will be visible to people walking by on
launched in late January for its 37 spacious residences, Collins Avenue, Sajwani says.
with prices starting at $15 million and going up to $200 A second indoor pool and other amenities, including
million for what DAMAC International’s Managing the meditation garden with waterfalls, open-air yoga ar-
Director Abbas Sajwani says will be “the most sought- eas, a resort-style fitness center and a Pilates studio will
after penthouse in Miami.” be visible and available only to residents. The rooftop
“Before the project was officially unveiled, we had deck that will surround the suspended pool will feature
significant interest from potential buyers,” he relates. lounges and a summer kitchen.
“Outreach to our sales team has and continues to come The majority of residences will have two kitchens: a
in from around the world. Everyone who sees our de-
sign is blown away by its beauty.” Continued on Page R4
n-
no

LUXURY RESIDENCES WITH THE FULL-SERVICE A MENITIES OF A WORLD - CL ASS RESORT

N O W U N D E R C O N S T R U C T I O N · P R I C E D F R O M $ 2 –1 0 M I L L I O N · S C H E D U L E YO U R P R I V AT E P R E S E N TAT I O N
1919 N Flagler Dr, West Palm Beach, FL 33407 · 561-401- 0066 · OlaraWestPalmBeach.com

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA
STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. This is not intended to be an offer to sell, or solicitation to buy, condominium units to residents of any jurisdiction where prohibited by law, and your eligibility for purchase will depend upon your state of residency. All
images and designs depicted herein are artists’ conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown solely for illustrative
purposes. This project is being developed by N Flagler Drive Developer, LLC, a Delaware limited liability company, which was formed solely for such purpose. Olara is sponsored by a Savanna affiliate. Savanna is a proven owner, operator, developer, and institutional fund manager with a 30-
year track record. It has invested in and developed over 17 million square feet of real estate. Other affiliated parties include the Mactaggart Family Partnership, which has invested in and developed premier real estate projects in the United States and England for over 100 years, as well as
Haymes Investment Company and Brandon Rinker. Haymes and Rinker assisted in the acquisition of six of the eight parcels within the assemblage that became the Olara development site and served as development consultants as the site was assembled and the development vision was
finalized. The principals of Haymes Investment Company have owned, operated, and developed millions of square feet of commercial, residential, and retail real estate in New York, Florida, and around the United States. Brandon Rinker has assembled some of the premier sites in the Palm
Beaches. The Condominium has been registered with the Massachusetts Board of Registration of Real Estate Brokers and Salespersons F-1277-01-01. THE COMPLETE OFFERING TERMS ARE IN A FLORIDA PROSPECTUS AVAILABLE FROM THE DEVELOPER. A CPS-12 APPLICATION HAS BEEN ACCEPTED
IN NEW YORK AS FILE NO. CP22-0089. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING. This advertisement is a solicitation for the sale of units in Olara Condominium; N.J. Registration #: 22-04-0012. Equal Housing Opportunity.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R3

Best of Florida Luxury Properties

A HAVEN OF
LUXURY
BINYAN STUDIOS
The lounge in The Residences at Six Fisher Island reflects the understated design flair of Tara Bernerd & Partners in London (left) — while the sunset pool is an oasis residents will never want to leave (right).

The Residences at Six Fisher Island is on the final stretch of Fisher Island’s pristine shoreline

T he global ultra-luxury real estate market is primed for a strong 2025, with the world’s
most elite buyers actively searching for new levels of exclusivity and privacy.
pools, sunbeds, private cabanas and full-service water-
front bars. Its oceanfront wellness center features dedi-
cated spaces for cardio, Pilates, weight training and yoga,
This landmark development is being brought to life while the full-service spa offers saunas, steam rooms,
The Residences at Six Fisher Island, a boutique con-
by real estate powerhouses Related Group, Teddy Sagi, cold plunges and private treatment rooms for complete
dominium located on Miami’s most prestigious private
BH Group and Wanxiang America RE Group, a team re- relaxation and rejuvenation. Additional amenities in-
island, is one property addressing this growing demand.
nowned for delivering some of the world’s most sought- clude a virtual reality game room, multisport simulator,
Just months after breaking ground, over half of these
after luxury residences. interactive children’s playground and a variety of on-de-
opulent homes are already under contract.
Designed by Kobi Karp Architects with interiors by mand services, including a 24/7 concierge, a house car
“The ultra-luxury buyer is largely insulated from day-
the London-based Tara Bernerd & Partners, the project and private transportation on and off Fisher Island.
to-day financial fluctuations, making this segment of the
comprises 50 meticulously crafted residences sprawl- Ownership at The Residences at Six Fisher Island
market exceptionally resilient,” says Nick Pérez, presi-
ing across 10 stories. Layouts range from three to eight includes a coveted lifetime membership to the Fisher
dent of Related Group’s Condominium Division, the
bedrooms, averaging 4,817 square feet, with each resi- Island Club. This exclusive membership grants access
developer of The Residences at Six Fisher Island. “That
dence seamlessly blending the grandeur of a single- to a nine-hole golf course, 18 tennis courts, a deep-
said, residential offerings that truly meet the expecta-

.
family home with the ease of condominium-style living. water yacht marina and a private beach club. Residents
tions of this elite demographic are exceedingly rare.

ly
Expansive terraces, soaring ceilings and panoramic also have access to a range of dining options on the
Fortunately, we secured one of the most coveted parcels
views of the ocean and Miami skyline ensure that every island, including a mix of gourmet restaurants and
in the country and have been singularly focused on de-
residence offers a truly elevated living experience. casual eateries.
livering a residential experience that surpasses anything
else on the market.”
A DREAM TEAM
on Each kitchen is equipped with top-tier Sub-Zero and
Wolf appliances, while the Bernerd-designed bathrooms
boast elegant natural stone finishes. The residences also
“Fisher Island has long been the pinnacle of luxury
in South Florida,” Pérez adds. “With The Residences at
Six Fisher Island, we’re elevating that legacy, offering
Situated on the last available development site within feature private elevator foyers and dual walk-in ward- a world-class property with unparalleled amenities in
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Fisher Island — a 216-acre private enclave just off the robes in the primary suites, with select units offering one of the country’s most exclusive enclaves. With more
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southern tip of Miami Beach — The Residences at Six private pools and outdoor summer kitchens for an en- than half of the residences already accounted for, this is
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Fisher Island represents the pinnacle of waterfront lux- hanced lifestyle. a rare chance for discerning buyers to secure a home in
ury. The project caters to a discerning clientele seeking the island’s final new development.”
FIT FOR A KING
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an exceptional lifestyle, seamlessly blending privacy, el-

egance and a strong sense of community. Every detail, Beyond the residences, the development offers a First occupancy is scheduled for 2026.
from the bespoke interiors to the thoughtfully chosen world-class collection of indoor-outdoor amenities de- Douglas Elliman Development Marketing is the
amenities, has been expertly curated to deliver a refined signed to enrich daily living in every aspect. Spanning exclusive sales partner for the property. For more
and effortless living experience as the island’s most over 1,000 linear feet of private shoreline, residents have information or to arrange a private tour of the sales
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prestigious project to date. access to two resort-style pool decks with swimming gallery, visit 6-fisherisland.com or call 305-328-0002.
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Fisher Island, Perfected

Live on the world’s most private island. Estate-style homes on Fisher Island’s pristine shoreline, steps from the exclusive Fisher Island Club,
with its award-winning golf course, tennis facilities, spa, beach club and restaurants. The Residences’ unprecedented amenities and white-glove service set
a new standard, with five-star dining, resort-style pools, and a waterfront lounge. It’s the pinnacle of coastal living, minutes from Miami but a world away.
NOW UNDER CONSTRUCTION

THREE– TO EIGHT–BEDROOM RESIDENCES FROM 3,800 TO 15,570 SQUARE FEET | PRICES STARTING AT $15M
SCHEDULE A PRIVATE PREVIEW AT OUR NEW DESIGN GALLERY:
808 1ST STREET, MIAMI BEACH, FL 33139 6-FISHERISLAND.COM (305) 328-0002

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503,
FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.
New York Residents: THE COMPLETE OFFERING TERMS ARE FOUND IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO. CP23-0006. WARNING: THE CALIFORNIA DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR
QUALIFIED THIS OFFERING. THIS CONDOMINIUM HAS ALSO BEEN REGISTERED WITH THE MASSACHUSETTS BOARD OF REGISTRATION OF REAL ESTATE BROKERS AND SALESPERSONS F-1279-01-01.
Six Fisher Island Condominium (the “Condominium”) is marketed as The Residences Six Fisher Island and is developed by PRH Parcel 7 Owner, LLC (“Developer” and or “Offeror”), which uses the marks of The Related Group, BH Group, and of Fisher Island under license agreements;
however, neither The Related Group, BH Group, nor Fisher Island is the Developer. All owners of a home in the Condominium approved to become lifetime members in the Fisher Island Club (the “Club”) are granted a lifetime Club membership upon the closing of the Condominium home
purchase subject to the owner meeting and maintaining all eligibility requirements. The Club determines eligibility for membership and the Developer has no control over the Club’s eligibility requirements. The annual dues and or assessments required for Club membership shall be the
member’s cost and is not paid by Developer. The Club membership cannot be redeemed for cash or other goods, services, or materials. This is not intended to be an offer to sell, or solicitation of an offer to buy, a condominium unit to residents of any jurisdiction were prohibited by
law. There is no guarantee that the any proposed Condominium amenities, artwork, designers, contributing artists, interior designers, fitness facilities, or restaurants will be available as depicted or at all upon, or following, the completion of the Condominium. Consult the Prospectus
of Developer to understand the amenities, proposed budget, terms, conditions, specifications, fees, Unit dimensions, site plans, about Fisher Island, and to learn what is included with purchase and by payment of regular condominium assessments. The project graphics, renderings,
photographs, and text provided herein are copyrighted works owned by the respective developer unless otherwise credited. 2025 © PRH Parcel 7 Owner, LLC, with all rights reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R4 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

Best of Florida Luxury Properties

Arriving early next year, The Ritz-Carlton

Residences, Palm Beach Gardens, will transform
14 acres of pristine Intracoastal waterfront into
RENDERING BY THE BOUNDARY
an intimate enclave of estate homes and a private
marina. Each residence is meticulously designed, Residents of The Perigon on Miami Beach may share a lobby, restaurant, pool and fitness center with other condominium owners, but
once inside their units, they will enjoy the space and privacy of a beachfront estate (above and below).
featuring upscale finishes, expansive layouts
and breathtaking views. Exceptionally appointed
amenities include a 100-foot infinity-edge pool
with private cabanas, a waterfront clubhouse with In Miami,
a spa, and state-of-the-art waterfront fitness and oceanfront
business centers. With the legendary service of The
Ritz-Carlton, residents will experience unparalleled property
luxury and maritime elegance at one of South
Florida’s most prestigious addresses. Nestled on has always
PGA Boulevard, an area renowned for its fine commanded
dining, luxury retail, exclusive private clubs and
elite schools, this premier location is just minutes a 30%
from Palm Beach and West Palm Beach, yet feels
worlds away. premium
in the
For more information,
please call 561-257-3699, email marketplace.”

.
[email protected]

ly
or visit theresidencespalmbeachgardens.com
 PHILIP
FREEDMAN
S ales Director,
on The Perigon

Continued from page R2

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show kitchen with comfortable seating for light meals, and a chef’s kitchen for prep work and catering. “Our
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prospective buyers love this feature,” Sajwani says. The Delmore will have a gourmet-style restaurant for resi-
dents as well.
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A top feature is The Delmore’s oceanfront, where beach butlers will set up umbrellas and serve cold drinks
to homeowners. “We’ve built and managed residential units all over the world,” Sajwani says. “But this is the
first project for DAMAC in the United States. We chose Miami for its great weather and booming economy.
And in Miami the best location means being on the water. ”
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ELEVATED AMENITIES
The Perigon features an elevated pool designed to maximize privacy and oceanfront views from its podium
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13 feet above the adjoining beach. “All beaches are open to the public in Miami,” Freedman says, “so we’ve el-
evated our beach club and pool deck. That way, residents can look out at the ocean, but no one can see them.”
Privacy and security are top concerns for The Perigon’s future homeowners, Freedman reveals. “On aver-
age, our residents have three other homes, and peace of mind is crucial — both when they are here and when
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they’re away.”
“We have created the apartments at The Perigon to feel like the estates on the private islands surrounding
Miami. It’s almost like living in your own home with a beachfront pool and gym, and your private elevator foyer
is like your front door. We are even building 10 guest suites that residents can purchase for $2 million and use
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as guest houses for their visitors.”

Freedman says the developers will not release all of the suites, which have terraces and their own kitchens
and laundry rooms, until The Perigon is fully sold out. So far, one of the early buyers plans to use his suite as
a library for his large collection of contemporary and antique books. Other residents will use it for staff that
travel with them; in one case, a personal chef.
Other amenities at The Perigon include a residents-only restaurant and speakeasy led by Michelin-starred
chef Shaun Hergatt, a spa and fitness center, a 15-seat screening room and a wine room “where Hergatt will
arrange wine tastings for our owners.”
At the heart of The Perigon’s appeal is its prime oceanfront location. “In Miami, oceanfront property has
always commanded a 30% premium in the marketplace. This creates a scenario where a developer can create
a high level of luxury and services for the people who will live there,” Freedman says.
n-
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T H E E S TAT E C OL L E C T ION

MOVE- IN EARLY NEXT YEAR

On 14 acres of Intracoastal waterfront,

The Ritz-Carlton Residences, Palm Beach Gardens
offers once-in-a-lifetime collection of expansive
estates with a private marina. The singular lifestyle is
augmented by over 20,000 square feet of masterfully-
crafted resort amenities—imbued with legendary
hospitality by The Ritz-Carlton.

561. 316. 0879

TheResidencesPalmBeachGardens.com

THREE- TO FIVE- BEDROOM WATERFRONT

RESIDENCES FROM $4. 5 MILLION

SALES GALLERY: 4001 DESIGN CENTER DRIVE

SUITE 110, PALM BEACH GARDENS, FLORIDA

DEVELOPED BY CATALFUMO COMPANIES

EXCLUSIVE SALES AND MARKETING BY
DOUGLAS ELLIMAN DEVELOPMENT MARKETING

T H E R I T Z- C A R LT O N R E S I D E N C E S , PA L M B E A C H G A R D E N S A R E N O T O W N E D , D E V E L O P E D O R S O L D B Y M A R R I O T T I N T E R N AT I O N A L , I N C . O R I T S A F F I L I AT E S ( “ M A R R I O T T ” ) . D M B H R E S I D E N T I A L I N V E S T M E N T, L L C U S E S T H E R I T Z- C A R LT O N M A R K S
U N D E R A L I C E N S E F R O M M A R R I OT T, W H I C H H A S N OT C O N F I R M E D T H E AC C U R AC Y O F A N Y S TAT E M E N T S O R R E P R E S E N TAT I O N S M A D E A B O U T T H E P R O J E C T. O R A L R E P R E S E N TAT I O N S C A N N OT B E R E L I E D U P O N A S C O R R E C T LY S TAT I N G T H E R E P R E S E N -
TAT I O N S O F T H E D E V E L O P E R . F O R C O R R E C T R E P R E S E N TAT I O N S , M A K E R E F E R E N C E T O T H I S B R O C H U R E A N D T O T H E D O C U M E N T S R E Q U I R E D B Y S E C T I O N 7 1 8 . 5 0 3 , F L O R I D A S TAT U T E S , T O B E F U R N I S H E D B Y A D E V E L O P E R T O A B U Y E R O R L E S S E E .
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R5

Best of Florida Luxury Properties

WHERE
THE BEACH
MEETS THE BAY

RENDERING BY ARX CREATIVE

Fort Lauderdale is the boating capital of Florida, and owners at the St. Regis Resort and Residences can keep boats at its private marina, within walking distance of their vacation homes.

The St. Regis Resort and Residences, Bahia Mar Fort Lauderdale, ushers in a new era for waterfront living in South Florida
FULL POTENTIAL

F
ort Lauderdale, celebrated as the yachting capital of the world, is famed for its scenic
Each element of the branded residences embodies
waterways and immaculate beaches. Today, the city is undergoing a transformation,
the essence of the St. Regis brand, renowned for its be-
pairing its maritime heritage with an elevated sense of luxury. spoke services and discerning taste that cultivates an
Powerhouse developers Related Group, Tate Capital transforming the site into a tropical sanctuary. At its exquisite lifestyle. Daily life is enriched by 35,000 square
and Rok Acquisitions, in collaboration with hospitality heart are two 23-story residential towers and a 197- feet of interior amenities in each building, designed to
leader Marriott International, recently unveiled plans key luxury hotel, all under the iconic St. Regis brand. promote holistic wellness and create the perfect setting
for The St. Regis Resort and Residences, Bahia Mar Fort Masterfully crafted by an elite design team, the vision- for unforgettable celebrations. These amenities include
Lauderdale. A decade in the making, the $2 billion de- ary architecture is led by the renowned Arquitectonica, a luxurious spa with steam rooms, saunas, hot and cold
velopment will elevate the premier Bahia Mar megay- complemented by refined interiors from London- plunges, treatment rooms and a wellness terrace; a sa-
acht marina — home to the world’s largest in-water based Tara Bernerd & Partners, helmed by esteemed lon offering beauty services; an indoor-outdoor fitness
boat show — into a world-class lifestyle destination, designer Tara Bernerd. The master plan includes 88,000 center; a children’s entertainment room; a library/me-
complete with branded residential towers, a flagship square feet of luxurious waterfront commercial space dia room; a private dining room and a billiards room.
St. Regis hotel, a private beach club and a selection of featuring restaurants and boat docking, a public park Lush terraces with summer kitchens, a private outdoor
along the Intracoastal Waterway and a 25-foot-wide pool with a whirlpool, a pickleball court, a programma-

.
signature fine dining and upscale retail. Sales for The
pedestrian promenade encircling the property’s west, ble multisport simulator and house bicycles enhance

ly
St. Regis Residences, Bahia Mar Fort Lauderdale are
now underway. north and south sides. An exclusive marina features the experience.
"While Bahia Mar has attracted global yachting slips for megayachts up to 350 feet. Additional offerings include a beach club, a private
The first phase will feature 160 elegantly appointed residential lobby attended 24/7, a porte-cochère for en-
enthusiasts for decades with its prime location and
unparalleled superyacht infrastructure, its full po-
tential had yet to be tapped,” says Jorge M. Pérez,
on condominium homes spread across the two residen-
tial towers, alongside exclusive resort residences atop
the hotel. The condominiums will include three- and
hanced privacy, on-site valet parking and self-parking
options, along with private, secure, climate-controlled
storage, a curated selection of museum-quality art from
chairman and CEO of Related Group. “Blending
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world-class residential, hospitality and lifestyle offer- four-bedroom options ranging from 2,600 square feet the renowned Jorge M. Pérez Collection and an exclu-
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ings, this visionary development is not only befitting of to 3,550 square feet, in addition to stunning penthouse sive residents-only app.
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this one-of-a-kind site, but also a critical addition to residences. The homes feel like secluded villas, featur- Owners of the resort residences will also have ac-
Fort Lauderdale’s broader evolution. With the intro- ing private elevator foyers and expansive, flowing spac- cess to the hotel’s amenities, including two opulent
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duction of The St. Regis Resort and Residences, Bahia es. Designed for effortless living and entertaining, these swimming pools, a fitness center, an upscale spa with
Mar Fort Lauderdale, our team is cementing the city as light-filled residences showcase modern, open layouts outdoor amenities and a signature restaurant with dra-
one of the world’s luxury epicenters.” and wraparound glass terraces that provide sweeping matic water views.
views of the Atlantic Ocean, Intracoastal Waterway and
TEEMING WITH CREATIVITY Fort Lauderdale skyline. The Residences within the Pricing begins at $3 million for condominium and
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Spanning over 40 acres of land and water, this ex- hotel will offer one- to three-bedroom options, as well resort residences. For more information,
traordinary development will unfold in two phases, as penthouses. visit srrbahiamar.com or call 954-323-5094.
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Future residences located at: Sales Gallery located at:

801 Seabreeze Blvd. 611 Seabreeze Blvd.
Fort Lauderdale, FL 33316 Fort Lauderdale, FL 33316

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND THE DOCUMENTS REQUIRED BY SECTION
78., FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.

The St. Regis Residences Bahia Mar, Fort Lauderdale, referred to for ease of reference as The St. Regis Residences, is a community of three towers: including Tower 1 of condominium residences developed by PRH/TRR BM Tower 1, LLC; Tower 2 of condominium
residences developed by PRH/TRR BM Tower 2, LLC; and Resort Tower 3 which includes a condominium within a portion of a building or within a multiple parcel building developed by PRH/TRR BM Condo, LLC. For ease of reference, PRH/TRR BM Tower 1, LLC, PRH/
TRR BM Tower 2, LLC, and PRH/TRR BM Condo, LLC are each a “Developer” and collectively the “Developers.” The St. Regis Residences are not owned, developed, or sold by Marriott International, Inc. or its affiliates (“Marriott”). The Developers use the St. Regis marks
under a license from licensor, Marriott, which has not confirmed the accuracy of any of the statements or representations made about the projects by Developers. The Developers each also use the trade names, marks, and logos of the licensor, The Related Group ®, which
licensor is not a Developer of any tower. Artist’s conceptual renderings of exterior or site plan and depicting water, marina, surrounding buildings, or landmarks are modified with some surrounding buildings and landmarks omitted. Sketches, renderings, or photographs
depicting lifestyle, amenities, food services, resort services, finishes, designs, materials, furnishings, plans, specifications, or art contained in this brochure are proposed only. The St. Regis Residences are developed on a site that is near water, but water access is not
guaranteed. No specific view is guaranteed. The associations for each tower will be a part of a master association which will require payment of master association assessments. Some amenities described require payment of fees in addition to regular assessment
payments. Consult the Developer’s Prospectus for the tower in which you desire to purchase to understand the offering, the amenities, the proposed budgets, terms, conditions, specifications, fees, unit dimensions and size calculation method, site plans, and to learn
what is included with the purchase and the payment of regular assessments. The Developers are not residents of the State of New York, and the offerings of Developers are not intended for residents of New York nor any other jurisdiction in which such an offering is
prohibited. 2025 © by PRH/TRR BM Tower 1, LLC, PRH/TRR BM Tower 2, LLC, and PRH/TRR BM Condo, LLC, with all rights reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R6 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

Best of Florida Luxury Properties

DESIGNING A LANDMARK
FOR THE

FUTURE COURTESY OF SWIRE PROPERTIES

The stunning Residences at Mandarin Oriental, Miami, will span two worlds. One side faces the water, while the other looks over Brickell, the city’s bustling finance and entertainment district.

by Julie Bennett

I
Central and South America, but 64% of Mandarin
n a few years, families will have a new choice for ultra-luxury homes surrounded by water, Oriental buyers are domestic to the United States, in-
cluding many from Miami and Palm Beach County.
yet within walking distance of Miami’s Brickell District, known for its financial and Aguila observes, “We are still attracting buyers from
entertainment offerings. Latin and South America, but we are also getting
some from countries like Switzerland and Turkey that
The Residences at Mandarin Oriental, Miami, which 23,000 indoor and outdoor square feet of space, in- we’ve never seen before. This shows that Miami has
will contain a new Mandarin Oriental hotel, will soon cluding a 40-foot-long lap pool and incredibly high become a gateway to the Americas.”
occupy the southern tip of a gated man-made island ceilings, priced at $100 million.” If buyers want only Potential buyers who visit the project’s unique sales
just a short bridge away from Miami’s urban core. The half that luxury, the space can be divided into two pavilion on three floating pods are also attracted to its
44-acre Brickell Key has been owned and developed duplex residences, Aguila adds. Construction on the five-level amenity podium. The podium, which will
by U.K.-owned Swire Properties since the 1970s and South Tower will start in 2026, with delivery expected sit between the towers, will include 11 different pools,

.
now contains 11 high-rise condo buildings and a wa- in 2030. private lagoon villas, a fitness center, spaces for pri-

ly
terfront Mandarin Oriental Hotel, soon to be replaced Sales will begin soon on the North Tower, a combi- vate dining, a game room and the Mandarin Oriental’s
by a new version that is even more elegant. nation of what will be Mandarin Oriental’s new flag- spa and wellness treatments and programming.
Maile Aguila, senior vice president of Swire ship hotel for North America with 121 rooms, plus an Grounds will be landscaped by a Thai firm called
Properties, says, “I’ve been working for Swire for 30
years and this development will be our masterpiece.
The South Tower for The Residences at Mandarin
on additional 66 private condominiums and 28 hotel res-
idences. Pricing and details will be announced later
this year, Aguila reports.
Shma, “which means earth,” Aguila says. “We will
have children’s play areas and winding forest paths.
Their development team has already gone out to all
Oriental, Miami, will contain 228 two- to five-bed- Swire Properties launched pre-construction sales
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the tree farms in the area and selected trees to plant

room homes on 66 floors with unparalleled views of for the South Tower last April and, according to Aguila,
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here in the future.”

e
the Miami skyline and Biscayne Bay. We are catering “we’ve done phenomenally well, averaging sales of
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“The current hotel will close to the public on May

to the luxury market of the future.” $100 million a month ever since. This will be the first
31,” Aguila reports. “It has been part of the Brickell Key
new condominium building on Brickell Key since 2008
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WELL CONSTRUCTED and many current residents have been anticipating

community since 2000. Many of us held major events
The Residences will be curated and managed by there and many important people were hotel guests.
this and are buying our larger, more luxurious units.”
the Mandarin Oriental Hotel Group and will have Losing it will be bittersweet. But the Residences at
prices ranging from $4.9 million to over $20 million. POOLS OF BEAUTY Mandarin Oriental, Miami, will be spectacular and
“They will be topped off by a duplex penthouse with Historically, the Brickell area draws residents from become a new landmark for the area.”
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One Homes Jupiter Island is a premier oceanfront residential

development created by Fontainebleau Development and
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Starwood Capital Group. Located in a pristine setting just

30 minutes from Palm Beach, the exclusive collection of 26
estate residences — ranging from 4,000 square feet to 6,000
square feet — seamlessly blends refined design with natural
luxury. Featuring expansive terraces, sweeping ocean and
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Intracoastal views, and masterfully curated finishes, each

home is designed to celebrate the region’s natural beauty.
With Fontainebleau Development’s expertise in creating
iconic luxury residences and Starwood Capital’s vision for
environmentally conscious design, 1 Homes Jupiter Island
offers an unparalleled beachfront lifestyle. Residents will
enjoy private pools, hydrotherapy spas, state-of-the-art home
automation and other amenities, all within one of Jupiter
Island’s most exclusive and breathtaking locations.

561-935-9010;
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[email protected]
no

A Boutique Collection of Twenty Six Oceanfront Homes

Developed by Fontainebleau Development in partnership with Starwood Capital Group, 1 Homes Jupiter Island offers luxury living
on the Atlantic Ocean with private beach amenities. Each three- and four-bedroom residence seamlessly blends natural beauty
with a timeless design and has ocean to intracoastal views.

Located just 30 minutes from West Palm Beach, FL, Jupiter Island is a premier destination for boating and golf.

Residences starting from $11 million

S C H E D U L E YO U R P R I VAT E V I E W I N G
1homesjupiterisland.com (561) 468-8388

*Artist’s Conceptual Rendering

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER. This is not intended to be an offer to sell, or solicitation to buy, condominium units to
residents of any jurisdiction where prohibited by law, and your eligibility for purchase will depend upon your state of residency. This advertisement is not an offering. It is a solicitation of interest in the advertised property. Developer is not incorporated in, located in, or resident in the State of New York. No offering of the advertised units can be made and no deposits can be accepted, or reservations, binding or
non-binding, can be made in New York until all registration and filing requirements under the Martin Act and the New York State Department of Law’s regulations are complied with or a written exemption is obtained. No offering is made in the State of New York or made to the residents of the State of New York and is not directed to any person or entity in the State of New York, by, or on behalf of, the Developer or
anyone acting with the Developer’s knowledge. This offering is made only by the Prospectus for the Condominium and no statement should be relied upon if not made in the Prospectus or your Purchase Agreement. The sketches, renderings, graphic materials, plans, specifications, terms, conditions and statements contained in this brochure are proposed only, and the Developer reserves the right to modify, revise or
withdraw any or all of same in its sole discretion and without prior notice. All improvements, designs and construction are subject to first obtaining the appropriate federal, state and local permits and approvals for same. These drawings and depictions are conceptual only and are for the convenience of reference and including artists renderings. They should not be relied upon as representations, express or implied,
of the final detail of the Condominium. The Developer expressly reserves the right to make modifications, revisions, and changes it deems desirable in its sole and absolute discretion. All depictions of appliances, counters, soffits, floor coverings and other matters of detail, including, without limitation, items of finish, decoration, and furniture, are conceptual only and are not necessarily included in each Unit. The
photographs contained in this brochure may be stock photography or have been taken off-site and are used to depict the spirit of the lifestyles to be achieved rather than any that may exist or that may be proposed, and are merely intended as illustrations of the activities and concepts depicted therein. Consult your Purchase Agreement and the Prospectus for the items included with the Unit. Dimensions and
square footage are approximate and may vary with actual construction. The project graphics, renderings and text provided herein are copyrighted works owned by the Developer. All rights reserved. Unauthorized reproduction, display or other dissemination of such materials is strictly prohibited and constitutes copyright infringement. All prices are subject to change at any time and without notice. Please check
with the sales center for the most current pricing. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. All real estate advertised
herein is subject to the US Federal Fair Housing Act of 1968 which makes it illegal to make or publish any advertisement that indicates any preference, limitation, or discrimination based on race, color, religion, sex, handicap, familial status, or national origin. Please check with your local government agency for more information.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R7

Best of Florida Luxury Properties

ELEGANCE ON
THE ATLANTIC
The Ritz-Carlton Residences, West Palm Beach, offers unprecedented
opulence, stunning waterfront views and world-class amenities

P
ositioned along the vibrant shores of the Atlantic, West Palm Beach has emerged as one of
South Florida’s most sought-after destinations. Once celebrated for its waterfront charm
and historic character, the city has evolved into a dynamic epicenter for luxury, economic
expansion and cultural vibrancy.

“West Palm Beach is undergoing a remarkable moment WHITE-GLOVE SERVICE

of growth and reintroduction on both a national and global Reflecting The Ritz-Carlton’s centuries-long
stage,” says Nick Pérez, president of condominium devel- tradition of extraordinary hos-
opment for real estate powerhouse Related Group. “The pitality, The Residences will
city has long been a coveted destination for those seeking feature an extensive five-star
a vibrant, high-quality lifestyle filled with world-class cul- array of amenities. With well-
ture. With its rapidly expanding population and flourish- being as the utmost priority,
ing downtown, West Palm Beach is solidifying its position residents will enjoy a magnifi-
as a premier hot spot for luxury living.” cent pool and deck, a state-of-
VISION OF LUXURY the-art fitness and wellness
Among the visionaries shaping West Palm Beach, center, and a world-renowned
Related Group is one developer addressing the city’s spa, among other luxuries.
growing need for newly constructed, upscale housing. In Owners will also have exclu-
partnership with BH Group, Related recently launched sive access to The Ritz-Carlton Hotel services,
sales on The Ritz-Carlton Residences, West Palm Beach. including 24-hour concierge attendance, valet
This landmark project seamlessly blends the legendary parking and an unparalleled level of personal
Ritz-Carlton legacy with contemporary design and un- care and discretion — fostering an environment
matched service, setting a new benchmark for high-end where every need is anticipated.
living in the region. Emblematic of Related Group’s work across
“The incredible interest we’ve received for The each of the company’s projects, residents will
Residences underscores the discerning tastes of our buy- also find a curated collection of museum-quality
ers who seek more than just a place to call home — they artwork through the common spaces, selected
desire a lifestyle that feels like living in their favorite hotel for The Residences from the Jorge M. Pérez

.
year-round,” Pérez says. “The Ritz-Carlton brand is globally Contemporary Art Collection.
Situated on Flagler Drive, just minutes from

ly
recognized for its exceptional living experience, defined by
impeccable design and world-class amenities. Set against Palm Beach and the iconic Worth Avenue, resi-
the stunning waterfront in West Palm Beach, this location dents will find themselves immersed in a lively
is the perfect match to embody this lifestyle.” community that offers acclaimed arts and cultur-
Envisioned by an award-winning team, including ar-
chitecture by Arquitectonica and interiors by Rockwell
Group, The Residences offers the highest expression of
on al venues, Michelin-star dining, upscale shopping
and a plethora of outdoor experiences. Whether
strolling through the picturesque waterfront or
us ,

the brand in a boutique setting. Each of the 138 residenc- exploring the city’s nightlife, The Residences of-
fers a gateway to the best of West Palm Beach.
l

es faces east, with floor plans ranging from 1,532 square RENDERINGS BY BOUNDARY
e
“We’re incredibly proud to bring this project to Who needs a decorator when the Intracoastal Waterway adorns
al a

feet to 3,331 square feet and sweeping views of the tur-

every condominium’s glass walls (top)? Fore! A golf simulator as
quoise Atlantic Ocean. Marrying the comfort of private life and play a key role in shaping the city’s next chapter,”
big as a movie screen is part of the residents-only gaming studio
homes with the convenience and privacy of condomini- Pérez says. “As demand for prestigious residences contin-
ci on

(middle). All the poolside charm of the French Riviera is just a

ums, the residences offer designer kitchens with custom ues to surge, we look forward to delivering an unmatched short drive from the heart of trendy West Palm Beach (bottom).
Italian cabinetry, Sub-Zero and Wolf appliances, soar- level of luxury living to our residents.”
ing ceilings and open, breezy living spaces with floor- Contracts for The Ritz-Carlton Residences, West Palm For more information or to schedule a
to-ceiling windows. The homes are bathed in natural Beach, are now being accepted, offering a rare opportu- private tour of the sales gallery,
er s

light, with the grand balconies creating the perfect set- nity to own a piece of this one-of-a-kind waterfront retreat. please visit theresidenceswestpalmbeach.com
ting for taking in the serene seascape. Prices begin at $3 million. or call 561-237-2702.
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co Fo

The Pinnacle of
Waterfront Elegance
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ARTIST’S CONCEPTUAL RENDERING

Experience the coveted lifestyle of The Ritz-Carlton, a limited collection of 138 homes—all with
breathtaking, crystal-clear water views—defined by legendary service and exemplary design.
Waterfront residences, with private elevator access, priced from $3M.
The most prestigious place to call home.
Schedule your appointment today.
TheResidencesWestPalmBeach.com | 561.237.2702
Sales gallery now open. 1717 N Flagler Drive, West Palm Beach, FL 33407

The Ritz-Carlton Residences, West Palm Beach are not owned, developed or sold by The Ritz-Carlton Hotel Company, L.L.C.
1717 N Flagler Drive Venture, LLC uses The Ritz-Carlton marks under license from The Ritz-Carlton Hotel Company, L.L.C.

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED
BY A DEVELOPER TO A BUYER OR LESSEE. This Condominium is developed by 1717 N Flagler Drive Venture, LLC (“Developer”) and this offering is made only by the Developer’s Prospectus for the Condominium. No statement should be relied upon if not made in the Prospectus provided to you by the
Developer. Locations and layouts of windows, doors, closets, plumbing fixtures, balconies, patios, views, as well as structural, architectural, and design elements may vary from concept to actual construction and are not guaranteed to be as depicted. Images and renderings of appliances, plumbing fixtures, countertops,
cabinets, soffits, floor coverings, lighting, furniture and décor may depict features not included with a UNIT purchase, but which may be available for purchase for an additional charge. The Ritz-Carlton® is the registered trademark of Marriott International, Inc., but The Ritz Carlton Residences, West Palm Beach is not
owned, developed, or sold by Marriott International, Inc. or its affiliates (“Marriott”). Developer uses the Ritz Carlton® marks under a license from Marriott, which has not confirmed the accuracy of any of the statements or representations made about the project. Pursuant to license agreements, Developer also uses
the trade names, marks, and logos of: (1) The Related Group; and (2) BH Group, each of which is a licensor. In the event the license of Marriott should terminate or not be renewed, the names and logos of Ritz -Carlton® can no longer be used. The managing entities, hotel, artwork, designers, contributing artists, interior
designers, fitness facilities, amenities, services, and restaurants proposed and referred to herein are accurate as of this publication date; however, Developer does not guarantee these and reserves the right to change or to make modifications, revisions, and changes it deems desirable or necessary as a matter of code
compliance or otherwise. Developer does not control off site attractions and there is no guarantee that any off-site attractions such as shopping venues, restaurants, or other activities, services, and destinations referenced will exist or be fully developed, as depicted, when the Condominium is completed or thereafter.
Consult the Prospectus for all terms, conditions, and unit specifications and to learn what is included with purchase. This Condominium is not oceanfront; the sight line of the tower depicted is conceptual and situated with frontage along Flagler Drive in West Palm Beach. This document is summary in nature regarding
The Ritz-Carlton Residences, West Palm Beach and Developer’s contemplated features and amenities. Your eligibility for purchase will depend upon your state or territory of residency. The Developer is not incorporated in, located in, nor a resident of, New York. This offering is not directed to any person or entity in
New York or to any resident of a jurisdiction in which this offering is prohibited by law. 2024©1717 N Flagler Drive Venture, LLC with all rights reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R8 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

Best of Florida Luxury Properties

OMIZ
T
CUS

CONDO IN
LIFE G

COURTESY OF GROSSMANPHOTO.COM
Several owners of condominiums in the Residences at Pier Sixty-Six in Fort Lauderdale hired fellow condo-owner Steven Gurowitz of
Interiors by Steven G in Pompano Beach to customize their units (left and above).

W
by Julie Bennett
Amy Ballon, the director of sales for Pier Sixty- MAKING IT THEIR OWN
Six Residences in Fort Lauderdale, says, “I’ve been Buyers are also combining residences at The Ritz-
in condo sales for 28 years and now more than Carlton Residences, Palm Beach Gardens, a 14-acre,
hen a brand new luxury ever buyers are customizing their units. When we resort-style property and marina under construction
launched sales for the Pier-Sixty Six Residences in by Catalfumo Companies that will not have a ho-
condominium in one of
2022, our first two buyers each bought two units to tel but will be managed by the famous hotel brand.
South Florida’s high-end combine into one large home. One gentleman cre- Sales associate Dave Shalkop reports that one celeb-
buildings isn’t quite enough, ated a dance studio for his daughter and the other rity couple is transforming two adjoining residences

.
needed more play space for his grandchildren.”

ly
into a customized estate-size home. “They wanted
some people buy two. Other “We have a total of six buyers who purchased all our amenities and still be able to maintain the
purchasers reconfigure or a unit in one of our Resort Residences and a sepa- sense of a private home.”
rate unit in one of our condo buildings, and three
otherwise customize their
new condos to make them
on buyers bought two adjacent units and combined
them,” she adds. Pier Sixty-Six, the iconic resort
Shalkop reveals that a few other buyers also com-
bined units, but time is running out on that option.
“Our three buildings are all topped off and we will
and marina in Fort Lauderdale, was purchased by complete construction in early 2026. We have some
feel more like home. And
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Tavistock Development Company in 2016. available units left at $4.5 million to $15 million, but
l

some buyers create their own They expanded and redeveloped the resort, many floor plan types are almost sold out and it may
e
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added high-end amenities and built 88 condo- be too late to purchase adjoining units.”
neighborhoods by convincing miniums in four buildings, all overlooking the He continues, “We have a total of only 106 units
ci on

their friends to purchase units Intracoastal Waterway, the marina and the land- and we are the first condominium property in the
scaped grounds’ many pools and parks. While world designated as part of The Ritz-Carlton’s Estate
in the same deluxe projects.
many of the condominiums are sold, a few are still Collection. All our residences have three or four bed-
available, with prices starting at $4.5 million. One rooms, and we are selling guest suites and private
er s

penthouse is still available in the Indigo condo poolside cabanas to buyers who want extra space.
building. It overlooks the Intracoastal and is priced The six guest suites are basically like serviced luxury
m er

at $15.5 million. Continued on R9

m rp

The Berkeley Palm Beach, a 26-story luxury condominium overlooking Clear

Lake in West Palm Beach, is set to redefine waterfront living. Developed by Al
Adelson, the visionary behind The Bristol, this Arquitectonica-designed tower
offers 193 residences ranging from 1,700 square feet to 5,000 square feet,
co Fo

with prices starting at $1.9 million. The Berkeley boasts unparalleled amenities,
including two swimming pools, a state-of-the-art fitness center and a seventh-
floor family activity deck. The two- to five-bedroom residences feature
Snaidero Italian kitchens, Sub-Zero and Wolf appliances, and the largest
balconies in West Palm Beach. Located steps from the Cultural District, The
Berkeley provides easy access to downtown attractions, I-95 and Palm Beach
International Airport. With its blend of modern elegance, family-friendly spaces
and urban sophistication, The Berkeley is poised to become the new pinnacle
of luxury living in the Palm Beaches.

561-220-0000; [email protected]
n-
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The Palm Beaches Perfected

MODEL Sales Gallery

500 South Australian ave - Suite 910
West Palm Beach, FL 33401

THEBERKELEYPALMBEACH.COM
(561) 220-0000

*RENDERINGS ARE ARTIST’S CONCEPT.

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

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R9

Best of Florida Luxury Properties

COURTESY OF THE RITZ-CARLTON RESIDENCES, PALM BEACH GARDENS

The balconies at The Ritz-Carlton Residences, Palm Beach Gardens, are so large that they can serve as a second living
room (left). Inside, the sleek kitchens are perfect for leisurely meals with friends (above).
Continued from page R8 In fact, buyer Jamie Stampar says, “I have a couple of “Some people want everything to be customized,”
hotel rooms, some featuring balconies and Intracoastal friends who decided to purchase there as well. We are Gurowitz explains, “so we are redesigning primary baths
views. We have sold three to current buyers for $1 mil- creating a naturally occurring community.” for two clients and putting in fixtures and cabinets to fit
lion each, however, The Ritz-Carlton Residences, Palm Stampar, a businesswoman and single mom, says, their personal taste.”
Beach Gardens, will keep some for general use by our “I’ve lived in the area going on 30 years and raised my Another client, he says, “is a major art collector and
other residents.” children here, but three of the four of them have left wants to display millions of dollars worth of art in his
Six of the cabanas, free-standing buildings featuring the nest, and it was time to find a home more con- condo. We moved walls for more hanging space and re-
air-conditioned indoor space and a restroom, are avail- ducive to travel and the lifestyle I now share with my placed the lighting, because lighting is key to displaying
able for residents to purchase for $1 million; six others remaining teenage daughter. I’m not accustomed to art. He wanted a primary bathroom with an over-the-
will be reserved for residents’ use on a daily basis. a condo style of living, and many of the buildings I top decor, so we provided that, too.”
“The Ritz-Carlton Residences at Palm Beach Gardens looked at were too large.” Gurowitz adds, “No condominium project in South
will have a 29-slip private marina for vessels up to 75 feet “Then I found The Ritz-Carlton Residences, Palm Florida boasts the lifestyle of Pier Sixty-Six and when
long,” Shalkop adds. “They are exclusively available, on a Beach Gardens, and who doesn’t love The Ritz- buyers purchase here, they recognize the value and
fee basis, to our residents. This is an ideal spot to have a Carlton? I knew I could count on them for the ame- want their units to reflect their personal tastes.”
boat because we are in a ‘no wave’ zone just south of the nities we love and a level of sophistication that will “Now that the property is open, we are seeing a lot
Jupiter Inlet and north of the Palm Beach Inlet, provid- match or exceed our expectations. My daughter’s more people interested in living here,” Ballon agrees.
ing direct access to the ocean, giving owners access to school is nearby and she loves the idea of living in a “At the beginning, we had prospective buyers who were
world-class scuba diving and snorkeling. Plus, the inlets place that feels like a resort hotel.” staying at the marina, but now that people are enjoying

.
provide the shortest route from Florida to the Bahamas.” “Having boat access was important,” Stampar contin- our restaurants and staying at the resort, I’m getting sev-

ly
A few slips will be reserved as day docks, he adds. “We ues, “because one of the luxuries of living in this area is eral leads every weekend.”
have a partnership with Barton and Gray Mariners Club, jumping on your boat and going to outdoor restaurants She adds, “The demographics we are seeing is a
a company that charters boats with captains to residents up and down the waterway.” She says she is so fond of lot of people who have vacation homes locally in Fort
who want to tour the Intracoastal and dine at the fine or
casual restaurants along the waterway.”
FOR FAMILY AND FRIENDS
on
the development’s waterfront lifestyle that she hired a
decorator to custom-design her unit to resemble “the
beautiful Monaco Yacht Club, with its clean coastal feel-
Lauderdale and have a connection to Pier Sixty Six’s
rich history. One of our first buyers was a man who said
his grandparents first brought him here when he was a
While some buyers are from northern states and ing and warm leather furniture.” kid and he wants this legacy to continue with his own
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grandkids. We’ve met other people who were married

making their first Florida purchase at the development, HISTORY AT HOME
l

here and want their children to get married here, too.”

e
many are locals who already own permanent or vaca-
al a

Interior designer Steven Gurowitz, founder and

tion homes in the area. “They know there will never be Despite the heightened interest, the window is not
president of Interiors by Steven G, with a showroom
another project like this, with 14 acres of direct water ac- closing for people who remember the old Pier Sixty-
ci on

in Pompano Beach, owns two units at Pier Sixty-Six

cess in North Palm Beach County,” Shalkop says. “They Six Hotel and dream of living within the shadow of the
Residences and has been hired by several buyers there
love this location so much, they believe their friends will new one. Tavistock purchased 32 acres of land along
to decorate their condos. “And three of those are double
love it, too.” the Intracoastal on both sides of the 17th Street Bridge,
units,” he says.
Ballon explains.
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Jean-Georges Miami Tropic Residences, developed by

Terra and Lion Development, marks renowned chef Jean-
Georges Vongerichten’s debut in residential real estate. The
m rp

development promises a lifestyle where taste is everything,

offering exceptional amenities, world-class culinary
experiences and sophisticated design by Arquitectonica and
Yabu Pushelberg.
co Fo

In the Miami Design District adjacent to Midtown and

Wynwood, the 49-story tower will include 329 condominium
residences, over 41,000 square feet of amenities and 27,500
square feet of retail. Jean-Georges will touch every aspect of
the building to ensure it meets the high standards he upholds
in his restaurants, from collaborating on the residential
kitchens to curating locally sourced menus. Retail will include
Miami’s first abc kitchens, combining elements of the chef's
abcV, abc cocina and abc kitchen.

For more information, contact 786-841-6747;

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

R10 | Friday, March 21, 2025 THE WALL STREET JOURNAL. THE WALL STREET JOURNAL. Friday, March 21, 2025 | R11

The rolling fairways and expansive waste bunkers of Karoo, one of four different world-
class courses you’ll find at Cabot Citrus Farms, help make this 1,200-acre property in
Central Florida a golfer’s heaven (above). This enchanting destination marks Cabot’s
debut in the U.S., and includes a limited number of luxury homes (right).

TEEING UP

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ly
A DREAM DESTINATION

on
PHOTOS COURTESY OF CABOT CITRUS FARMS

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Historic course transforms into luxury golf community, marking Cabot’s American debut

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C
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abot Citrus Farms represents a bold reimagining of Florida golf resort development. Built on the grounds of the storied World Woods Golf
Club, this 1,200-acre sanctuary marks Cabot’s first U.S. venture. The project exemplifies a growing trend in luxury golf communities, where
42% of new golf developments include housing components, according to the National Golf Foundation.

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We spoke with Cabot co-founder and CEO Ben Cowan-Dewar about building on the beauty of this historic property to create something
magical that people can aspire to be a part of.
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The Wedge, an 11-hole par-3 course, offers a
Q: What made this location the right fit for
Cabot's first U.S. development? unique experience with expansive waste areas
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and sloping greens, plus speakers and lighting for
Ben Cowan-Dewar: I discovered the former night golf in a lively setting.
World Woods Golf Club over 20 years ago and was The Squeeze is a dynamic 10-hole course blend-
captivated by its beautiful setting and unique to- ing diverse terrain with a relaxed atmosphere, fea-
pography with dramatic elevation changes, a rar- turing half-par holes alongside traditional pars for
co Fo

ity in Florida. Its serene location on the Nature all skill levels.
Coast offers the perfect blend of seclusion and
Q: How did you integrate residential
accessibility, conveniently located within reach of
elements while maintaining the
both Tampa and Orlando.
natural sanctuary feel?
Our vision was to build upon the legacy of
World Woods and create a dynamic new destina-
Cowan-Dewar: We wanted homes to feel
tion that unites people through exceptional golf,
thoughtfully integrated into the landscape rath-
outdoor adventures and a strong sense of commu-
The streets in Cabot Citrus Farms follow the natural er than imposed upon it. Each home features
nity — all while preserving the property’s distinct
terrain, and the community is adjacent to a state forest open floor plans with large windows that frame
Floridian character and natural beauty.
course views.
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with miles of hiking trails.

The homes maintain a strong connection to na-
Q: How did you approach redesigning the
ture while being strategically positioned near The
existing property?
Village, a central hub with a walkable main street
no

that’s intimate in scale yet rich in experiences. It

Cowan-Dewar: Most destinations start with offers homeowners and guests amenities and
one or two courses and grow incrementally. We gathering places that foster a sense of community.
decided to build four courses simultaneously:
Roost, Karoo, The Squeeze and The Wedge. The Q: What’s driving the trend of housing
scale was our biggest challenge. We had to recy- components in golf developments?
cle 10 miles of existing cart path, install 30 miles
of new irrigation and grow hundreds of acres of Cowan-Dewar: The post-pandemic golf boom
turf. With a construction team numbering in the highlighted that golf is about connection and com-
hundreds at its peak, it was a substantial coordi- munity. Walking the course with friends, sharing
nation effort between the contractor and our nu- in the camaraderie and gathering afterward are all
merous architects. All homes feature open living areas, high ceilings and
part of what makes the sport special. As more peo-
We started by carefully considering natural windows that overlook one of the four golf courses. ple seek lifestyle-oriented experiences the entire
habitats and from there, it was a hole-by-hole family can enjoy, we’ve designed our residential
evaluation, deciding whether to improve upon offerings with spacious layouts accommodating
the great golf that existed or take advantage everything from game nights to family-style meals.
of the land’s natural contours to do something For that reason, we offer diverse outdoor expe-
entirely new. On our Karoo course, the 4th and riences through our new sporting club, including
15th holes represent improvements to existing axe throwing, five-stand shooting, archery and
features, while on Roost, the all-new par-3 14th guided bass fishing. Owners and guests can ex-
hole brings a relic sinkhole further into play. plore miles of hiking, biking and nature trails in
the neighboring Withlacoochee State Forest or en-
Q: What makes each course distinctive? joy the region’s abundant waterways. Future plans
include a new clubhouse, racquet sports, pools
Cowan-Dewar: Karoo reflects what we call and a fitness center.
“adventure golf” — designed by Kyle Franz with
Bermuda fairways, expansive greens and bold Q: Looking ahead, how do you see
contours encouraging creative play. Hole 13 Developer Ben Cowan-Dewar spotted this site two decades Citrus Farms influencing the future
stands out with its pop-up punchbowl green. of golf resort development?
ago and envisioned an upscale transformation.
Roost exemplifies old Florida charm with
moss-draped trees and sandy soil. A collabora- Cowan-Dewar: I hope Cabot Citrus Farms
tion between Kyle Franz, Mike Nuzzo and Rod demonstrates how golf can be both fun and ap-
Whitman, along with Ran Morrissett as the FOR MORE INFORMATION, proachable for everyone. We envision it as a place
golf course architecture advisor, it features rare VISIT where the game can be shared across generations
50-foot elevation changes and a 40-foot-deep
sinkhole. The ninth hole, a dogleg left par-5 play-
CABOTCITRUSFARMS.COM in an environment that’s both inviting and inspir-
ing. If we’ve done it right, guests will leave with a
ing past centuries-old live oaks, has become deeper appreciation for the game and the commu-
a signature. nity it fosters.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R12 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

Best of Florida Luxury Properties

WHEN
WELLNESS
COMBINES
WITH REAL ESTATE

J
by Julie Bennett
oe Mattina chose a vacation condominium at the
northern tip of Miami Beach because he believes
it will make him healthier. Health and wellness
are moving into real estate and the first two fully
health-immersive residential buildings in the
country will be in South Florida.

Development firm Terra will soon open THE WELL Bay Harbor Islands, a
condominium building with 66 residences, 95,000 square feet of office space
and a futuristic fitness center and spa with treatments rarely available to
the public.
THE WELL Coconut Grove, with 195 residences, began pre-construction
sales and will be completed in 2028. Each building will be eight stories high
with a landscaped rooftop pool and amenity deck reserved for its residents.
JOINING FORCES
Terra CEO David Martin, the developer of thousands of luxury condo units,
says he had been thinking about creating residential spaces for “people who
are interested in wellness and improving their everyday lives, but we had not
found the right partner.”
Meanwhile, a trio of wellness-centered professionals, Rebecca Parekh,
Sarrah Hallock and Kane Sarhan founded THE WELL, a membership club in

.
New York to help people integrate wellness into their daily lives — by follow-

ly
ing curated exercise programs, starting to practice meditation or managing a
chronic health condition, Hallock explains. After opening their club in 2019,
they were asked to design and operate branded luxury wellness-focused spas
in hotels in Connecticut, Costa Rica and Mexico.
In 2016, Sarhan, the trio’s chief creative officer, met Martin, and “they
quickly began to dream of a project they would be able to work on together,”
on
Hallock says. THE WELL team and Terra designed the Bay Harbor Islands
us ,

building from the most environmentally friendly materials available, earning

l

it a Florida Green Building Design certificate, and started pre-sales in 2023.

e
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“Everything, from the HVAC, paint and building materials, UV protective

windows and much more, was selected with the purpose of making it easier
ci on

to live well,” Sarhan explains.

“As of February 2025, over 70% of the 66 residential units have been sold,
indicating strong demand for wellness-oriented living spaces. The re-
maining units start at $1.27 million,” Martin says. “Tom Brady Enterprises
er s

RENDERING BY BINYAN STUDIO

has leased 8,415 square feet of office space, but more is still available.”
The residents’ private dining room at THE WELL Coconut Grove has a New York sophistication, because the
Continued on R13 founders of THE WELL opened their first immersive health and fitness club there.
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Tucked away on Bay Harbor Islands and perfectly

removed from the hurried pace of Miami, THE
WELL Bay Harbor Islands is the first of its kind —
a place where you can live and play in complete
wellness. Inspired by time-honored materiality
co Fo

and craftsmanship, THE WELL include 66 bespoke

condominiums and over 22,000 square feet of
amenities, including a state-of-the-art fitness and
wellness center. THE WELL Bay Harbor Islands is
designed to put wellness at the center of your life,
creating the time and space to disconnect, slow down
and refocus on what matters most: your well-being.

305-703-6556; www.thewellbayharbor.com
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Your health has

a new address
THE WELL Bay Harbor Islands is more than a high-end home.
It’s 400,000 square feet of spaces and services surrounded by tranquil
beauty to help you live a healthier, balanced everyday —It’s fresh-pressed
juice at your doorstep, a weekly massage in your living room, yoga on the
terrace, workouts in your private gym, a breakthrough session with your
nutritionist, restored sleep, new meditation practices, fitness in body,
mind and spirit—your home for personal wellness.

Residences from $1.4 M

Approaching Completion. Move-In This Year.

THE WELL GALLERY

1160 Kane Concourse,
Bay Harbor Islands, FL

THEWELLBayHarbor.com
305 423 3709
EXCLUSIVE SALES BY DOUGLAS ELLIMAN DEVELOPMENT MARKETING
This project is being developed by 1177 Bay Harbor Islands LLC, a Delaware limited liability company (“Developer”), which has a limited right to use the trademarked names and logos of Terra and THE WELL. Any and all statements, disclosures and/or representations shall be deemed made
each comprised of several separate companies that are legally distinct. Reference to Terra and THE WELL is merely for convenience and should not be relied upon for any other purposes. Oral representations cannot be relied upon as correctly stating the representations of the developer.

documents. All such materials are not to scale and are shown solely for illustrative purposes. Renderings depict proposed views, which are not identical from each residence. No guarantees or representations whatsoever are made that existing or future views of the project and surrounding
areas depicted by artist’s conceptual renderings or otherwise described herein, will be provided or, if provided, will be as depicted or described herein. Any view from a residence or from other portions of the property may in the future be limited or eliminated by future development or forces of
nature and the developer in no manner guarantees the continuing existence of any view. Furnishings are only included if and to the extent provided in your purchase agreement. THE COMPLETE OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO.
CP23-0020. The project graphics, renderings and text provided herein are copyrighted works owned by the Developer. All rights reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R13

Best of Florida Luxury Properties

Continued from R12 The building’s location, within easy walking

distance of Coconut Grove’s downtown area, is so
FIT FOR A FAMILY appealing that it may attract future residents who
Wellness immersion begins in each condo’s
are not inclined to immerse themselves in well-
kitchen, which will be equipped with devices
ness. “This is a luxury residential property with
designed to retain the nutritional value of food,
all the benefits of high-end real estate — prime
including sous vide and air fryer machines.
location, sophisticated design and premium
Kitchen faucets will provide filtered still or
amenities. The best part is that the building itself
sparkling water and, if desired, there will be a
is designed with wellness in mind, so even if you
community-supported agriculture program
don’t choose to actively participate in the well-
where residents will have access to fresh and
ness amenities, you will still be making a healthi-
locally sourced produce.
er choice just by living here,” Sarhan states.
Bathrooms feature optional hand showers
Mattina says he and his family will definitely
to massage residents’ lymph nodes and soak-
join THE WELL club at Bay Harbor Islands as
ing tubs for tired muscles. Plant specialists can
soon as they can. He reveals, “Before making
install and maintain a selection of green plants
this decision, I talked to my doctor about the
for indoor living spaces and balconies. RENDERINGS BY BINYAN STUDIO
health benefits of living in a WELL-certified en-
When Mattina and his family arrive for their This dance and movement studio in THE WELL Bay Harbor Islands provides sunshine
vironment, and he fully supported it — espe-
first stay in their condo at THE WELL Bay and plants as well as a barre and mirrors to help residents with their total wellness plans
(above). Each condominium in THE WELL Bay Harbor Islands is designed from envi- cially the air purification and circadian lighting.
Harbor Islands, they will have an initial bi-annu-
ronmentally friendly materials and includes everything from high-tech kitchen devices to My trainer also loved the idea of having top-tier
al assessment to outline their health goals and carefully selected potted plants that will enhance the health of their owners (below).
fitness and recovery resources on-site, making it
make curated plans to meet them. “All residents
easier to stay consistent with my health goals.”
at THE WELL Bay Harbor Islands and Coconut
“My family is also super excited. My son is an
Grove are also members of THE WELL club,”
amateur boxer and an all-round athlete so he is
Hallock says. “They will have access to THE
looking forward to taking advantage of all that
WELL club amenities — including a beauti-
THE WELL has to offer. My daughter is a young
fully designed bathhouse featuring Miami’s first
teen and has been an early adopter of health and
caldarium, a state-of-the-art fitness floor with a
wellness and can’t wait.”
light-filled movement studio, and a communal
“I expect to feel more energized, more bal-
locker stocked with the latest personal wellness
anced and more connected. The convenience
technology. Residents also benefit from a dedi-
of having a state-of-the-art fitness center, treat-
cated wellness concierge, health coaching ses-
ment rooms and holistic health experts on-site
sions and an in-depth mobility assessment, all
will make it so much easier to prioritize my well-
covered under the homeowners association fee.”
being,” he concludes.
“While specific treatments within the club
Sahran reports that medical research sup-
come at an additional cost, THE WELL mem-
ports Mattina’s desires. “Scientific studies and
bership includes regular wellness program-

.
insights from longevity experts support the idea
ming, including exclusive offerings just for

ly
that wellness-focused environments — both at
residents, creating a well-rounded and holistic
home and work — can lead to a healthier, more
living experience,” she adds.
energetic and longer life. Research has shown
“Having such a wide range of wellness offer- a community, so we’re taking the time to get to know
ings, including hyperbaric chambers and IV therapy,
right at their fingertips is a large part of what is entic-
ing new residents to THE WELL properties in Miami,”
on
people before they join. Those who are referred by a
New York City member or a resident at THE WELL Bay
Harbor Islands will be the first to be welcomed as part
that incorporating wellness-driven design, such as ac-
cess to fitness facilities, natural lighting, purified air
and stress-reducing elements, positively impacts both
physical and mental health.”
Sarhan affirms.
us ,

of our founding member cohort.” Another important component to mental and physi-
l

SPREADING THE HEALTH Unlike its sister property, THE WELL at Coconut cal health is socialization, Mattina points out. “One
e
al a

THE WELL club membership at both the Bay Harbor Grove will have no office space component. “The proj- of the biggest draws for me is the community of like-
Islands and Coconut Grove locations will eventually be ect offers 195 residences, including one- to four-bed- minded people who prioritize wellness. I expect to
ci on

opened to the public “through a very thoughtful pro- room units ranging from approximately 960 square build relationships with people who share similar val-
cess,” Sarhan notes. “It’s really important to us that our feet to 4,200 square feet with prices starting at $1.5 mil- ues, and that’s something you just don’t come across in
residents and members always feel like they are part of lion,” Martin says. a traditional condo building.”
er s
m er

Poised to take shape on the Atlantic Ocean in Miami’s highly

sought-after Billionaire’s Triangle, The Delmore is captivating
m rp

the globe’s most discerning buyers as the next great retreat.

Melding into an idyllic beach setting, the signature 12-story
project is a showpiece — the vision of Dubai-headquartered
DAMAC International, featuring designs by Zaha Hadid Architects.
co Fo

Under construction in the town of Surfside and on track for

completion in 2029, The Delmore’s 37 mansions in the sky will
be directed by a residence manager and served by residential
butlers, complemented by more than 55,000 square feet of
curated amenities and unparalleled white-glove services. These
must-see manses will average 7,000 square feet, with penthouses
surpassing 10,000 square feet. With prices starting at $15 million,
the enclave is the marketplace leader and one of one in the area.

[email protected]; 305-680-0224; thedelmore.com

n-
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MANSIONS IN THE SKY

Life’s Fine Details, Finessed
An exclusive oceanfront collection of 37 residences by Zaha Hadid Architects, sited on 200 feet of
direct beachfront in Billionaire’s Triangle—Miami’s most revered enclave. Each private retreat is a
culmination of masterful architectural vision, where sculptural curves frame sweeping ocean views 305 - 676 -22 38 | [email protected]
and a translucent pool floats 125 feet high between sea and sky. Bespoke butler service is choreographed THEDELMOR E .COM
within the residences and throughout over 55,000 square feet of curated designer amenities.

Four- to Six-Bedroom Mansions from $15 Million

ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503,
FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE. This is not intended to be an offer to sell, or solicitation to buy, condominium units to residents of any jurisdiction where prohibited by law, and your eligibility for purchase will depend upon your state
of residency. This offering is made only by the prospectus for the condominium and no statement should be relied upon if not made in the offering documents. This condominium is being developed by East Oceanside Development, LLC, a Delaware limited liability company (“Developer”)
and this offering is made only by the Developer’s prospectus for the Condominium. No statement should be relied upon if not made in the Developer’s prospectus. The information provided, including pricing, is solely for informational purposes and is subject to change without notice.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R14 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

Best of Florida Luxury Properties

SMALL CONDO PROJECTS

RENDERING COURTESY OF FONTAINEBLEAU DEVELOPMENT

The beauty of Florida’s exclusive Jupiter Island

BIG WITH BUYERS

blends with the décor of a primary bedroom in 1
Homes Jupiter Island, a luxury residential build-
ing being created by Fontainebleau Development

F
and Starwood Capital.
by Julie Bennett
ar from the glitzy condominium towers in Miami ming pool overlooking the ocean, a spa to $150,000, depending on their size.
and a fitness center, and have reserved Future residents are buying them for
and West Palm Beach, smaller projects like 1 Homes space for a restaurant that will be open storage or a man cave. Our doctors plan
Jupiter Island, The Ritz-Carlton Residences, Naples, to the public.” to use them for telehealth appointments
“I think the market is really ripe for and a couple of buyers will use them as
and Salato Residences in Pompano Beach are rapidly luxury boutique buildings,” Ellington remote offices,” Ellington says.
attracting buyers. observes. “A lot of our buyers are locals The reluctant buyer from Ohio says
coming out of single-family homes who they bought one, too. “This will be our
One of those buyers surprised every- SALT OF THE EARTH want to live on the beach. And a large first vacation home in Florida and we
one, including herself. A woman who The building is Salato, a 10-story con- number are from New York, New Jersey don’t know what we or our adult chil-
lives in Cincinnati reveals, “My mom dominiumwith40unitsfacingtheocean, and Connecticut. We are also seeing dren may want to leave there, so we pur-
moved to Pompano Beach 30 years people from the Midwest and California, chased a hobby room for extra storage
being developed by U.S. Development
ago, and my family and I often go down and that didn’t happen in this part of space.” She is more sure of Salato’s oth-

.
LLC of Jersey City, New Jersey. Tinka
and visit her there. I always thought of Florida until a year or two ago.” er attributes. “I like that the building is

ly
Ellington, the director of luxury sales
Pompano Beach as a nice, quiet place “We are also getting a lot of local doc- smaller and we won’t be surrounded by
for Salato Residences, says, “We opened
for old people and never thought I’d ever tors in this building because we are one hundreds of other units and that all the
pre-sales under Douglas Elliman Real
want a place there myself.” of the few luxury condominiums that units are the same size, because all the
“But a couple of years ago, Pompano
began to change. A whole new area
around the pier was so neat and new
on
Estate in December 2023 and have sold
20 of our 40 units, including two of our
six penthouses. All our units have three
also offers self-parking. All the others
have only valet parking, and if a doctor
residents will be sharing the same vibe.”
“I like that there is a concierge service
that will take our chairs to the beach
bedrooms and three-and-a-half baths is on call, he does not want to wait for
and a little bar on the pool deck where
us ,

buildings were going up. When visit- his car.”

and are priced from $2.3 million to $4.9 we can meet other owners and build a
l

ing mom last year, I was out walking,

MORE FOR YOUR MONEY
e
million. Construction is ahead of sched- sense of community. I love our view of
al a

saw a sales office and was intrigued, so

I picked up some information to take ule, and we plan to welcome our owners Buyers who are retired or plan to use the ocean and having an oversized ter-
in the spring of 2026.” Salato as a vacation home are inter-
ci on

back to Ohio.” race that’s so big it’s like having another

“My husband was interested. Then The name, she adds, means “salty” ested in the building’s 28 hobby rooms room. My mom’s in an older building
someone he knew professionally bought in Italian. “Salato is on a street named adjacent to the first- and second-floor and her balcony is so small, you can
a unit in the same building and we went Briny, so we decided to continue the amenity areas. “These are fully finished hardly fit two chairs on it.”
down and bought one, too.” theme. We will have an 80-foot swim- rooms that we are selling for $50,000 “Of course,” she admits, “my mother
er s

Continued on R15
m er

From the moment it first catches your eye, THE

WELL Coconut Grove draws you in. Angled walls
m rp

of glass catch the soft glow of the sunlight as lush

greenery blurs the edges between the building and
its natural surroundings. Like a breath of fresh air,
it beckons you to explore deeper and find what
wellness could feel like right at home. Within your
co Fo

home at THE WELL Coconut Grove, you will find an

abundance of thoughtfully designed and mindfully
selected finishes and features to make wellness an
effortless part of everyday life. Filled with natural
light and space to simply be, each residence
has been created to help you feel nurtured and
restored in every sense.

Sales Gallery: 2640 South Bayshore Drive #101;

Miami, Florida 33133; 305-910-2160;
[email protected]
n-
no

Residences Designed For Wellness. From $1.5M.

INQUIRE TODAY SALES GALLERY

305.910.2160 2640 S Bayshore Dr. #101 EXCLUSIVE SALES BY
THEWELLCG.COM Miami, FL 33133 DOUGLAS ELLIMAN DEVELOPMENT MARKETING

This project is being developed by AB CG Owners LLC, a Delaware limited liability company (“Developer”), which has a limited right to use the trademarked names and logos of Terra and THE WELL. Any and all statements, disclosures and/or representations shall be deemed made by Developer and not by Terra or
THE WELL, and you agree to look solely to Developer (and not to Terra, THE WELL or any of their ailiates) with respect to any and all matters relating to the marketing and/or development of the project. The Terra and THE WELL groups of companies are each comprised of several separate companies that are legally
distinct. Reference to Terra and THE WELL is merely for convenience and should not be relied upon for any other purposes. ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE
TO THE DOCUMENTS REQUIRED BY SECTION 718,503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE, These materials are not intended to be an ofer to sell, or solicitation to buy a unit in the condominium. Such an ofering shall only be made pursuant to the prospectus
(ofering circular) for the condominium and no statements should be relied upon unless made in the prospectus or in the applicable purchase agreement. In no event shall any solicitation, ofer or sale of a unit in the condominium be made in, or to residents of, any state or country in which such activity would be unlawful. All
plans, features and amenities depicted herein are based upon preliminary development plans and are subject to change without notice in the manner provided in the ofering documents. Plans, features and amenities described herein may be provided at an additional cost. No guarantees or representations whatsoever
are made that any plans, features, amenities or facilities will be provided or, if provided, will be of the same type, size, location or nature as depicted or described herein. No guarantee or representations whatsoever are made that existing or future views of the project and surrounding areas depicted by artist’s conceptual
renderings or otherwise described herein will be provided, or if provided, will be as depicted or described herein. Unauthorized reproduction, display or other dissemination of such materials is strictly prohibited and constitutes copyright infringement. No real estate broker is authorized to make any representations
or other statements regarding the projects, and no agreements with, deposits paid to, or other arrangements made with any real estate broker are or shall be binding on the developer. The projects graphics, renderings and text provided herein are copyrighted works owned by the Developer. All rights reserved.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R15

Best of Florida Luxury Properties

RENDERING COURTESY OF THE RITZ-CARLTON RESIDENCES, NAPLES

The inside and outside merge seamlessly in the condominiums of The Ritz-Carlton Residences, Naples. It is no surprise that its 128 homes,
the first in the hotel chain’s Estate Collection, are selling quickly.
Continued from R14
is thrilled that we are buying here. She can see the cranes for our building from her windows. I’m just afraid she
will like our condo better than hers.”
WE’RE NUMBER 1
Sixty miles to the north, another luxury boutique building is planned near the beach in the tiny town of
Tequesta. 1 Homes Jupiter Island will have only 26 estate residences, and is being created by Fontainebleau
Development and Starwood Capital Group.
The project will have 10 stories, reports Jim Cohen, president of residential for Fontainebleau Development,
and construction will begin this summer. Prices for the three- to five-bedroom homes will range from $11 mil-
lion to over $27 million.
“Our residences are an ideal fit for individuals seeking a luxurious, private, secure and convenient living
space in close proximity to the area’s business and cultural hubs, as well as airports for private jets and the Palm
Beach International Airport,” Cohen says. “Every residence offers access to a beautiful oceanfront pool, along
with high-end amenities like a state-of-the-
art fitness center, private cabanas, hydro-

.
therapy spas and direct beach access.”

ly
“Beyond the views, 1 Homes Jupiter
Island offers the perfect blend of world-
class amenities, location and the distinc-
on
tive influence of Starwood’s iconic 1 Hotels
brand. This is Starwood’s first unveiling of
a luxurious, boutique private residential
project, and we are so proud to partner with
Nestled in the sands along Indian Creek and the
us ,

them on this development. Jupiter Island

Atlantic Ocean is The Perigon at 5333 Collins Avenue,
l

is a short distance from Palm Beach and is

e
offering 73 ultra-luxury oceanfront residences and
al a

a timeless sanctuary, as well as a premier eight for-purchase guest suites for residents only.
destination for boating and golf, making it Designed by OMA with interiors by Tara Bernerd,
ci on

a coveted haven,” Cohen adds. these expansive two- to four-bedroom condomini-

A NEW LEGACY FOR NAPLES ums, starting at $4.5 million, boast breathtaking
views of the shoreline, Atlantic Ocean, Miami sky-
A boutique, resort-like campus on
line and Biscayne Bay. The Perigon’s distinguished
Florida’s west coast also has the stamp of
food and beverage offerings, curated by Michelin-
er s

a famous hotel brand. The Ritz-Carlton starred chef Shaun Hergatt, include the private res-
RENDERING BY ARX CREATIVE Residences, Naples, will not have an on- taurant, Nota, and the residents-only speakeasy,
m er

This spacious living area and oceanview terrace could be part of a luxury resort
site hotel and will be the only residential FiftyThree. Additional amenities include a private
anywhere in the world. But it is one of the 40 condominiums under construction
in Salato, Pompano Beach, and will be within walking distance of that town’s complex managed by the hotel brand in beach club, oceanfront pools with cabanas, a break-
lively nightlife. that vacation city. fast lounge, a terraced fitness center and more.
The project will have 128 spacious con-
m rp

Sales and marketing are exclusively handled by

dos in two towers and three mid-rise residential buildings surrounded by swimming pools, parks with walking Douglas Elliman Development Marketing.
trails and a 22-slip marina. “You’re not going to find a project in the area that offers residences with this much
space, coupled with such attention to detail — already outfitted with high-end designer finishes, appliances For more information, please call 305-390-533
and materials,” says Claudine Léger-Wetzel, vice president of sales and marketing, in a press release for the or email [email protected]
co Fo

developer STOCK Development.

STOCK, the press release adds, recently commissioned a group of top interior designers to design and fully
furnish a collection of units that are available for purchase. These fully furnished units include penthouses and
condominiums in the project’s 12-story towers or lower resort-style buildings.
But time is running out to own one, with or without the furniture. STOCK announced that 75% of their units
are under contract, including three of the six penthouses. A select number of four- and five-bedroom condo-
miniums are still available at prices starting at $5.2 million.
“Reaching these latest milestones at The Ritz-Carlton Residences, Naples, is a huge honor,” says Brian Stock,
CEO of STOCK Development, in a press release. “It speaks to the hard work of our sales team and the appeal of
what we’ve created at The Residences. The amenity-rich waterfront lifestyle we’re offering is going to be trans-
formative — a new legacy for Naples.”
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 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R16 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

Best of Florida Luxury Properties

RENDERINGS BY THE BOUNDARY

Imagine ending your morning workout with a smoothie at this juice bar in Olara, the residential project rising along the Intracoastal Waterway
in West Palm Beach (above). Olara condominium owners will share amenities such as a pool, high-tech fitness center and paddleboats they can
take for a cruise (right).

DEVELOPERS BANKING ON
GROWTH DIVIDENDS
by Julie Bennett

D
evelopers for a pair of major West Palm Beach condo projects scheduled to
open in 2027 or 2028 are expecting the city’s fast-paced expansion
to continue.
Palm Beach and West Palm Beach now place third in a separate tower, will be announced closer to Olara’s
on a list of America’s fastest-growing millionaire hubs, opening, he says.
with the number of wealthy residents growing by 93% “West Palm keeps growing,” Kurd remarks. “All of

.
in the last decade. Palm Beach places third in the ranks our buyers are domestic to the U.S. and the majority

ly
of cities with the most expensive real estate and West are from the Northeast, with some from the West Coast.
Palm Beach is one of the most popular destinations for West Palm Beach continues to grow as a real estate hot
millionaires moving here from other countries. spot, with more hotels going up and more commit-
Andrew Kurd, co-chief investment officer for New
York-based Savanna, is betting the West Palm Beach
economy will only get better. His firm is developing
on ments from major investment houses and corpora-
tions establishing offices here. And we will always have
for more of the people, particularly families, who are
moving to West Palm Beach to work in the thousands
a population aging out of the workforce and wanting a of new offices here.”
us ,

Olara, a large project on the west side of the Intracoastal warm destination to come to in the winter.” Adelson joined with locals Thomas and Carlos
l

Waterway just minutes from Palm Beach Island and The Morrison of Sympatico Real Estate to design The
IN THE PALM OF THEIR HANDS
e
al a

Breakers. When finished in late 2027 or early 2028, Olara Berkeley Palm Beach, a 26-story tower with 193 con-
will have two 26-story towers with 287 high-end con- Longtime Palm Beach County resident and develop- dominiums on the west side of Downtown West Palm
ci on

dominiums, 170 rental units, a massive amenity com- er Al Adelson noticed the influx of millionaires to West Beach. “I am proud of the fact that people who bought
plex for residents to embrace a holistic indoor-outdoor Palm Beach years ago, and in 2019 built The Bristol, into The Bristol and are now living there in condos
lifestyle and a waterfront restaurant by the José Andres a 24-story tower with 68 luxury condominiums and a worth $30 million or more also want to be partners in
Group. Condo prices begin at $2 million and rise to over starting price of $10 million. “After I did The Bristol,” this investment,” he says.
$10 million. Details on the rental units, which will be Adelson reveals, “I wanted to do something affordable
er s

Continued on R17
m er

The Residences at Mandarin Oriental, Miami, developed

m rp

by Swire Properties, combines world-class design with the

legendary services of Mandarin Oriental Hotel Group, and offers
the final opportunity to own a new development on Miami’s
Brickell Key. The Residences comprise two towers designed by
Kohn Pedersen Fox. The South Tower, featuring 228 residences,
co Fo

includes interiors envisioned by Tristan Auer. The North Tower

will house Mandarin Oriental's North American flagship hotel
with 66 private and 28 hotel residences. Residents will benefit
from world-class amenities, including the 100,000-square-foot
multitiered podium by Thai landscape firm Shma, offering
opportunities to relax, dine and connect. Fortune Development
Sales is the exclusive sales and marketing agent for The
Residences. Pricing for availability starts at $4.9 million with an
anticipated completion date of 2030.

For more information, 305-419-1090;

n-

[email protected].
no

A Destination
of Refinement
Rising above the coastline of Brickell Key,
The Residences at Mandarin Oriental, Miami,
is an island on an island. This unparalleled
residential offering comprises two-to five-
bedroom homes infused with grandeur
down to the finest detail. The Residences
combine world-class design, legendary
service, and an immersive resort lifestyle,
all complemented by breathtaking
panoramic vistas.

An Elevated Expression
of Island Living
South Tower Residences
priced at $4.9 Million

(305) 419-1090
[email protected]
mo-residencesmiami.com

This project is being developed by OID T1 Developer LLC, a Florida limited liability company (“Developer”), which has a limited right to use the trademarked names and
logos of Swire Properties and Mandarin Oriental Hotel Group. The Residences at Mandarin Oriental, Miami (“The Residences”) are not developed, sponsored, owned,
offered or sold by Mandarin Oriental Hotel Group or any affiliate thereof (MOHG), and MOHG makes no representation, warranty or guaranty of any kind regarding The
Residences. Developer and owners of The Residences use the Mandarin Oriental name and trademarks subject to the terms of revocable licenses from MOHG which
may expire or be terminated. These materials are for the South Tower only and any and all depictions, renderings, descriptions, etc., of any additional improvements
within the overall project, including, without limitation, an additional tower and amenities associated with such additional tower are subject to change at any time, without
notice. Those additional improvements may not be available at the time of closing and/or may never be made available and shall not be relied upon in any manner. ORAL
REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE
REFERENCE TO THIS WEBSITE AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR
LESSEE. THE COMPLETE OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO. CP24-0048. WARNING: THE CALIFORNIA
DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING. This advertisement is a solicitation for the sale of Units in Island
Drive South Condominium; N.J. Registration No. 24-04-0007. This Condominium has been registered with the Massachusetts Board of Registration of Real Estate Brokers
and Salespersons F-1294-01-01. In no event shall any solicitation, offer or sale of a unit in The Residences be made in, or to residents of, any state or country in which
such activity would be unlawful. All images and designs depicted herein are artist’s conceptual renderings, which are based upon preliminary development plans, and
are subject to change without notice in the manner provided in the offering documents. All such materials are not to scale and are shown solely for illustrative purposes.
These drawings and depictions are conceptual only and are for the convenience of reference. They should not be relied upon as representations, express or implied, of
the final detail of The Residences. The Developer expressly reserved the right to make modifications, revisions and changes it deeded desirable in its sole and absolute
discretion. Prices do not include optional features or premiums for upgraded units. Price changes may occur that are not yet reflected herein. Buyers should check
with the sales center for the most current pricing. The project graphics, renderings and text provided herein are copyrighted works owned by the Developer. All rights
reserved. Unauthorized reproduction, display or other dissemination of such materials is strictly prohibited and constitutes copyright infringement.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R17

Best of Florida Luxury Properties

Villa Miami presents the first residential experience

by Major Food Group (MFG), the world-renowned
hospitality brand behind CARBONE, Dirty French
and ZZ’s Club. MFG partners with acclaimed interior
designer Vicky Charles of Charles & Co. to create
an unparalleled fusion of residential luxury and
hospitality excellence.

Designed as a collection of just 70 full- and half-

THE BERKELEY PALM BEACH floor vertical villas, the tower delivers panoramic
All the balconies are family-sized at The Berkeley Palm Beach, the newest condominium project going up in West Palm Beach, because the views of Biscayne Bay and the city, coupled with an
building is designed for the thousands of employees moving to the area. unmatched suite of amenities.
Continued from R16
At its heart is The Copper Club, an exclusive
The team opened preconstruction sales at their groundbreaking ceremony in mid-December 2024, “and we’ve three-floor private club encompassing all resident
already sold 19 units, or 10% of the project. We designed this for families and all units are two-to-five bedrooms amenities, including private dining, lounges, a
with an extra flex space that can be used as a gym, an office or a kids playroom. Prices are set at $1.9 million to $6 screening room, a yacht club, a rooftop helipad and
million for 85% of the building. Units on the upper floors and our penthouses will sell for $7 million to $11 mil- wellness facilities. Enhancing the offering, Villa Miami
lion,” Adelson says. will feature an MFG waterfront restaurant where
Several other condominium projects are underway in West Palm Beach, Adelson notes, “and all of them em- residents receive priority seating.
phasize luxury. This is the only one that recognizes that young people who live and work in Downtown West Palm
need a place to raise their families.” For information, visit villamiami.com or
call 786-408-9798; [email protected].
He adds, “We will have two amenity floors, one on the top floor for adults, with their own pool and a private
dining room with a chef’s kitchen, and one on the seventh floor for families that includes a beautiful spa, fitness
center, kids’ center and resort-style swimming pool. Besides being kid-friendly, we welcome all sizes of dogs.”

.
The building’s location should also entice families. “We have easy access to I-95 and all area schools are

ly
easily reachable. We’re within walking distance of the city’s major shopping and entertainment districts,”
Adelson says. Every residence in The Berkeley will have water views of Clear Lake, a downtown reservoir for
the city’s water system.
Despite its focus on families, The Berkeley will on
contain luxury features. It is designed by the high-
end architectural firm Arquitectonica and will
feature concierge services, valet parking, a board
us ,

room and co-working spaces, plus a rooftop social

l

lounge. Plans do not include a full-service restau-

e
al a

rant, “but we will have a little carry-out restaurant

for sandwiches attached to the building.”
ci on

Adelson says, “I am very confident that more

people will be coming here and we will be able to
sell out all 193 units over the next 36 months. In
the last two years, we’ve had over a million square
feet of new office space open or under construc-
er s

tion. It is all leased and all that space needs hu-

man beings to work in it.”
m er

PICTURE PERFECT
Olara’s Kurd also points to West Palm Beach’s
rapidly expanding office complexes and notes
m rp

THE BERKELEY PALM BEACH that Vanderbilt University in Nashville is under

The Berkeley Palm Beach will have a massive amenity deck for families on contract to build a new campus in the city. In late
its seventh floor, but this rooftop pool and its lounges are reserved for just February, the Cleveland Clinic announced plans
the resident adults.
for a new hospital there as well.
co Fo

Kurd expects the Olara to also attract fami-

lies and young working professionals. “When we started our planning, we had some smaller units, but we soon
moved to two, three and four bedrooms for the condominiums. So far, we are catering mainly to empty nesters
and retired folks. Young families do not make deposits years in advance and will show up just before we open.”
As more people move to West Palm Beach for work, Olara is creating a year-round lifestyle for them, Kurd
says, “Imagine waking up, working out in our spectacular gym, then hitting the juice bar or having lunch in our
restaurant, walking to work and then returning to watch the sun set over one of our pools. Ideally situated on the
Intracoastal Waterway, Olara will feature a private dock and boats available for our residents to use.”
This vision is resonating with buyers. “So far, we have sold condos at every price range and in every part of our
building. And most of our buyers will make Olara their predominant home,” Kurd affirms.
n-
no
pursuant to the prospectus (offering circular) for the condominium and no statements should be relied upon unless made in the prospectus or in the applicable purchase agreement. In no event shall any solicitation, offer or sale of a unit in the condominium be made in, or to

any that may exist or that may be proposed, and are merely intended as illustration of the activities and concepts depicted therein. Certain services, amenities, or features described herein may be available at an additional cost or provided by third parties, and are subject
to this brochure and to the documents required by section 718.503, Florida statutes, to be furnished by a developer to a buyer or lessee. These materials are not intended to be an offer to sell, or solicitation to buy a unit in the condominium. Such an offering shall only be made

residents of, any state or country in which such activity would be unlawful. All images and designs depicted herein are artist’s conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided
in the offering documents. All such materials are not to scale and are shown solely for illustrative purposes. The photographs contained herein may be stock photography or have been taken off-site and are used to depict the spirit of the lifestyle to be achieved rather than
Villa Miami is being developed by 710 Edge Property, LLC a Delaware limited liability company (“Developer”). Any and all statements, disclosures and/or representations shall be deemed made by Developer and you agree to look solely to Developer with respect to any
and all matters relating to the marketing and/or development of Villa Miami and with respect to the sales of units in Villa Miami. Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct representations, make reference

to change. THE COMPLETE OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO. CP23-0086 The project graphics, renderings and text provided herein are copyrighted works owned by the Developer. All rights reserved.

a major food group residential experience UNDER CONSTRUCTION. WATCH US RISE.

Schedule Your Private Preview Today Step into a life curated by globally recognized talents
& tastemakers. Estate-style homes in the sky, each designed
2742 Biscayne Blvd, Miami
786 401 3729 • [email protected]
around a sweeping horizon line, featuring a first-class
lifestyle with a level of personalized service unseen in Miami.
Developed by: Terra, Major Food Group, 1000 Group
Exclusive Sales by Douglas Elliman Development Marketing Half- and Full- Floor Bayfront Residences Starting at $6M.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R18 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

Best of Florida Luxury Properties

KEEPING IT
FRESH
RENDERING COURTESY OF FIVE PARK
This colorful Canopy Bridge, soon to be a city
landmark, was designed by French artist Daniel
Buren to allow residents of Five Park to cross over
the busy street below and easily reach the beach.

by Julie Bennett East Edgewater neighborhood overlooking Biscayne Bay, and set the completion

D
date for late 2027. Prices begin at $5 million for its 70 residences that will span full
avid Martin, CEO of Terra, is developing so many or half floors.
buildings in south Florida he has been referred to The exterior, designed by ODP Architects, will feature a unique glass-and-copper
metal facade, with geometric designs at its base. For the interiors, Martin says, “We
in the press as “the king of Miami.” are working with Vicky Charles, whose design pedigree includes homes for several
celebrities. Vicky has a European sensibility that adds warmth and character, cre-
Since then, Terra has launched several more condominium projects, including ating a departure from the more-typical white marble and chrome that has long

.
wellness-centered THE WELL Bay Harbor Islands and THE WELL Coconut Grove,

ly
defined Miami design. Her foresight ensures that our interiors remain timeless but
the newly announced Miami Tropic in the Design District, the Major Food Group- still contemporary.”
branded Villa Miami and residential tower Five Park, now delivered and ready Villa Miami kitchens will be designed by a chef who is a celebrity himself, Mario
for residents.
on
Like other urban developers, Terra starts selling its luxury units pre-construc-
tion, which means early depositors may have to wait three or four years before their
Carbone of Major Food Group. “Our collaboration with Major Food Group, which
will provide all food and beverage service and management for the completed tow-
er, introduces an entirely new concept to Miami’s luxury condo landscape, centered
dream home is ready. How does Terra help future residents stay enthusiastic and on elevated service, world-class dining and thoughtfully designed social spaces,”
us ,

interested in the meantime? And how do developers stay current with trends over Martin says.
l

the years, like the new rages for pickleball and induction ranges? In addition to the building’s residents-only dining spaces, which will feature
e
al a

Martin says his company keeps up the excitement level for buyers by providing recipes from Major Food Group concepts like Carbone and Sadelle’s, the hospital-
assets no other building can match, hiring architects and interior designers with an ity company will introduce a new waterfront restaurant on Villa Miami’s ground
ci on

eye to the future and, of course, finding the perfect location. For Villa Miami’s future
floor, Martin adds. “Across all our projects, we integrate top-tier food and bever-
residents, he’s even added a very early concierge service.
age and hospitality components because buyers are looking for more than just a
RICH IN CHARACTER residence — they want a high-design, fully serviced lifestyle curated by brands
Terra broke ground this winter for Villa Miami, a 56-story building in the city’s they know and trust.”
er s

Continued on R19
m er

Rising 80 stories above the city in the heart of Brickell

at 1420 South Miami Avenue is Cipriani Residences
m rp

Miami, the renowned hospitality brand’s first-ever

ground-up residential tower in the Americas. Featuring
397 one- to four-bedroom residences starting at $1.7
million, the tower’s interiors are curated by 1508
London with architecture by Arquitectonica. The top
co Fo

18 floors feature The Canaletto Collection, a limited

assemblage of homes offered priority access to
amenities like the private speakeasy and for-purchase
custom furniture and accessory packages. The tower’s
premium amenity collection includes resident-only
Cipriani dining services, a resort-style deck with two
pools, and a spa with sauna and treatment rooms.
Sales and marketing efforts are handled exclusively by
Fortune Development Sales.

For more information, please call 786-460-7240

n-

or email [email protected]
no
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R19

Best of Florida Luxury Properties

RENDERINGS BY BINYAN STUDIO

Only the residents of the towering Villa Miami and their guests will enjoy con-
versation and cocktails in this lounge area, to be managed by Major Food Group
(above). And all the residences will occupy full or half floors, boasting panoramic
views of the city and Biscayne Bay (right).

Continued from R18

The very top of Villa Miami is also unique, because ceptual artist Daniel Buren. The Canopy Bridge will plored every feasible area in Miami. Some neighbor-
it will contain a landing pad for helicopters. “Many of provide a direct connection to the South of Fifth hoods were too quiet for both my business and family
our buyers frequently travel via helicopter and private neighborhood for the first time, adding to the area’s needs, while others were too far from the ocean.”
aviation, making the rooftop helipad a key conve- walkability.” Until the bridge is finished, Five Park “Five Park stood out because it’s the first new-con-
nience that allows them to access and exit the build- staff are driving residents to the beach in colorful golf struction high-rise in South Miami Beach in over a
ing seamlessly and privately,” he explains. cart-like vehicles called Mokes. decade. Compared with the older inventory of South
In the meantime, Martin says, “We are allowing our He adds, “At Five Park, we envisioned a dynamic, of Fifth, it offers something fresh and modern while
buyers to experience their Villa lifestyle before they fully integrated residential experience, with over still feeling connected to the South of Fifth neighbor-
move in. We’ve introduced a ‘majordomo’ — a dedi- 50,000 square feet of expertly designed amenities. hood — especially once the Canopy Bridge is com-

.
cated hospitality expert who ensures seamless service We collaborated with interior designers Gabellini pleted,” YB reveals.

ly
for our residents. From securing theater tickets and Shephard and Anda Andrei to create spaces that are YB also appreciates Five Park’s proximity to
restaurant reservations to sourcing florists and nan- reminiscent of a five-star hotel. Our new residents are Miami’s Brickell District. “I work in finance, so hav-
nies, they act as an on-staff concierge, delivering an very excited about the workspaces, social club and ing quick access while living in Miami Beach is an
unparalleled level of personalization and care.”
THE GLASS TOWER
Since last November, similar concierge services
onthe sixth-floor Park Club amenity deck, which fea-
tures pools, the fully serviced Café Flora and more.”
The developers also created the adjacent Canopy
ideal solution for anyone who needs to be close to
Brickell but still wants to live on the oceanfront,” he
says. “We all want to be near the action, but Five Park
Park, a 3-acre green space open to the public that in- is also fantastic for families. It offers walkability to top
us ,

have been available in the lobby of Five Park, a 48-sto- restaurants and access to a lifestyle beyond the build-
cludes playgrounds for children and dogs, a botanical
l

ry tower with 227 condominiums ranging in size from ing itself.”

garden and outdoor art installations.
e
al a

one to four bedrooms. Prices start at $1.5 million and Martin says, “location and connectivity are just
a limited number of units are still available, including IT ALL ADDS UP as important as views in today’s market. Buyers
ci on

penthouses starting at $20 million. New Five Park resident Kevin YB is still settling in, crave a strong connection to their surroundings —
The soaring tower, located at the southern tip of although he’s already used the gym and restaurant. they want to have immediate access to top-rated
Miami Beach, will soon be connected to South Point His favorite features are the building’s location and restaurants, boutiques, parks and cafes. Both Five
with what Martin calls “a striking 158-foot-long en- the neighborhood’s walkability. “I started searching Park and Villa Miami are situated in highly walkable
closed overhead bridge designed by French con- for condos with a broker in February 2024 and we ex- neighborhoods.”
er s
m er

The newest residential tower has arrived on Miami

Beach, offering unprecedented views in every direction.
m rp

Helmed by renowned architecture and planning studio

Arquitectonica, Five Park sets a new standard for
function, beauty and sustainability. Rising 48 stories,
this landmark development marks the gateway to
South Beach. With 50,000 square feet of exceptional
co Fo

amenities, Five Park features The Park Club, an

exclusive sixth-floor retreat with Café Flora, a spa, gym,
co-working spaces and private offices. Residents also
enjoy a private beach club and a resort-style pool deck
with covered cabanas, all just steps from the adjacent
3-acre Canopy Park. Prices start at $1.5 million. Model
residences by RH and B&B Italia provide an exclusive
look inside the tower delivered last year.

For more information,

visit fivepark.com; 786-453-4223.
n-
no
are copyrighted works owned by the Developer. All rights reserved.

NO. CP21-0065. All images and designs depicted herein are artist’s conceptual renderings, which are based upon preliminary development plans, and are subject to change without notice in the manner provided in the offering documents. All such materials are
offer or sale of a unit in the condominium be made in, or to residents of, any state or country in which such activity would be unlawful. FOR NEW YORK RESIDENTS: THE COMPLETE OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE
condominium. Such an offering shall only be made pursuant to the prospectus (offering circular) for the condominium and no statements should be relied upon unless made in the prospectus or in the applicable purchase agreement. In no event shall any solicitation,
representations, make reference to this brochure and to the documents required by section 718.503, Florida statutes, to be furnished by a developer to a buyer or lessee. These materials are not intended to be an offer to sell, or solicitation to buy a unit in the
to any and all matters relating to the marketing and/or development of the Condominium and with respect to the sales of units in the Condominium. Oral representations cannot be relied upon as correctly stating the representations of the developer. For correct
This condominium is being developed by TCH 500 Alton, LLC, a Delaware limited liability company (“Developer”). Any and all statements, disclosures and/or representations shall be deemed made by Developer you agree to look solely to Developer with respect
development or forces of nature and the developer in no manner guarantees the continuing existence of any view. Furnishings are only included if and to the extent provided in your purchase agreement. The project graphics, renderings and text provided herein
depicted by artist’s conceptual renderings or otherwise described herein, will be provided or, if provided, will be as depicted or described herein. Any view from a residence or from other portions of the property may in the future be limited or eliminated by future
not to scale and are shown solely for illustrative purposes. Renderings depict proposed views, which are not identical from each residence. No guarantees or representations whatsoever are made that existing or future views of the project and surrounding areas

b e a c h l i v i n g c o m p l e t e ly r e d e f i n e d

O n e- to fo u r - b e d r o o m r e s i d e n c e s
Sta r t i n g at $ 1 . 5 M i l l i o n

M O V E I N TO D AY. L I M I T E D I N V E N TO RY R E M A I N I N G.

Expertly crafted by the world’s most visionary design minds,

Five Park represents the intersection of function, beauty, and sustainability.
The sleek tower offers a host of unprecedented amenities with in-house
wellness and a private beach club bringing five-star service to everyday life.

J O I N U S AT O U R O N - S I T E S A L E S G A L L E R Y
5 0 0 A LTO N R O A D M IAM I B E AC H FL 3 31 39
S A L E S @ F I V E PA R K . C O M 78 6 4 53 4 2 2 3

d e s i g n d i r e cto r i n t e r i o r a r c h i t e ct u r e pa r k d e s i g n
an da an d r e i g a b e l l i n i s h e p pa r d a r q u i t e cto n i c a g e o

bridge design a r c h i t e ct u r e
dan i e l b u r e n a r q u i t e cto n i c a

exclusive sales by douglas elliman development marketing

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

R20 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

Best of Florida Luxury Properties

WILL YOU HAVE THE

CARPACCIO
WITH YOUR
CONDO?
S
by Julie Bennett
eekers of luxury condominiums in Miami may
soon be asking what’s on the menu along with
how many pools a building has or if there is
24-hour concierge service. Miami is filled with
branded condo towers bearing the names of
five-star hotels, European designers, sports
cars and now famous chefs.
Naples’ most anticipated ultra-luxury The 80-story Cipriani Residences is rising in the Brickell District,
condominium project continues to stun and Miami Tropic Residences, Michelin-star chef Jean-Georges Delivering in early 2026, Salato offers the premier
the prime property market. On track for Vongerichten’s first-ever branded residential building, is planned
boutique oceanfront-living experience in booming
delivery next winter, The Ritz-Carlton for the city’s Design District. Pre-construction sales are going well at
Residences, Naples, is a Gulf Coast icon on Pompano Beach, Florida. Salato already reached
Miami Tropic, and Cipriani, due to open in 2028, has sold about half
the rise. As the signature vision of award- of its 397 residences. Prices there start at $1.8 million and rise to over 50% sold in advance of the 2025 season. It
winning STOCK Development, the plush $30 million. boasts an unrivaled combination of intimate and
project — situated steps from Vanderbilt expansive residences — including six penthouses
Beach — has been likened to a private THE NAME SPEAKS FOR ITSELF
— that feel like single-family homes, and five-star
resort. Comprising 128 estate-like retreats, “It’s very rare for someone to visit our sales gallery without already
amenities typically found in high-rise buildings.
the enclave will feature more than 50,000 knowing the Cipriani brand,” says Michael Patrizio, managing director
square feet of unparalleled amenities of developer Mast Capital. “While no one expects to live in a restaurant,
and white glove services, all managed by they recognize the Cipriani brand’s dedication to service — an ethos Priced between $2 million and $4.9 million, Salato’s
The Ritz-Carlton — a brand that boasts a that extends to every detail of the property.” residences are all designed by Randall Stofft
globally revered legacy of incomparable “When considering a luxury condominium, buyers evaluate the Architects with Interiors by Steven G, and feature
service, artistry and moments that last decor, materials and amenities, but they’re also looking for something incredibly rare 14-foot-deep terraces and floor-
a lifetime. From the exclusive Vanderbilt more — an intangible quality that enhances their lifestyle. Knowing

.
Club and full-service spa to the restaurant, to-ceiling windows with gorgeous ocean views.
that the Cipriani brand is at the heart of this development gives them

ly
marina, theater, resort-style pools with Salato’s 20,000-plus square feet of amenities
confidence, setting clear expectations for the level of service and
cabana suites and fire pits, and beyond, include an 80-foot oceanview pool and spa, direct
sophistication they’ll experience.”
The Residences, starting at $5.2 million, are beach access with chair/umbrella and towel
Residents can expect Cipriani’s signature offerings, including their
redefining what it will mean to live lavishly
on the coast.
Visit www.rcrnaples.com. Sales gallery
on
famed carpaccio and pasta dishes at the building’s residents-only
restaurants and an understated but elegant Venetian sophistication.
Unlike many branded properties, Cipriani Residences Miami will
service, an 8,000-square-foot fitness center and
24-hour concierge service. Act now before Salato
reaches sold out status.
contact: 2355 Vanderbilt Beach Road., not contain a hotel, ensuring that its world-class amenities remain
us ,

Suite 106, Naples, Florida; 239-249-6260. private for residents. Patrizio explains, “After years in the business, 954-284-0090; [email protected]
l
e
we at Mast Capital have found that our residents and their guests
al a

value exclusivity, seeking a private oasis that embodies Cipriani’s

signature design aesthetic and renowned service standards. This
ci on

building is designed to feel like a home, not a transient space.”

Cipriani Residences Miami offers an additional layer of exclusivity
with The Canaletto Collection, located on the tower’s upper 18 floors.
This elevated offering features 68 ultra-luxury residences and six
er s

Continued on R21
m er
m rp
co Fo
n-

ACT FAST: OVER 50% SOLD | DELIVERING EARLY 2026

no

Boutique Ultra-Luxury
Beachside Living
A Once-in-a-Lifetime Address
Why wait years to enjoy oceanfront luxury living in Pompano Beach—
As an icon rises along the Vanderbilt Beach skyline, there will be a one of South Florida’s hottest year-round residential destinations?
new address in Naples to surpass all others. With coastal residences of Salato is redefining Pompano Beach with its only boutique ultra-
unrivaled space and finishes, 50,000 square feet of inspired amenities, luxury living experience. This exclusive 40-residence project with
and impeccable service by the first name in luxury, every moment of every expansive terraces, four dedicated elevators and over 20,000 square
day will be yours to enjoy at The Ritz-Carlton Residences, Naples. A rare feet of exceptional amenities on par with a 5-star resort provides
opportunity reserved for the few, the time to select your residence is now. the perfect blend of privacy and luxury. Salato’s spacious three-
bedroom residences feel much more like an oceanfront home than
Occupancy Early 2026 a condominium. Purchase at Salato now and meet with the award-
winning Interiors by Steven G. to customize your dream residence in
time for next season!

2355 Vanderbilt Beach Road Suite 106, Naples, Florida 34109 Phone 239-249-6260
The Ritz-Carlton Residences, Naples Pricing from $5.2 million.
RCRNaples.com

LUXURY RESIDENCES PRICED FROM $2M TO $4.9M

305 Briny Avenue, Pompano Beach, Florida 33062

954 284 0090 | SalatoResidences.com
THE RITZ-CARLTON RESIDENCES, NAPLES ARE NOT OWNED, SOLD OR DEVELOPED BY THE RITZ-CARLTON HOTEL COMPANY, L.L.C. OR ITS AFFILIATES (“THE RITZ-CARLTON”). STOCK RESIDENCES,
USES THE RITZ-CARLTON MARKS UNDER A LICENSE FROM THE RITZ-CARLTON, WHICH HAS NOT CONFIRMED THE ACCURACY OF ANY OF THE STATEMENTS OR REPRESENTATIONS MADE HEREIN. ORAL
REPRESENTATION CANNOT BE RELIED UPON AS CORRECTLY STATING THE REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS REFERENCE SHOULD BE MADE TO THE DOCUMENTS
REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY THE DEVELOPER TO A BUYER OR LESSEE. ALL RENDERINGS AND PLANS ARE PROPOSED CONCEPTS SHOWN ONLY FOR MARKETING
PURPOSES AND ARE BASED ON THE DEVELOPER’S CURRENT PRELIMINARY DEVELOPMENT PLAN. DEVELOPER RESERVES THE RIGHT TO MODIFY, REVISE OR ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE SELLER.
WITHDRAW THE PROPOSED DEVELOPMENT PLAN IN DEVELOPER’S SOLE DISCRETION WITHOUT NOTICE. NOTHING HEREIN OR ANY OTHER COMMUNICATION FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THIS BROCHURE AND TO THE DOCUMENTS REQUIRED BY
SHALL BE DEEMED TO OBLIGATE THE DEVELOPER, OR ANY AFFILIATE OF DEVELOPER, TO CONSTRUCT THE PROJECT OR OFFER ANY OF THE PROJECT FOR
SALE, AND NOTHING HEREIN SHALL BE DEEMED A GUARANTY OF ANY KIND. THIS IS NOT AN OFFER TO SALE OR SOLICITATIONS OF OFFERS TO BUY. SECTION 718.503, FLORIDA STATUTES TO BE FURNISHED BY A SELLER TO A BUYER OR LESSEE. All dimensions,
features, and specifications are approximate and subject to change without notice. Brokers warmly welcomed.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

THE WALL STREET JOURNAL. Friday, March 21, 2025 | R21

Best of Florida Luxury Properties

RENDERING BY THE BOUNDARY

This terrace will soon be available in Miami Tropic, a condo tower designed for gourmet living. The building, curated by legendary chef Jean-Georges, will contain
his famous restaurants, with food that can be delivered right to each unit.
Continued from R20 for wellness, gathering and entertainment. They
will include two pools, a full wellness floor, an art
penthouses, each with private elevators leading
gallery, a wet spa with hot and cold plunge pools,
directly to the home. Residents of The Canaletto
a podcast studio and an outdoor theater. But
Collection also receive priority access to the
the biggest attraction is what chef Jean-Georges
building’s speakeasy, modeled after Casa Cipriani
calls his abc trilogy — his seasonal dining room
in New York and Harry’s Bar in Venice — not to
abc kitchen, his Latin-inspired restaurant abc
mention breathtaking views of Miami’s skyline and
cocina and his plant-forward spot abcV. These
surrounding waters.
restaurants will be open to the public. “Chef will
While Cipriani Residences Miami has drawn
also provide private food and beverage service
domestic and international buyers looking for a
for the building’s pool and wellness center
Miami pied-à-terre, the upper floors are attracting
and for the rooftop lounge,” Martin adds.
celebrities and high-profile executives seeking a
In addition to the restaurant by Jean-
private retreat.
Georges, a private dining room and bar on the
“Offering a diverse range of residences has been a RENDERING BY THE BOUNDARY
rooftop provides another ideal environment for
key advantage," Patrizio says. “It allows us to appeal You can work and play in Miami by day and return to Venice each
evening at the sleek Cipriani Residences, where residents-only restau- entertaining, while the resort-style pool with private
to a broad spectrum of buyers, all with different needs
rants will serve the family’s food and signature cocktails. The lounge cabanas, landscaped gardens, outdoor kitchen and
but united by a desire for the Cipriani lifestyle. There’s

.
at the top of the tower overlooks Biscayne Bay but is designed to look lounge provides moments for connection.
truly something for everyone who appreciates this level like Harry’s Bar in Italy.

ly
Miami Tropic’s location in Midtown Miami will be
of luxury and service.”
in New York as Glenn Pushelberg, co-founder of Yabu at the gateway to the city’s Design District. Martin says,
JEAN-GEORGES APPEAL Pushelberg, the designer of Miami Tropic’s grounds and “There is an amazing demand for this neighborhood
David Martin, CEO of Terra, has built dozens of
condominium projects in Miami, including branded
buildings. Terra’s condominium projects underway in
on amenity levels.” among empty nesters looking to sell their homes and
“We set up a meeting and I was amazed by Jean- move to someplace that is more urban and walkable. We
Georges’ humility and his passion for amazing food and are finding that a certain level of education and culture
Bay Harbor Islands and Coconut Grove, for example, are hospitality experiences.” draws people to the Design District. And Baby Boomers
us ,

branded by THE WELL, a health and wellness company. Miami Tropic will be a 48-story building with 329 are looking for new residential buildings where they can
l

Now Martin has landed one of the world’s top chefs residences, an array of one- to four-bedroom units, spend the rest of their lives.”
e
al a

for his newest project, Miami Tropic Residences. Chef in Miami’s Design District. It will be designed by “Most of our buyers seem to have some connection
Jean-Georges has two Michelin stars and 60 restaurants Arquitectonica and delivery is scheduled for 2028. with the chef from dining at his restaurants in the
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around the world. As the building’s hospitality and All residences will have spacious balconies with glass Northeast or European markets,” Martin says. “The
lifestyle partner, his involvement extends beyond the railings; 180-degree views of Biscayne Bay, the Miami fact that Jean-Georges will have an influence on the
culinary assortment, and his team worked closely with Design District and Downtown Miami; and kitchens design and programming of this building and its
Terra to conceptualize plans for design and programming inspired by chef Jean-Georges himself. Prices will services provides a level of confidence they can’t find
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throughout the building. “I’ve admired Jean-Georges my range from $1.1 million to over $5 million, and pre- anywhere else.”
entire life and enjoyed his food during family trips to St. construction sales began in November 2024.
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Barths and New York,” Martin says. “After a mutual friend The building features over 41,000 square feet of Julie Bennett is a freelance writer specializing in luxury travel,
introduced us, I learned he lives in the same building indoor and outdoor amenities thoughtfully designed real estate and lifestyle issues.
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Obtain the Property Report required by Federal Law and read it before signing
anything. No Federal or State agency has endorsed or judged the merits of
value, if any, of this property. This is not an offer to sell or solicitation to buy
real estate in any jurisdiction where prohibited by law. Products and availability
are subject to change without notice. Improvements, facilities and programs
may be in formative stages and cannot be guaranteed. Artist renderings
are for illustrative purposes only and may differ from completed products.
 For personal, non-commercial use only. Do not edit, alter or reproduce. For commercial reproduction or distribution, contact Dow Jones Reprints & Licensing at (800) 843-0008 or www.djreprints.com.

R22 | Friday, March 21, 2025 THE WALL STREET JOURNAL.

HOTEL-INSPIRED
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Proposed new development by HHR FSO Land LLC; artist concept rendering, all improvements are proposed and subject to
change. Not all improvements shown are proposed as part of the proposed Four Seasons Private Residences Orlando.

A NEW LUXURY PRIVATE RESIDENCES OPPORTUNITY IS

NOW SELLING AT GOLDEN OAK AT WALT DISNEY WORLD® RESORT

With a collection of nine boutique homes and 31 luxe residences in a

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Prices start at +$5 million.

LEARN MORE OR REQUEST AN APPOINTMENT EXCLUSIVE

AT ORLANDOPRIVATERESIDENCES.COM SALES AND MARKETING AGENT

The new Four Seasons Private Residences Orlando at Walt Disney Worldd® Resort are proposed to be developed by HHR FSO Land LLC (“Developer”), as Florian Park Condominium (“Condominium”).
ORAL REPRESENTATIONS CANNOT BE RELIED UPON AS CORRECTLY STATING REPRESENTATIONS OF THE DEVELOPER. FOR CORRECT REPRESENTATIONS, MAKE REFERENCE TO THE
PROSPECTUS (OFFERING CIRCULAR) AND TO THE DOCUMENTS REQUIRED BY SECTION 718.503, FLORIDA STATUTES, TO BE FURNISHED BY A DEVELOPER TO A BUYER OR LESSEE.
These materials do not constitute an offer to sell, or a solicitation of an offer to buy to residents of any jurisdiction where prior qualification is required unless the Developer has previously met such qualifications or exemptions are available. Image is an artist’s conceptual rendering. The improvements are not yet built, and all improvements are
proposed only and subject to change or cancellation without notice. Developer makes no guarantees or representations that the proposed improvements will be built, or, if built, that they will be the same or similar to those depicted. Not all improvements or property depicted are proposed as part of the Condominium or developed by Developer,
and Developer makes no representations regarding same. Refer to the Prospectus and its exhibits for correct representations regarding the proposed Condominium improvements. Four Seasons Private Residences Orlando are not owned, developed or sold by Four Seasons Hotels Limited or its affiliates (Four Seasons). The Developer uses the
Four Seasons trademarks and tradenames under license from Four Seasons Hotels Limited. The marks “FOUR SEASONS,” “FOUR SEASONS HOTELS AND RESORTS,” any combination thereof and the Tree Design are registered trademarks of Four Seasons Hotels Limited in Canada and U.S.A. and of Four Seasons (Netherlands) Ltd. elsewhere.
Developer makes no representations as to the Condominium’s continued affiliation with Four Seasons. In addition to the purchase price and associations’ assessments, purchasers of Four Seasons Private Residences will pay fees for access to and use of certain amenities and services of Four Seasons Resort Orlando and must maintain
membership in, and pay fees and charges in connection with, the Golden Oak Club. Services and amenities are subject to change and termination and may be subject to availability, rules and requirements. Developer is not the owner or operator of the Golden Oak Club and makes no representations regarding same. Theme park admission is
not a part of the home purchase and is sold separately. See OrlandoPrivateResidences.com for full detail and additional disclosures. NEW YORK RESIDENTS: THE COMPLETE OFFERING TERMS ARE IN A CPS-12 APPLICATION AVAILABLE FROM THE OFFEROR. FILE NO. CP24-0068. CALIFORNIA RESIDENTS: WARNING: THE CALIFORNIA
DEPARTMENT OF REAL ESTATE HAS NOT INSPECTED, EXAMINED, OR QUALIFIED THIS OFFERING. MASSACHUSETTS RESIDENTS: THIS CONDOMINIUM HAS BEEN REGISTERED WITH THE MASSACHUSETTS BOARD OF REGISTRATION OF REAL ESTATE BROKERS AND SALESPERSONS F-1297-01-01 Equal Housing Opportunity. ©Disney