Barron's - July 4, 2022

60 Pages·2022·12 MB·English

SIZING UP THE SECOND HALF FOR STOCKS • PAGES 28, 33
VOL.CII NO.27 JULY4,2022 $5.00
m
o
c
s.
nt
pri
e
djr
w.
w
w
or
8
d.00
e0
mitt43-
per0-8
ot 80
ctions nment at
duart
op
Reprs de
alter. eprint Best Income
ot edit or Barron's r Investments
only. Do ne contact Yieldsaraebfionvaell8y%p.oWpphiantgt,owbituhysnoomwe.
e as
cial usnt, ple PAGE 15
mernte
o
mc
oe
cs
ersonal non-print or licen 63142 >
pe
or o r
FT
C O N T E N T S
07.04.22 VOL.CII NO.27
P.15 P.22 P.33
The Best Income Gaming Crypto Gets Tougher Trader: Stocks Could
Investments Now See More Downside
CoverStory:Frompipelinesto Thecryptocurrencyindustryhasstrayedfromitspopulistroots,adoptingaWallStreet AFedintentontaminginflation
preferreds,yield-seekershavea playbook—withouttheregulatoryoversight.Someseeagrowingminefieldofscams, remainsamajorheadwind.
rangeofattractivechoices.Here’s fraud,andriskyproducts. ByJOELIGHT ByNICHOLASJASINSKI
how11incomesectorsstackup.
ByANDREWBARY P.36
Euro Trader: A Head
P.6
Start on Monkeypox
Up&DownWallStreet:
BavarianNordichastheonly
Stagflation Looms
approvedvaccineforthevirus.
TheFederalReserveprobably ByRUPERTSTEINER
doesn’thavethestomachforthe
amountofeconomicpainneeded P.36
toachieveits2%inflationtarget. Emerging Markets:
ByRANDALLW.FORSYTH
Russia and Gas Prices
P.9 EuropeisbeingsqueezedasPutin
Streetwise: Shoppers stepsupsupplyrestrictions.
ByCRAIGMELLOW
HaveaChangeofHeart
m
o
s.c Threeretailers’recentsalesresults P.37
eprint saulrgegaedsytbtheaitnthaereecceosnsoiomny.Pmluigsh,t Striking Price: Making
djr whyinflationislikelytostayhigh. a Play for Nike Stock
w.
w ByJACKHOUGH BySTEVENM.SEARS
w
or
8 P.12 P.38
ed.000 Microsoft Deal Makes Commodities: Pump
mitt43- Activision a Good Bet Prices Are Going Up
per0-8
ot 80 Regulatoryuncertaintygives ByMYRAP.SAEFONG
oductions npartment at iecBnoayvsmeyCpsutOaopnNrsysiN’dstOhesetRinoocSptkhMp.eoIrgTtaHumniintygforsome IpniadnuostaryndcoannsAutltlaannttaSchoanhdaorAtobrpaumtsitbino.rIrtoewnedded$1u4p0,c0o0s0tinaggahinimstahbisouctry$p4t2o0,c0o0ll0a.teraltobuyagrand BoanrFroonx’sBRuosuinndetsasble
Reprs de WatchourweeklyTVshow
alter. eprint PC.a1r3s Need Parts, Even SIZINGUPTHESECONDHALFFORSTOCKS•PAGES28,33 PF.u2n7ds: 9 Funds That PT.e2c8h Trader: Brace for S11a:t3u0rda.amy.oErTS.uTnhdiasywaete1k0,aan.m.or
ot edit or Barron's r AinutaoZRonee,cAedsvsaniocenAutoParts, VOL.CIINO.27 JULY4,2022$5.00 CSmoalul-cladpsBcoeualdtbtehmeorMereasirlikenett aIfyTouoauregghoinSgetocboonttodm-Hfisahlifn iTPneltulessre,vyiineoswnigwwhthistahot’nasnnianelcxyotsmtfoDerairnnevateasilteinrsg.,
e only. Do nase contact OPeBva’yeRrnTtesiEilfhlRytahEvAeeSuepAtclooeRmnnItooVymtAiovySfe,hroaitonsmdthGteoesnrkuuinidn,se. CS63142 toe>vpehrainlluSsctrhamtiiotznYieldsbBIarnaebeyfivonvsaeell8yt%spo.IWtpnphmianctgt,oewobPitunAhmyGsntoEomesw15e. twrBheyhcaoinLlveEbeplrWuryo.eISHvcihedBiripRens’gsAihmnHoaoAwrrMeetocueppsslsaiidyoenth,inema. tpiBnerycochEsl,opRpueiIdccCtkcsJosa.mtrSoepcAsukVtstiilInlwTsgZht.roosnegg,rsouwchthas abannetddwaleoelwono-fbklyoaiontmgthianeigrdltiirsnacevosentlnodceekcmts.and
se
cial unt, pl P.14 P.30 P.29 IRnedveixew&Preview PP..410 CWhinanrteinrsgathnedMLoasrekrestPP..4412
meronte Don’t Go Down With Downside Protection Economy: The Market MInsaiidlbeaSgcoop PP..3693 RMeasrekaertcDhaRtaeports PP..4435 m
or personal non-como reprint or license c BrlctFoaohoyotulemeLllsdoAiawnCtWnag-dk,UrReCaupEaop:iNrnsoWnCeseivsviEt-iaehbSlnClareh.minSsridioeTnpcrogReetshSiAwsneiUattoretosnSererSc.skt s IQUprBeseny&criesaMvAspesA:erHicoTsRtinhtiiYvygere’RishhsoekOenna,MPddfinioAnrotwteifNeorNmcOehrsoet,rinattrthanyowtdeffesmes,rtoserrhene.r NWsfrBoaayrinaeselLgecleuIaStSdishtnAtressee,rBeceittosEvoakreInpLnoaoFFfalryUraasestSFctceseeSeesdaasrrriReonanctieenl.iagnhsgilkiinetsgyto ©OBMtCchhhuAoe2ariRnc0nAndRog2meapOew2yeesN.esrD’tEiSp,coodMaa(wBipUstAoea,SJrrraNPosiraneoSnaldwnear0’oesnsY4t,d1oh4&20erP-00k7rCu0%,0mboN0Blmsia.)cYuoi(al.prIiunStn1arig0Seocn0tneNoyt3dfH,R1f6fiI0edc.nr7aoe.Pc,7dmse.C-q.r8AhsPui0ouliaocld3srsRoi9ttctpaei)magierPnlhsaesau:ts,bbps1tMlo2leeiRsArs1c1h:ete0aSeAsrg1devet0enieref2idnpvve0uaeedaeirdddmy.doairflltes.ss PhotographbyMattOdo
FT
July4,2022 BARRON’S 3
Income strategies as
deep as our heritage
• Over 120 years as an income provider
• One of the largest municipal fund managers
• Expertise across municipal bonds, taxable fixed
income and real assets
m
o
c
s.
nt nuveen.com/income
pri
e
djr
w.
w
w
or
8
d.00
e0
mitt43-
per0-8
ot 80
ctions nment at
duart
op
Reprs de
alter. eprint
ot edit or Barron's r
only. Do ne contact
e as
se
cial unt, pl
mernte Pastperformancedoesnotguaranteefutureresults.Thismaterialisnotintendedtobearecommendationorinvestmentadvice,doesnotconstituteasolicitationtobuy,sellorholdasecurityoraninvestmentstrategy,andisnotprovidedinafiduciarycapacity.Theinformationprovideddoes
o
mc nottakeintoaccountthespecificobjectivesorcircumstancesofanyparticularinvestor,orsuggestanyspecificcourseofaction.Investmentdecisionsshouldbemadebasedonaninvestor’sobjectivesandcircumstancesandinconsultationwithhisorheradvisors.
oe
cs Beforeinvesting,carefullyconsiderfundinvestmentobjectives,risks,chargesandexpenses.Forthisandotherinformationthatshouldbereadcarefully,
ersonal non-print or licen NpulveeenaSseceuritriees,qLLuC,emesmtbearFINpRAroansdSpIPeC.ctusorsummaryprospectusfromyourfinancialprofessionalorNuveenat800.752.8700orvisitnuveen.com. 20854 GAD-1134692CR-W0420X
pe
or o r
FT
4 BARRON’S July4,2022
I N D E X
Ourindexlistssignificantcompaniesmentionedinstoriesandcolumns, ForCustomerService,call1(800)544-0422,orgoto
plusResearchReports,andCorrections&Amplifications.Thereferences customercenter.barrons.com.Forreprintsofarticles,
aretothefirstpageoftheiteminwhichthecompanyismentioned. call1(800)843-0008,orgotodjreprints.com.
A ActivisionBlizzard.........................12 J JefferiesFinancialGroup..................37 MMagellanMidstreamPartners..............16 NuveenAMT-FreeQualityMuniIncome...20
AdvanceAutoParts........................13 JetBlueAirways...........................10 MercurySystems..........................39 NuveenMuniHighIncomeOpportunity...20
AdvancedMicroDevices...................28 JPMorganChase........................10,18 MetaPlatforms............................28 Nvidia.....................................28
AkamaiTechnologies......................28 MicronTechnology........................28
Alphabet...................................28 K KayneAndersonNextGenEnergy&Infra.18 Microsoft...............................12,28
Amazon.com...........................9,20,28 KezarLifeSciences........................41 MicroStrategy.............................18 O O'ReillyAutomotive........................13
AnalogDevices............................43 KinderMorgan............................16 Mid-AmericaApartmentCommunities.....20
Apple...................................28,43 Kohl's...................................10,41 MorganStanley.........................10,18
ArcutisBiotherapeutics....................39 P ParPacificHoldings.......................39
AristaNetworks...........................28 L LasVegasSands...........................35 N Nike.......................................37 PelotonInteractive.........................18
AT&T.....................................20 LeviStrauss...............................11 NorwegianCruiseLineHoldings..........14 PetcoHealth&Wellness....................9
AutoZone................................9,13 Pinterest..................................41
AxsomeTherapeutics......................41 PioneerNaturalResources.................18
B BankofAmerica...........................10 R Redfin.....................................18
Bath&BodyWorks........................9 RegeneronPharmaceuticals................43
BavarianNordic...........................36 RH......................................9,41
BedBath&Beyond...................9,39,41 RobinhoodMarkets.....................10,43
BerkshireHathaway.......................12 RoyalCaribbeanGroup....................14
BeyondMeat..............................18
RupertMurdochExecutiveChairman,NewsCorp
RobertThomsonCEO,NewsCorp AlmarLatourCEO,DowJones S SalientMidstream&MLP.................18
C CanoHealth...............................39 SericaEnergy.............................36
Carnival..............................14,20,41 SENIORVICEPRESIDENT,BARRON’SGROUPMaeM.Cheng Sherwin-Williams..........................18
Carvana...................................41 ASSOCIATEPUBLISHER,BARRON’SGROUPDanShar SonyGroup................................12
CelldexTherapeutics......................41 Southern..................................21
MANAGINGEDITOR,BARRON’SGROUP DavePettit
CheniereEnergy..........................36 SpiritAirlines.............................10
m
o ChesapeakeEnergy.......................39 StarboardValue...........................39
s.c Chevron...................................18 EDITORINCHIEFDavidCho
nt Chewy..................................11,43
pri Chubb.....................................18 EXECUTIVEEDITORBobRose SENIORMANAGINGEDITORLaurenR.Rublin T Take-TwoInteractiveSoftware............12
ww.djre CCCiiostiicngobraoSsuyepstG.e.lmo.b.s.a..l............................................................................1..0..,221884 EDIDTEOPRUIATLYDEDIRIETCOTROSRA,MleAxGEAuZleI,NBEenPhLielvRisooohsnevelt TTTaeerrxgraeesntIo.n.Rs.t.er.au.lm.ty.e.n...t.s.............................................................................324903
w ConsumerPortfolioServices...............39 3M........................................18
or CostcoWholesale..........................11 MANAGINGEDITOR,DIGITALMattBemer MANAGINGEDITOR,ENTERPRISEBrianHershberg Trip.com...................................41
8 MANAGINGEDITOR,NEWSJoeWoelfel TruistFinancial............................18
mitted.43-000 D DDeigviotanlEWnoerrlgdyA.c.q.u..is.i.t.io.n......................................1180 ASSOACSIASITSETEADNITTMORASNAAGnIdNrGewEDBIaTrOy,RDSaHreennFryonCduat,tRera,nMdeallGlWra.yF,oArnsyittahH,JaamckilHtoonu,gMha,RryesRhommaaKnoa,pRadobiae,rEtrSiacbJ.aStavitz V VerizonCommunications...................20
ot per800-8 DDuykneagEasneLrNgyG..P.a.r.t.n.e.r.s.........................................2361 SENIORWRITERSBillAlpert,LisaBeilfuss,LaurenFoster,TaeKim,JoeLight,ElizabethO’Brien, VVoicytaogreiar'sDSigecitraelt........................................................239
oductions npartment at E EEEalnesectrtGgrroyonTuicpraAPnrrstofsep.re..r..t..ie...s..................................................................211620 SaRbrEiPnOaAREnTsgceEolRabSaPraJ,alNucomicbhbAood,laTeslemJraeassnian,RsLkAiuviil,asRCsa,aoBLloleiutln,tmarAaSKvnaie,iSoMgwaoellnz,gCm,aMonannaCnr,acoLsrLsaSeawljmloraiei,etn,hJEac,envJaeCiect.oHLSbit.urSC,aohSunhose,asnJinsahcakiMnDei,esKnhtkaorinnis,,hCJomasrahleVNtoaannthjEaannngi-lKisahz,is, WWWWeaallylgfsraeFirea.nr.sg.o.B..o..o..t..s....A...l.l..ia..n....c..e........................................................111888
Reprs de EEnntteegrprirsis.e..P.r.o..d.u.c.t.s..P.a.r.t.n.e.r.s.............................4116 STORYEDITORSCamillaImperiali,EdLin,ErinMcCarthy,StacyOzol,RupertSteiner(Londonbureauchief) WWhilliiralpmosolC.o.s...............................................................1186
se only. Do not edit or alter. ease contact Barron's reprint FG EEGGEEFFeaertxqssdolnsxuayneEuoixnxtn.ixynio.ePe.M.rrD..r.P..ooGi.g..bap.r.i.riet.o..ltar.u...slt....py..H.......H.T.o......rlo...d..u..l.d.i...s.n..i..t.ng.......g.s.......s............................................................................................................................................................4324211118603304 SDEINRIEOCRTOADURIRDOCEIFOOCPTPMHROYAOERDNST,EAADEODSAGREGKEERSTRPIRMCADGUHPIiNMTcRHDYh&EeIYatDCRVteeTISElIGSOLJaCI.IUDrüRTBTiAEtOnSAuzLAaRrhLRSSlFøiMoPnKEfibntAagDreukhiNDIrselTatAitIlmniOCsGGnteRoI,IeLTYNRninMAeunGincLeoaEhPzllPtyDlaHtyRsDrPI,OdOTNEeRTODRtSiEeOcIRUerSkGsEsCEZNcHoDEAiongDRIaeRTnlISlCSORoazHR,EmRaREoCSt,obhRTSbHemOueDraRetarlatCrNinCeyTughCeLsiehhatlemaisnlvemgea,zaSC,ncNlhairicfeofMlecSKileveenr X XcelEnergy...............................21
cial unt, pl GGMoldSm..a.n..S.a.c.h.s..G..r.o.u.p........................................1.0.,3198 STATISTICSMANAGERMichaelT.Kokoszka STATISTICIANDarrenChima
mernte GrayscaleBitcoinTrust....................23 ADVERTISINGSERVICESMANAGERSJamesH.Balmer,WardS.McGuiness
o
mc [email protected]@barrons.com CUSTOMERSERVICE800-544-0422
oe
ersonal non-cprint or licens H HHHHaPPorebgIEnohnuctLre..NrE.pG.nr.eis.Pre.ga..yr..t...n...e...r...s...........................................................................................22338686 BHUianda.eSwvrar.ehdorsoqtnuilu’sebsainsoirscgtreraipirpnsutt:rpbiao1aldin2sret1hrma1wetdaieAtrh:ivknooeouBnnGfteauDsLeryorpeoOwoeanfcB’rJsi,toahA$niles2peLs2esAurH3mamb.nejEieEdsrcinAscitttiaositDrsonea,.,ftefNhWUidleeinaitwsEatooeprAYlsipiaoc.lLliirBtckceTaa,odbrnHNrlmteo.eYn&arn.’asnt1tAueo(0Usf0SccSta3rShPirp6idSEst.,s0TpPcu4soeMbh4prilo-oiiec7Audsa0lidNct0oiaobf)Alnesw(IGSchapoSicEocpNcshMyot1raami0gErgeph7eNata7epnvT-daia8eii0bddlaJ3ybbaa9Dlytec)oCsPkfwerhuoliObfJcm-oloaistnpdththeedeeeserdre,&AseMdsvCveAeoedr.rya,teinMIsnndinvoce.gonlatdoDhnapiedryeer.mcEwmtduioatishrti,loti1pnrni2rgaoo1ltpo1abefnfAeridcvpeerPeosnups.ubtrReaoligecdoaeguft.uctieholAadenlrl
pe Americas,NewYork,N.Y.10036.Barron’sreservestherightnottoacceptanadvertiser’sorder.Onlypublicationofanadvertisementshallconstituteacceptance
or o r oftheadvertiser'sorder.Postmaster:SendaddresschangestoBarron’s,200BurnettRd.,Chicopee,MA01020.
FT
July4,2022 BARRON’S 5
What if →
youwereamajortransitsystemwith
billionsofpassengerstakingmillions
oftripseveryyear?Youaren’tabout
toletanycyberattacksslowyoudown.
SoyoupartnerwithIBMtobuilda
securityarchitecturetokeepyourdata,
network,andapplicationsprotected.
Nowyoucantacklethreatssotheydon’t
bringyoutoagrindinghalt.Andeveryone
isgoingplaces,thinking…
your cybersecurity
kept an entire city
m
o
c
s.
nt
pri
e
djr
w. ↪ on track?
w
w
or
8
d.00
e0
mitt43-
per0-8
ot 80
ductions nartment at Learn how to protect
Repros dep yibomu.rcobmu/ssienceusrse-abtusiness
alter. eprint
ot edit or Barron's r
only. Do ne contact
e as
se
cial unt, pl
mernte
o
mc
oe
cs
ersonal non-print or licen AIBcMurarnendttlhisetIoBfMIBlMogtoraadreemtraadrkesmisaarkvsaiolafbInleteornnaibtmion.caolmBu/tsriandeesmsMarakc.h©inCeospCyorirgphotrIaBtiMonC,orerpg.is2te0r2e2dinmanyjurisdictionsworldwide.OtherproductandservicenamesmightbetrademarksofIBMorothercompanies.
pe
or o r
FT
6 BARRON’S July4,2022 July4,2022 BARRON’S 7
U P & D O W N W A L L S T R E E T
“Centralbankswillnothavethestomachtokeep Up&DownWallStreet(continued)
policytightenoughforlongenoughtosqueeze
inflationout,”sayseconomistMartinBarnes.
ing104.5%oftheTreasurybond’syield, Toillustratethecurrentopportunities,
comparedwith78%attheendof2021. Millercitesbondsissuedtofinancethe 50 of the Highest
(Yieldsfelllaterintheweek.) renovationofNewYork’sLaGuardiaAir-
Andamongmunisjustbelowthetop port.WhenJoeBidenwasvicepresident
Central Bankers Talk nearly3.50%inmid-June,whichDavid technologyboom,althoughBarnes credittier,spreads—theextrayieldpre- in2014,hecalledLGAathird-worldfacil-
Levy,headoftheJeromeLevyFore- castsdoubtontheproductivitybenefits miumtocompensateforrisk—havewid- ity,whichlocalssaidwasunfairtoemerg-
castingCenter,saidatthetimecould oftherecentofferingsfromtheBig ened,albeitsomewhatlessthanforcorpo- ingnations’airports.Now,afteramultibil- Dividend Stocks
marktheratecycle’speak. Techcompanies.“TimespentonFace- ratebonds.Good-qualitymunis,rated lion-dollarrenovation,theonce-despised
Tough. But Can They Indicationsofeconomicweakness book,TwitterandNetflixdonothave double-Aorsingle-A,yieldclosetotheir airporthasreturnedtothetoptier(al-
arepilingup.Moststunningwasthe obviousbenefitsforincreasedeconomic corporatecounterparts.Thatmakesmu- thoughgettingthereremainsanightmare).
sharpdownwardrevisionFridayofthe efficiency,”hecommentswithtypical nis’after-taxyieldssubstantiallyhigherin UninsuredNewYorkStateTransporta-
in the U.S.
AtlantaFed’sGDPNowestimateofsec- Scotwryness. taxableaccounts(thatis,otherthantax-de- tionDevelopmentCorporationLaGuardia
Hang Tough on Rates? ond-quarterreal(inflation-adjusted) Forvariousreasons,policymakers ferredretirementones). AirportTerminalBRedevelopmentProj-
gross-domestic-productgrowth,to increasinglyarerelyingonassetinfla- Tobesure,thepriceadjustmenthas ectSeriesAbonds(ratedatthelowerend
negative2.1%from1.0%previously. tiontostimulateeconomies,hecontin- beenpainfulformunicipalbondinvestors. oftheinvestment-gradebondscale)witha
WhethertheU.S.economysuc- ues.Indeed,easymonetarypolicies TheiSharesNationalMuniBondex- 5.25%couponwerepricedtoyield4%if
cumbstoanactualrecessionisamat- spurredassetinflationin2020and change-tradedfund(ticker:MUB)re- calledin2024or5.10%atmaturityin
F
terofsemantics,Barneswrites.Sharp 2021.Butthatleakedintomoregener- turnedanegative8.20%fromthebegin- 2050.ToaNewYorkCityresidentinthe
deteriorationinconsumerandbusi- alizedinflation,whichwasexacer- ningoftheyearthroughJune29,according topbracket,thelatterisequivalenttoa
ormerFederalReserve nomicweaknesshaveaccumulated. nessconfidence,declinesinrealin- batedbysupply-chaindisruptionsand toMorningstar.It’sonlyasmallconsola- fullytaxable11.49%.(Thetop55.6%tax
ChairmanBenBer- Themarketsarestillpricinginanother comes,andpeakinghousingactivity theUkrainewar. tionthattheiSharesCoreU.S.Aggregate rateonBigAppledenizensmakingover SuperDividend®
nankecontendsthat 75-basis-pointriseinthefederal-funds pointtosignificantweakness,evenif TheFedmaybetalkingtoughnow BondETF(AGG),whichtrackstheU.S. $25millionannually,alongwithrising
monetarypolicyis targetrange,fromthecurrent unemploymentstayslow.Allofwhich andwilldeliverfurtherrateincreases, taxableinvestment-gradebondmarket, crime,helpsexplaintheexodustolower- U.S. ETF
98%talk.Central 1.50%-1.75%,attheFedmeetinglater shouldcombinetobringdowninfla- butitislikelytoendtighteningas faredworse—itlost10.56%inthesame taxlocales.)Insuredbonds,whichgeta
bankersaresupposed thismonth.Butthey’reincreasingly tiondown—albeitonlytemporarily. soonasitbecomescleartheeconomy stretch.Orthatstockssufferedmuch double-Arating,havea4%couponand DIV
tocommunicategoals anticipatingratecutsnextyear—even Nolongercanpolicymakerscount isheadingsouth,Barnespredicts. more,withtheSPDRS&P500ETF(SPY) werepricedat88.75%offacevalue,fora
m theywantthepublicandmarketsto thoughFedofficialsexpectinflationto onthefortuitouscombinationofex- Whileadeeprecessionisunlikely, returninganegative19.33%. yieldof4.72%atmaturityin2051.
o
s.c believe.EuropeanCentralBankPresi- remainabovetheir2%goalthrough traordinaryfactorsthathadcurbed policymakerswon’ttakeanychances Butthepricedropshavemademunis’ Anotherattractivecreditalsohailsfrom
eprint dheansnt’CthgoritstetinnethLeamgaermdeo.apparently BFoyrRsyatnhdallW. 2p0er2c4e.n(tAagbeapsiosinpto.)intis1/100thofa iCnhfliantaio’sne,nhterycoinnttointuheesW.TohreldyTinrcaldueded astnadncweilelvreenvethrtotuogahnhaecdcoomubmtsoidnaftliavteion vtraulueaftoironinsvceosmtoprselilninhgi.gThh-taatx’ssetsapteesc,iawllhyo tthheegNeenwerYaolrokblmigeattrioonarbeoan.dMsofurosmseaLuocnigtes
ww.djr pasAttwaegeakt,hLearginagrdoefcpoomlicmyemntaekdetrhsatthis notTeh,tehyeimeldatounritthyemtwosot-aytetaurnTedretaosufur-y Oplrygsaindiezaotfiothne,wglhobicahlebcoolsntoemreyd;tthheesduep-- wilTlhreetuFernd’stovtohltee-2fa%cetamrgigeht.tspur htaaxveesnf’trobmeetnhaebirlefetdoedreadlutacxtsrteattuernansdinlorcea-l Bsiemaiclha,ratoLtohnogseIsilnanthdecHityamthpattohnass,wbeiathchouest
w
or shedoubtsthat“wearegoingbackto tureFedmoves,slidby22basispoints flationaryimpulsesfromfinancialcri- short-termralliesinbondsandstocks, centyears,observesJohnMousseau,chief thehype.Withinsurancethatprovidesa
8 thatenvironmentoflowinflation”that thispastweek,to2.83%,thebiggest ses,suchasthe1998emergingmarkets butBarnesseesinflationsettlinginto executiveanddirectoroffixedincomeat double-Arating,helikesits5.25%bonds,
ed.000 existedpriortotheonsetofthe dropsincetheMarch2020pandemic debtcrisis,thedot-combustattheturn a3%-4%range,withforaysintothe CumberlandAdvisors,whichmanages pricedatapremiumtoyield4.73%atmatu-
mitt43- Covid-19pandemic.Thathintedatthe marketcrisis,and60basispointsbe- ofthiscentury,andthe2008-09finan- 5%area.Thatwillleadtoanenviron- separateaccountsusingmunis. rityin2042and4.25%ifcalledineight
per0-8 possibilitythatcentralbankswillhave lowitsmid-Junepeak.Thebenchmark cialcrisis;andtheweakeningoflabor’s mentofstagflation.Growthwon’tbe Forinvestorswithoutstateandlocal years.That’sequivalenttonearly9%forthe 1 [phone]
oductions not partment at 80 taratroernavedgseertreeitssvdaiienncwncggtuiuctsshohatuloatlhmyrrspoaeelscydeoc.ntoHoomfrehharmitegwerohsodf,eerawrldtliehosnwiicfctlohabcntoyni-onon-w 1to0-2y.8ea8r%n,oatne’dsiysiedlodwfenlls2h4arbpalsyisfrpoomints, bvoalragtailiintyin.Tghpeonwtehr,eroew’sinthgetoimepcoanctoomfitche wakTneeedapknaoetrnesostutrhrgoeihncbtgtiaovedensnusotpeuawpgnhrsceeifss,oshrtihenthacftleoa2nFt0iceol2dnu2dt’soes. itat5nhab0xceo%ousemtqt(aiue7tnei%lcvsela,vuflhaideecenisintn,sgamogyfttuhsto.anetBxai3saul.8bymtl%ifeeaolrbrdegoxitinhntnrgodaasls4elr.ey2aivin5teye%lhsdoiionagnvrhgee-r habNguiugetFhvdwoeecrseiltttno-hhtsaMeeinxdmuec-drenoenrNiadceseisefpwupdaneYlrcdoiCussrklrkao.eetfIdirfvnesie,rta-hhIdmenidgincinhtoodieotmerendsey.,tioFleelutvdhneserd- GLOBALXETFS.COM
alter. Repreprints de frweeoriteueelr,daFtreeeddmctahhiainetfsthJteeeraoUdmf.aSes.tcPieonnwtrreealtllu,brwnahninokg fsniteroswctkshsiasalnfn’wtdjaubsostdntrdhesaa.tdTifthu’selofgovoreord, iAcnofvmfeosertdimnavbeenlesttCionarcsro)e,mAthecetmyfaoienrlddceairtsetadcionumnhpdiagerhra-tbihnlee-to (aONlpsZopFop)rotmiunentnsitttiieoosnN(eNudvMieneCnoOuM)r,uwconhviciecirphsattlroaCrdyre,esdMiatitllaer Beyond Ordinary Income®
ot edit or Barron's r t“owiLatssag2lia%kredileyn’sftlosattiainotevnmotleavnregtseaotl,msoaelmtphiaogiuhngt.”hhatvheat betrnuutteothfpoaprtomtrhtuuennmiictaiipesssa.ilvTbehomantda’srsk,edwspohweecrniaesltlphyrees- aintbiivso’eulwotwaite9hr%erqitsuakixt,aihebselewadrhedetsun.rand.jTuhstaetdisfocrommpue-t- spmayOailnnlgediacsaccloueunrrndetanrttowtiatrxsi-nnfkreelteea:ysBiseeelgtdivnoanfliu6ne.g1,1wJ%uhl.yile1, Isbnteovecpksatsyiniangrgeinoovufottelmvneossrpereistchku,alainntcitvhlueed,yhinciggahnt-hsreiuspkppoinosvrsteibaslntemdleomnssatsyo.frTephdreiunsceceipctoahmle.ipHraidgnihvieidysieecnladdnisng
personal non-commercial use only. Do neprint or license content, please contact naldWittek/Pool/EPA-EFE/Shutterstock ewtroaiBmJwvniuesnfigaiisfiipltdtlhrsnlyIelhhaentntdfnectieoaetsehiciooedrtsacsnoitcr,nueomlBonleethnweyuChosod.attougmeniArTv-sffahtrerhomtiltaRoeehmfehtbtcosfhaeeyeeaeertsrietnhnmrhaBkelosotenkaaeeabtlanrvtxyskonssrsc’egpym.kekrhlks“erseoee,aCtCevcittnnepgciesteerrmogahnprrenes-utesidedt,ittsfd’”geooreiipsticrhcanmMckukmahlAstteetnbsiaottenfpertroaeoifplsatentrnyriieqaslicnpkynctgoFurihosossergleevtmelne-de.ieecoz,ye- EBL“toeowxafuaigrtlnesoohaktwpaaerdcrtedeiheaenpinngfedrlvofaioCoiitCurnerioobhgntnntrtosbmri”saattttehlchhinnekaatett plmdTtpeyptyeehneiooalrvreuueaedruimIlenrcnaad3nbl.ohtbss.gslMsm1furele2,clheo2drou%tooiua0iTownernmovn2res3nyieeped1o,sp.ir,2airsvmeenntti6sirleetrcndocuui%irriestrwc,prnmioskeetvyliTnoae.hyssetlsp-h,h,iotaAewe-ahyuensdgl-liedrigoberrltsbiaa3lnhemfbddytd0tggoeaseeoei1-dynnqwd7yhr,tdune7emaasiytsaiixvutibhtn.urh-eeirafSgenltapTrrsdshinieoaonir’ssose—fseu’ccstsatlegooewhio-hnmtneohilgtgny-eh- TspabwafIdfrlireenlyaaonrrohvcelmwdaeMhntseiaaconnluiesahoduocrcnuugt,afcyenaetoerNlasaailrtyblsobywoluer’s,buyoepiveiratmosuittpeherpefhuntepvlpiliponldsnd$etrrtrwhgsis,i7ioofncsea2uvsaJtaigoohnennemcmfchmfregchddrcooaniipsorelufnmjnl.eomarnMirgoTfoecrrtlmmvntei$ihtmionlhinc8lauyoiregtaent5ss’unsrsndw,tbbsi2pbaraheim0ioeaetfggsleueclcst1epauijhuo3loarueidlt,vtl-nnxtumoieyhehoadafaetrtepfrechlshaylemsttojfirieuorausfancrbuotyfmnaytoeutuanshledamptn.tieaxes-c-rdi,i,n- spptsolmmomiotefrkeaafuureccleshWtsnussnteeoa.sttrsitisolBiwggtmidgtfhnfoooiaiaretovntosiophsshsendgtometostdsshmoptcoeeooheiklfqbpenarnisaiwuotrscttnteeieoioihrtntrcdntkoyeteehioagcaMrsbtmeeteatrbmereiiixavceaddlhraorlaenleeeoktbourdiaurolesnopmd,rustswnvo,igiuetatnednMaisygrtvsgvss.,hkgteos,eTiefeeenn.ucodtshosa,rsttofatilmhsontslrtceehediraucumdmmaespantrhebisau.ilixhstorannpBo-lnrlvioaocdeyuoiss--sk-, foeCagSacDoonffhrnlaiosumdaesdrtbnetrrcmaoeeiadftbrupsxlioeuxsilpnolnpestyniefiatototofnchEyhnsntosieTe.nsiCcenFngFsowsossdtuim.doibidanvliclree.videdkrfirRe’dousbptederahorfaeunlieulucdcdyilegFenlstrhouvheoratreneedftasdtsetaupnhtu’einsrrdenmnmoyisgsnssmeet..ovpidmTDclaeedohfisrecsrymiat,ottsmurtwpmpiasmberahnountcnaihdcstatireeehpkroadseeeFcbdftcaboujudetpnyunulicldrtldySsdiitco.i,EtvbehhBnwIeeeaarI(shnonfvloF,vikeoicrurneetiehanssfrNokadtiammnArg’rfsmVvaaeeeept)cnaeasetttrovtsriiiofaarnosnligrl,aam.ccdbahavlnaneercrbagseeete.s
or o rRo hikessincemid-June,assignsofeco- Covid-19pandemic. sury.Thus,thelongmuniwasgenerat- Covid-drivenweaknessin2020. email:[email protected]
FT
8 BARRON’S July4,2022
m Your clients don’t
o
c
s.
nt
pri have to be machine
e
djr
w.
w
w learning engineers
or
8
d.00
e0 to help make the
mitt43-
per0-8
ot 80 future a smarter place.
ctions nment at
duart
op
Reprs de Help power your portfolio
alter. eprint with the innovators of the Nasdaq-100.
ot edit or Barron's r
only. Do ne contact
e as
se
mercial untent, pl NTsehOceTtroFerD,aIsrCeuIcrNhiSsakUssRtiEneDvcoh|lnMvoeAldoYgwLyOi,tShaErienVvAseuLsbUtjiEencg|tNintOoEBgTArFeNsa,KtineGcrUlruAidsRiknA,gNaTpnEodEsasribelemloorsesgorfematolyneimy.pEaTcFtsedarbeysmubajrekcetttvoorliastkilsitsyi,mthilaarntmoothreosdeivoefrssitfioecdksi.nIvnevsetsmtmenetnst.sfocusedinaparticular
o
mc
oe TheNasdaq-100Indexcomprisesthe100largestnon-financialcompaniestradedontheNasdaq.Aninvestmentcannotbemadedirectlyintoanindex.
cs
ersonal non-print or licen BiInnveevscfeoosDricsetroibi.ucntoovrsm,eInsc/.tfiunngd,pcroonsspiedcetrutshfeorFaunpdro’sspinevcetustsmcoennttaoinbijnegcttihviessi,nrfiosrkms,actihoanr.gReesaadnidtceaxrpeefunlslyesb.eVfoisreitinvesting.
pe
or o r
FT
July4,2022 BARRON’S 9
S T R E E T W I S E
Let’ssaythatwhenthetitleofastockreportfrom
BofASecuritiesuses“liquidity,”“circles,”and
“drain”inthatorder,itdoesn’tinspireconfidence.
Houseware Havoc:
home-goodsboomhaveleftitsoweak? forsurethatfirst-quartereconomic
Itwasslowtoembracee-commerce, growthwasnegative,asestimated.
saysSucharitaKodali,aretailanalystat Andareal-timeestimateofsecond-
How the Bathroom techforecasterForresterResearch.That quartergrowthcalledGDPNow,
leftitbehindthecurveonso-called trackedbytheAtlantaFed,slipped
omnichannelretailing,wherebysophis- frompositivetonegative.Defining
ticateddatasystemscanputbothstore recessionsisabitofaroll-your-own
Stocks Fell Out of Bed andwarehouseinventorytofulluse affairamongeconomists,believeitor
whilepredictinglocalbuyingtrends. not,butifyourdefinitionistwo
Everyonestruggledwithsupplychain straightquartersofsagginggrossdo-
mayhem,butBedBathseemstohave mesticproduct,wemightalreadyhave
beenflyingblind. enteredone.
Italsopushedtoohardonin-store Atleastthatwouldtakesomeofthe
T
brandsatatimewhencustomers pressureoffprices,right?Speakingof
wantednationallyknownones,says which....
hreebathroommer- theotherbeingVictoria’sSecret SethBashamatWedbushSecurities. I
chantsslippedona (VSCO).Sure,fragranthand-washing Anditfailedtoconvincecustomers nflationwillrisetomorethan10%
barofsoapthispast haslostitspandemicmomentum,and thatwithcoupons,thecompany’s bytheendoftheyear,versusa
week.I’mnotbigon JPMsaysithasspottedfallandwinter pricingisinlinewithAmazon. recent8.6%,predictsRobArnott,
arbitrarystockmar- merchandisestillbeingclearedout. BedBathnowfindsitselfstuffed founderofResearchAffiliates,
ketdefinitions,but Butthecompanystillgeneratesample withbig,high-priceitemsthatshop- whichhas$168billiontiedtoitsstrate-
I’mprettysure freecash.Mostanalystsremainbull- persnolongerwant.Andit’snotalone. gies.Helooksfirstatmonthlyinflation
m
that’sknownasabearishnudesprawl. ish.AndI’mthinkingofupgrading Ifyou’reinthemarketforapatioset, ratesthatfallfromtheannualmeasure
o
c
s. Technically,itcansignalthataneco- thePumpkinPecanWaffles3-Wick thisisyoursummer.Storeshavepulled aswemoveontonewmonths.Nextto
eprint nomFiircshtwauanscBhastlhid&ehBaosdaylreWadoyrkbsegun. ByJackHough CanBdedleBtoatBhu,oynotnhveaoltuhaetriohna.nd,was boradckeroendoprrdeveriosu,bsluytimssetricllhsahnodwisientghuepy. fisalhliigsh0..9B%utftohreJAuntleanotfalaFsetdy’seaGr,DwPhNicohw
w.djr (ticker:BBWI),amallsellerofcreams burningcashevenbeforetheoutlook Itcouldtakeninemonthstoworkoff forecasthasaMidwestcousincalled
w andscrubs,likeRainbowCerealGentle recentlyturneddarkeronrevenue.It theinventorybloat. ClevelandFedInflationNowcast.It
w
or FoamingHandSoap,markeddown ownsastrollerandcribsellercalled Everythingdependsondemand. putsinflationfortheJunethatjust
8 thispastweekto$3from$7.50.My buybuyBABY,andactivistshavepres- “Theconsumerisdeteriorating,”says endedat0.97%,suggestingwe’llgo
ed.000 recentfieldworkonthenameconfirms suredthecompanytosell.Butsame- Basham.Herecommendssharesof fromhightoslightlyhigher.
mitt43- thatthestoresarestilltooperfumyfor storesalestherearenowdeclining.,too. carpartssellerslikeAutoZone(AZO) ThethreemonthsfollowingJune
per0-8 metowalkinto.J.P.MorganSecurities Andthere’sadeepindustrydepression andpetchainslikePetcoHealth& 2021,however,hadonlymodestinfla-
ot 80 hasdoneamorethoroughexamina- inoutputunits—babies,notcribs. Wellness(WOOF),becauseshoppers tion.Theupshotisthattheinflationrate
ductions nartment at tdOioovwne,rnwagnerdaigdsheetdeassnshdaalsreelsasssthloiepNdpeiintusgtprtahrliicfseryotemaarrg.eItt bfaautIhc’mesttsco.ocTukhn,ebticenocgamuRpsHaeni(tyRscHehll)asantsguetbhdseiattsnhdird sfFutoirlrrlryfeisxftretiehrneisdirsmriiondrereseucapensbdseisaoptn.os“i.TlKthhoeedeiarcloinat- fhtoharevteohvtioesrfJaaulllllyrbatehtleroolwouwg4eh%r,SaAenprntneuomattlbiszeaerydwst.ooupludll
op bymorethanhalf.Thestocklost9%. namefromRestorationHardwareso omyisstrongerthanthereseemstobe Hedoesn’tseethathappening,and
Reprs de Don’tconfuseBath&BodyWorks asnottobringhardwaretomind.It creditgiventoitrightnow,”shesays. housingisabigpartofthereason.It
alter. eprint wThitaht’sBtehdeBonatehw&heBreeyyoonudgo(BuBpBaY). wwoayn’ittejvuosktelorwesetroerdagtiuoind,aenitcheefro,rththee speWnde’ilnlgkndoatwasfooronM.aTyhsishopwasetdwleesesk, mpraickeesinudpexa,tchoiurdntoinftghbeoctohnrseunmtsearnd
ot edit or Barron's r qoofrufdacerortuetrpo-ombnuilytehaeessschiazolewatoeofrrachsuohrlotdaeiinbngofxoari2n0% sdercoBopanpcdekdttiom11B%eei.dnBaamtho.nHthow.Schoaurledsathneerpeic gnsoroomnweettthhheitnlhegsasnto,egpxivopiienncgttetbodu.,lWblsueatangldrsoobwleeatahrrsned srheoonmmt,eewtohwhinincgehrcsias.llRceadelncoutwslahntaeevrdseb’ueynqsudueivrrvaselheyonitntg
e only. Do nase contact m(pwAlhuoMremetZhmoNerer)tliiectnhscgsaarwsngaheplesaus.tl,BlAreoamdfifsaBianzatgotuhndrn.roceauoprbmootrustnoedvde.r BARRONS.COM/PODCASTS hfmhoooroumrlseeeeaouspwnersdniceteeorrsssc,tohabtmaeevcdeae,udnbsuoeeeci.iadtOuetsEaaekRwemshisoaasettwvthehneiilre
cial usnt, ple Lsteotc’skjruesptosratyftrhoamtwBohfeAnStheecutirtilteieosfa Barron’s Streetwise hproeudsiecstscothurledegyeenaerrsatoefianlrreeandty.Ahirgnhott
mernte uses“liquidity,”“circles,”and“drain” housepricesmoseyingtheirwayinto
mco inthatorder,itdoesn’tinspireconfi- CPImath.
oe
cs dence.Thatonetumbled24%. InaweeklypodcastbyBarron’s,columnistJackHoughlooks Thatwoulddolittletosootheinves-
ersonal non-print or licen ttwhhaeeBsymo’trhtaehernkoboefrttithghfoihenrtsgensapeclwooiktmeCop.fEBaLOnaBtiseh.rsFa&aninrdBeasonndbcoyeiwafolliryne, taToothritByshoaeiusrrcrWoofnama’vsllpoSSarttnitrrieeeeeeslitst,wtpliekeinseoeinpyogloenua,’pSavpenp.dontetirfveye,nrAdhspepyaloerduPsbohedofcouarlsdet.bsS,euwbsactcrihbieng. tmdoeraetpahnedxriiasecptoyyu.wIn’mtosuonldnothoseuultpr-.oefBt-hseaatseovnenaro-
pe
or o r itsplitlastyearintotwocompanies, email:[email protected]
FT
10 BARRON’S July4,2022 July4,2022 BARRON’S 55
DATA MUTUAL FUNDS DATA PROVIDED BY LIPPER BARRONS.COM/DATA
R E V I E W 31,097.26 455.61 2.90%
AboutOurFunds
Thelistingsincludethetop1250 NOTICETOREADERS:ClosedEndFundlistingshavemovedto
DowIndustrials: -403.42 DowGlobalIndex: -9.82 10-yearTreasuryNote: -0.23 ofupnedns-evnadlufeuntdhseibrypoarstsfeotliso.sTdhaeislye barrons.com/cefund.Theywillnolongerappearinprint.The CashTrack
andreportnetassetvalues(the HerzfeldcharthasmovedtotheMarketLabNewsletter.Tosign
dollaramountoftheirholdings
douivtisdteadndbiyngth)etonuthmebNeratoifonshaalres upforthenewsletter,gotobarrons.com/newletters. CashingOut:Continuedcashdrainsturnedthelastmonth’saverageweeklycashflowatequityfunds
AssociationofSecuritiesDealers. negative,witha$4billionaverageoutflow.Thedrainattaxable-bondfundseasedabit,butremaineda
Totalreturnsreflectbothprice
changesanddividends;these Net YTD 3-Yr. Net YTD 3-Yr. Net YTD 3-Yr. negative$12.8billion.Muni-bondfundssawaverageoutflowsof$4.1billion.Onlymoney-marketfundsmain-
Good Riddance, First Half ftiigounrseasraesrseuinmveesttheadtianlltdhiestfruibnud-. IntBdA 12.N9A4VC0h.g1.0%-R5e.t0.%R2e.t0. NtlIntmMuni 12N.7A8V0Ch.0g.7%-R8e.t0.%-R0et.7. EmMktSmCp 20.N7A4V-0Ch.4g.7%-1R6et.3.%1R3e.t9. tainedanaverageinflowofcash,at$1.1billionaweek.
HE SAID: BdaetcianugsietsLidpaptearbiassceo,nthsteasnetrlyetuupr-ns IntlGrIncA 31.37-0.39-19.2 4.5 BridgeBuilderTrust: Fixd 10.12 0.01 -1.4 0.1
TheBankforInternationalSettle- “Today I am maydifferfromthosepreviously LtdTEBdA 15.100.05 -5.2 -0.1 CoreBond 9.50 0.32 -8.1 1.3 GblAll6040Inst18.98-0.22-13.4 15.9 EquityFunds MunicipalBondFunds
mtraelnbtsanstkasrtteodbtehaegwgreeesksibvyeuinrgrianisgincegn- starting to npNp3ruoAyitbceVleaaisvirfshaoreirteldhattuebhorlerelna.cswsaNtealEcerrue:eklpp.acoeFutrreomtfdoeoutdrbnlmayoctaltoioenvtssechi:e.neNTgrshA.e: SNNNmwEPcCeWorpAArAldA 54464853....08668825----1111....43334893----32230631....44872114621....8863 LCLInaaotrrrlggeEeePqCCluaapspGBVroaonlwudeth1110597....53310665---000.N..521A485---2120N61..A.421 33-44N1...A062 GGIInnllftERPGqErvISonFtesxSctdeIcnc 21116011....49588251---0000....62114377--1--18887....0466 21-0571....0823 82090000 --33610000 P2B
ratestosmotherinflation.Stocks enxoctlutrdaecdkebdy.LNipSp:efruneddintoort.iNnN:fund STETCBAFAA 196..634300..0153 --29..87 -01..49 MS/uMnCicaippaGlrBoowntdh1101..0702-00..2357-3-06..42 131..85 IInnttllCRoErsetEq 133..0793--00..4100--2107..09-181..43 -2200 -4100 W1
openedmixed,thenfell,ledbytech,on behave aggressively. ecpaxrepisvittieoanulcsgeadifanoysr’sdwiqshutorolitebeup.tenior:inonsdo..ffe:r:oenxt- TWxsEhxAA 1521..2027-00..0591-1-28..49 3-01..87 SB/roMwCnapAVdavliuseoryF1u2n.7d0s:-0.15-13.8 24.7 IInnttllSVuasltCore1 1106..2953--00..6311-2-91..48 96..83 -7300 -4600 850
saggingconsumerconfidenceandafter aosrsbeatcsk-aernedussaeldestochpaarygme.apr:kfeutnindg AYaMchGtmMaannFaogceFrdsIF1u8n.4d3s:-0.18-12.8 26.6 GrwthEquityInst24.16-0.89-30.9 20.2 IInnttlSVmecCtoorEq 1171..0392--00..4342--2171..43 89..00 -12400 -5100 00
A,SC,SL,SW,TU,WB,WEPI,PV,RO,TD,WO triSaRtTotnhohenn&hudfeed1uePTnsu1Fs,tswhs1e5rheit2uad0doare7lreir0.latNs8sriioeldnat5dasdlgaf.srli.yDRudoorO—sapsaeetrtsqnpfdahe1aeiCtn.rasd2huvtoml8eefel2m%et’sa.ws2iplanJ1etboe%socesuroekoi3tftt,1m1teod9t,l0hos37eahe9n80nPe7e2Ddo.ed.52iwonSn.643wdtge;3.oe1l.t;lc3dhk%es Ewcwmhvaioteeshnarsytpiishtxehssrtiioagntghng1oa2iwf.n”iceiatdnetalyl Idarvas1dAABACMbn:2ap:niia&AButvsprflbcdclGeniFMtiuFStk-addirtIu1ndIt-nI:ipeounnrnbedicfifncarcsdnutGem.nEdtL2lasdtererCq.S:5liooisav-oubhl%CgfpoinPau(eGlaaIctr)fotosieZdoarwinaso.rprsmn1e2n7ism01td2d1d:o1ac..N.eair49.s0alos1eAm.r6t311st.Vkobxrtpt-e--cai:s0C:200Nbttkchef..i.ei.u(26gk1o2unxtd1.t053-n1ng2iiec%ovdb--nYf-a-ain21R1e1Td-cdsn37712eDehehm.dt...l05a7.nf1ooaer%dar3gye32-dReoYs8234.ebsr)r..t...04e.7.1 AALAYYIMAAAAAGIIInnnnggaabQnrrrrrttttiClbbiitccdlgllllOeeROiVIVkkiiaCIsenllttknttppFaaaarrlIIMsFmvnnaaDplluOnptotvvIIggInnIeaainnFncneSeednfnkFusvsssSIItsFtdtnFFttnt::ddmduyNCIsnleeln:IdnnIst62331212232sT862662936561:r............s429989541121t448896253711:---------0000000011.....NN.....6624944201AA0008857771---------222331111-24422NN20032..........AA08889657772222111--084098NN9546........A.A.4448669911 CCMCECMCCCCDADAAaaalaaIqigilpevkiBslllruugdpCAiaavtpiCrdssClrNaermEeleeeeAaBoprseqncwwotpnVsrtuidIsiGlIaaaIanSdtSantFryyIlgssctvoiuuIIrotoe:ewnneannu:sssAttdAtt1tth:smnA::e1222161210n206357459t.........4s59603491:449662751----0000.NNNNN...0253AAAAA9771---11-18NNNNN663....AAAAA6953 328NNNNN258...AAAAA.0551 IIIILLSSSUUUUUUUUUnnnTggTTTSSSSSSSSStttECCEGMSTVLLLCCMSSTxopxCggoemaQoogmmuIQiVVprvInrrdcnuVImaCGeeaautrIViaaollEEpBIarMllaIVqqldIlu12anli 422222311211223504099709229867678.................889.539372751033271086622225377771111--------------000000000000000000..................064446035056675007008896922533377111-------------21--11111-11-1-111406490927733771811..................000444888696922531 2232333321-3--460064055328537331..................004444899222553377 TAMhreoedcnhceahryatrstMaiMMnbadoaaivrcyyekatseehtsowaFlufoownuedr-rwsveaelJJukuuemnnthoavnintghaevsetraargteinsgofpe-n-r2e11i-ot03423dc99537.aGs00000hr00000efelonwmienamnsililtio'snshioTgfhadexoraltlahbraslne.thBMMeoaastyynadrtinFgupnedriosd. JJuunn BARRON'S•Li-p-1---p158521e06r842F00000M00000I -0-W01000-1--------XAComp
000-0-W01000-1--------XACL,CN,CX,DL,DM,DX,EE,EU,FL,HO,KC,MW,NC,NE,NY,PH,PN,RM,SCompositeCMYKBG,BM,BP,CC,CH,CK,CP,CT,DN,DR,FW,HL,HO,LA,LD,LG,LK,MI,ML, For personal non-commercial use only. Do not edit or alter. Reproductions not permitted.To reprint or license content, please contact Barron's reprints department at 800-843-0008 or www.djreprints.com WwsawGdetwnarrcYeortclir“CAIocanuineteeeIooocssnnfeoaoraenaitdfccaoptrmmmmdrrttlr’nalBYAaleHrseeaydlnuehieadleb-nrkanimsnamml,ucacitcoctretenpbiArnseeroihogiatnieeetnmnoogmeryaioodrpldsugonsseodyeaTesin,fdlddeousybdlcdalxnktdetnssawed?iniyfii:hileoelt“oapeaettnidnolDilei“ihcmYe,iyynabteinnmiireertdgRndarRfnnitpasalhcasTrfOnspiauysceavbiclgc“lreegtwcUptlgnmauvoorBrssontdoersuikrgtrchhtigkeen.mdhmnmoeaurFdeecdSi.iicosytee”olaccetarnegs.ro.fidtbetmAemeennrntfo,slaog—eCmcioam”giifocrsemtorgletinonemnniosoLnhiyLbllhsleworecenrm,hgcgdonoesbaaaenoraLdopacwo—domtifottsylfueawtumghtttdt”horemalwtiInyhsheccerdaaowctrssililRNetcaropeittosceemusatsnHeoprttiytoeuofBrdtwyauhivtchGttdri“ocsnaooseuntisoinptCitei.ranu,aaaotftetlicrdeoclIegfyhroieryatln“vdedrsemPmniCsiaeeweg6nLnoagts.esfdscydaipilnmiaii.sesnCtddeieaeReClnn5istescrhcptcedsnussert%limrmeaiaoCcCd.esoenigiIfctaoaaaabtomunsnnioiSwCorrehoataefnmtnifeprcpcriodotcsntsnnfnotleiioosniheSyipEeenwcfrt’efioaMat—dpbanr,ttteJsarcaosenaan,d,lrusdateeSlnkrl.rruicnrnhayteahtlymiafelns“esawnreohnycsrdtadootaektFpneaiinme,spkhloMaaaglsnesnae.iwiteglothwgdwvrepbipnmaedsicaasnataeiktBitleeegok.Esngohligehrls.sgoaeonratlviiuBuessnmth.iPt,einshatnwfApcisrlethittuSiseteniorssgtehggdplmodehrieixaloitEefNgwlnlneucprn.gcdirocceepof”e“riandheioegtytsottoeusbcfaeb?easonrtRw.fean.lgrsouecgra”c”auaplgiwderoesaolsyecfatllrallarxoIdstidfsa.-nmtaaiirabsnieissb”cinlckntrndror.luylaediaee,eysnn”sllyst-. dyTTBcw1FSmfe$aaft1Gh$Uaohooaanoscaea.aiHhrerSusiltdclmpcllgrfitycs.c,osfuir3h7egElpnb,ihijidhtourrousitr1aaesssei6onrontnntiNrrtitisaeNiwtywgcwkseetiputhnenneuds.0isntbeemUna%caghp%itpueoantnglrfoofbof,rsnrpsMnnacim0oooeiwrtodpdlcetvotmnmrwfhmy/oeBiascEs2pd2eesdhlk0eiEa$x0ueo0mbtecErsclsre2sh02de2yira,npsiht,5i9en1sR7ccsoseoadB,s0.v%cstaftiBnstionsaeSifenhnbs&ee.gwrr2ctetioJxderYclh5esnlaMoraoisoeC%oonn2m1ulranonou2f’0n,nstiswam%ri0s,gn.sro-2-,yt., $eRtfdmThasci3DTgstcTogassgCaGUqStMpMwtihaaituholio0ndnui1urofserarahhunrigekiooclo0rouolaspmataudddsnao0cneeAosptdcuourcPvutrmtlsrr0e,rumhse,ai-duttgtealdis0lSFititirgltramaicehdopaisbntsii.dataeaigomumeupnnamo0nurtrtweaieNltrgnhatdtelsoairiopeydnndtrid0leehigWlanckeUciorrAfylrar1eaaaancantshjhlleapegeSiBeQ9Sbeoofiti.itnlvanTbpcigthtSlo3asmanorim1torehyorodliserduaodaaO,ou07ndn.aiydcivtkeiufpitencitny,awepqghyeelAnkg-DeteaCeyrciaatrtJoaandibhfuoenneersneiCalAionitbpiaHPewgnunf.saeadlssvsttdatbdtauoloogaipsriic.yegcAdatgyMieorobthooteliapnullookdaaMaeictiJtlstlnituygreantdnCaeusuoynaodmanrntleonhnhtgdScrtsrnseitcwncmdtetsaitincruiaaa2e’oeilsinoisathtkstx,datyfty.tbotgrcopii2emoihensntornaatiebowpr6encegladueonphnnGaodekwio.cndooabsbBrdr.ndnobnpcogicteieSecproenenhfneLvooshtioeanuspuenckotvebdCirEtrIldslegiutilimrioeoslyrhtspditdsetitltrobeadiinnohsdeReedniitpn,tlbcoeenaiermnrgclmaeh,isfvnmgeaeoassuarvdnrgdtgatrnCtthseisndsawhasawcaiai—hnstadrPositdtftfaarbkiieestdsspteonatoahteinssoiooeed.spidnseeite,esynstrntvraeaanllhltieifsdeei.eB.ftiycaigaetnnmntroco-st-eicbsJ,oenottesaeg-r,Poretsasel.,den-n.o-nt.kfo-- AISmohB$BcApaFrcGuutVmigAnaneounr2fopanpllTOHiinrrclfeegjnooasti4sddrkepaetrinqoaXardtvnncositr0cyrrosieglmwkeeukeSiimtdetiTwsaadnedbJdtuxwetspFmticaurirrlgyebjasdttstsniAaeiiurtsuieolitnriiwti,ethdyloheJshlltGnarsirhSeariiloteienyhoieMrrtaCig8doghortostpFtdlwafdaiJhf…aaers-BuoanisnneflodreuyndupDteaprtCetF,t,lSsteaasokpBibreoiudodptpattrdehdc.rlnshpasplk.leeyewlaaJobuaa.,ciculetooFt,e.ipqsnlaCrrunMoAeehnlaetnasehTuSeterByl’trsegnnoibasaeeMdiahaPiiiXysxlrodndandaimeRriptuoeAepdlcwtaroeeaadraxwlleaoohctaeCdhldGatgkirucoatiuGnpertbasanvgnoeehhenyiDgr.gDtwtnhisreo.rlmnedeaiosit.ntdidrgooKetnioiioSent..gtefuelgenh.edisnnceuogie.IsgonrtF-ripAtorotgSroatupettsetmthcwererenv,roSaolurrcrnoedFtdflaooiiln…dnfyote’otnbscehtdiswuTvlhdWTtphaT-eosdutvaieMenfeXlietesltn.erohdydoolreisonidoruyndke,tudratueaaidsBsfremr-lwe,tTenrrdulneuSale.ibsgakofdfdinhthnpdsEpoaoseli-feedrsdid’y--rrdCscrteee.-hsaert.IllustrationbyEliasStein;ChristopherGoodney/Bloomberg 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--vnCCFCCeFvPeseeeewaegayIRnuwosAAtv:tudtneeeetttntltSlintAtIAAAAIAAAAsnnnnntnst:DTnhhlnDhyI:tdttttdsrVrsnnuuuuVvssttnts:rrrr3t264425238:5:29115323144627C4311311161111t57111yyyy11111:004494929947020965682476i8536879736253557919121l98313766113:GIIR...............A....................................:n......0409000022949558989096882226557523863832276966311017815516:v:000000044444488889699699696999222222555533333337777771111::---------------------------------------00-0-0000000--0000000000022001000200001310100110011111.............NNNNNNN..............................0..04...0000002600092252..0552839679350111171111621117111AAAAAAA00000444488888696696966692225553333333777777111111-----------------------------------2222222-3321122221111112311222111-------11-----1--1444690248588056668803NNNNNNN69669259572969935777530711121................................................AAAAAAA..00000044488888886669966669966255555553333777777111-22224232233222222321313312411-11233--31-11444888406208449220NNNNNNN63620747955583323213378815551171............................................AAAAAAA......00444444444488888899962222225555333333777777111111 BAGPEMiFMSNSMBBACISBAGPDDADGIIIMSTBSBGMHSBDINBCHILCHMBACEGHBACEETBiNSSSnnnnnnmlotooraAqmqaaoochtmmcaaaNNellllrrlllrrrisgspddliilaYaohtstttfuuiCddhaaaarFbbvetYYtrooee5TTwprrrrttttrrirdtssettrvvglRIBllmaUYYthhallCCrcccgcSrMMallSxBettMPyynooRRSSyywwTn0lBeAlleereettCLLAAtBSdMDadkkkknndMMtSSSMglIppBDD&nnfMiitsrdcDMMsIttccBteet0llgganptMuiAAtt&uRRRRdBniIlleeroAukFGGCcckktIhhdMndInPiitetlulnnnhhIFupuuCCdIckpalncIninrrvveOOooeetssPoooodurIYnanggCOOtrrIudnn5IsIIuOIrInnsstaarIBIsnddnuttisccllccccEAiMnSnpngnsnnppnpInsnstlli0InpSpnnppiiIIIrtpckkkktnnndooBtqndIvssnnsntcGntikppPCCd0ptnIFlOIsnnkFFFFttstsdcctsnInrnrIAotsSoosdItsInoo:tIuuuunMtpIyFFvdrd:sdtrrIshmmsnnnnIsInpuuxeetxxnn:natstddddIKnnKeessIrtssssdd1144e26282423113218322111111112116181:1711113831AIIss141s00100990666967077780996009989978389209470809nI303311376216:319:IT......:......................................s.......:.0.04444..040669642.549822369..70755653338227650133777119111187r11t0000000000044444888888899699996624222555333u777777777361111:-:------------------------1-------------00000000000000--00000000602200000000000010001000011111101711........................................................0040.00008000022080668222.00499333973331010133314112111111110000004444488888888699999962222255555333333333777777711111------------------------------------------2--22232333211333212311131121-22--31111-3-1--311------111-110008448669900080056239990539636388235793257311311911155311..........................................................00000000444448888889666699666222255555533333337777777711111145333323133231213--3113--222-----1-1------4008000024444004882232628274952553772271311711811121117171..........................................................0000044444888888866999999699622222225555555553377777711111 CDCCDCSSTLLSUEEEDLEDVDCM5DDNDLLLD2DDNCCLLLDCCCBCDDSTCDIPRRCABCDCGLMSnaamaggoggigGTmooooooroooooooommmromtaeelaallaliiieeFaiiaiiiiicYYGsgdtrttbvvvamvsvvvreerrnCCCCCllnlrmlllnllnhllxtollGlluvvAlagSgVVyytuuuoouuuagCgCdgpMggaaIIiOIIICuomRdefbRgIaapppEltttereiidtnnnnlneelIShSlRrrtnmmmmmmCMMnnedlMMssoeeBpEieFpRnCCCFlCSCspnppGVIneACCetaanokcccccIothdCevtnnmccoIlxIqaaFFncaoooxplIYcBhooAooIanbbbbbbyddkoEtrldunkkSsrd&yeetcesxpmaYdhplIdrrruucotAtCpAnmmmmoItiiiiiiddoorittuxyndsxRAIuddGseeeGpaaaaaaIByoenISSennGwnVIorSBtunniAtirIBIeAIHVrAnItdSIIAddCCCCCFscIDotrroaIocItdA3tIIooaEennansiwssuClllllIrnwWnSlaaaaawnnleaelIqfflnostCAuthsssssFsoodrtFhtEdthCSetssssss:As&AdhISulAsqS3o::I:IsAAIIInh:1Y24m424:239222245422222462122252222:3214233131110d1a11:d82:88:22:02652969379688737707974783775803191813335981m0rs3v....................................e............0.0:..02499422885888203349382.:47665333675777114711915177o1s0000444444444488888896999669999225555533333777311111n::--------------------------------------0-0000000600000000000000000060000001100000011111............NNNNN...................................00000002244064625270057955336663275531118222221AAAAA00004888888889699666666622225533377777777111111--------------------------------------22-211111111311111111111-1--111-111111111--1-11100880094945688NNNNN996928987968597772775575011111531...........................................AA.AAA...000000004448888866999966996222555555533377711112272332332225362322123211-333-3---113000484044442422NNNNN96262077445533832777331212211171..........................................AAA....AA.00004488888869666669966922222225553337777711111 TTEETEAFFGEINFFFFSFITFKKSUFFKFUUUDBDGIISCFFFFFFFFSEF5EEFGGFFFSTFDCLnnnnmx0eoilrllAAeeeeeeiiiiIiiiIlridooaadhooMttttttaaaabbooolSSStaedotdddddddedDDocscttetd0lrrlorwddddddggttlnrgittuuulxlddluMtgMMSSVlwRRBoSxaHSSSSSAAerClVaVaeMSeGMISZooIRRceUeeeMeelletfffSggabRndmDtloukeMeVteottnpdAAeeekF5nnddiaarwtmmmrrrrrrVeSi1kweeSeexhRlVtstYnnatCrrtsacsurrrSaaaaaooocuxte0AElal.IrIIIneIttCkVVEatTuoy150IDLdhIcdtBBttnnnal&&eEofnotttttEcmLndrLMdlBBmnH0odsxloxAnHCo:nunoDnoeeeeeaaBsk-ldoLSRxriddmguiImimItIuddsCCvY5rdUh2ntIneMinodddddnrnnInIbCdiiILdCCnennIEPenINDeIAvptooGesCEsBe0rcgdncclRsIInHHHHHpIGIraattqtdn:eIxxmSrteeAAMrqoc6eFPPSnKcpnIPrgIeeeeeeIr:xn2mnrr0PCCkynurIo6rrrrrxkeeedKensEllnKmmmmmwtnnnaanL6ttIdss21teeeee424332239671s11111111711311hss11sssss96244988948960804322932296887799398:099913368936685261AI.I.....AIIRR..............................................4:.06444n89888809669474628nS569389999933373747761211511331::6:004s889696699622222255555545555t33333337777777777:511111::t------------i-------------------------00000t00000000000000000003500000000011000100011001u....................NNNN.........................00004..48900060000085322..0037723t57100141178822211111AAAAi0000000044444488888996622222222533777771111111111:-----------------------------322222222-211111--22----1133111--1---31-11---1-08006999900598NNNN96999207057553392373719699992111311.......................................AAAA..........00044444444889666699699222255555555337711111111112233222233231252131-133--1-----88000494245NNNN362822255563367753NNNNNN00010711221531..................................AA.....AA....004444SSSSSS4448996696666622222225553337111111111 SCAOFNEGBFRIGIIILLLMRSSSSTTTUSCFANFISSSSTFBEGNSFIFNSRTIHBFGUFHTFFFFInnnnnnnnggTrmoTMlTrASoiiiiiliiiFFtoqsqtooeeeettteaaaEErrrrSietsTttwwwfotedddddtdddCCsvtttcdtTlBsrkrrrTBnOOOOl22arhhGGcrrrlttIClllwskeIIaaRAlelSpCPCopTeeeeeeeeeIIraIIeUaaadpIIIniiLSdrnsBaIGhltp2l00dCCttnsnnVppppGprreerrrnnnmteEnMlldllllllKauIsgIMnnnISvtoTIlRMceB0ABdxeiiiiiiiiIADddMdrlaacAI31ppppwdIssvssstntIsdttttttttsIII6scccBLmdrxaIdx6xTladdexo0dFnrrnIBO0MGkAIexiyyyyyyyygggntBIaIaAeeAInrgxpIIInPII0sIxtIAddxImdrIdnkcndtclnnsnnnIhhhdontCrxdnveAAAAAAAFtgId/IncIelIoesnmxIsssxssCtnIaadensllntttnnpnrHeZxrrxettCtIBnttPItCrdddddddtsgsIsMAIdlnBsII7ePnPnsPPPMPdrIPntaiZnrtnettvvvvvvvadtsngesrtrrrr0recoresPFpPdPrdteeeeeeiiiiiipIePusheBFFP5dmeAssssssrnPrdrdmmxmmmmmtnIreeaex0droorooooooddFpnxminnnnsn%nZnnnnnnnnncmrrrrrrdpcI:u1116ZMAFI9622322212215132112511211119111111121:1:1111010011s100u000064288:9994332282759884433911:6930994183016315706512016:13An.............................N.............................0004444.884488669823968.0052383397675273381137734719112531771:1:A004888888888888969996696622222555553333333267777777791111111V-----------------------------------------------0000000600000000000000000020000C0000000530000000050000N0005001h...............................................e...........040..00000600022000442443049292079339823g7760101003314111151511t.000000000444888886999969666992222222222555333377777771111111%----------------------------------Y--------------22-232222222222-33211311212331--1111--1212R--111111--111--111T114000000489044800309969685877775238387797757501771141199e1137D1..................t..........................................00004444444444888888886999966996692255555533333337777.1111111%3-62432244433231131133132121-1312111--R-----Y044404888024056622880046222200044533377882377635041777125115er..................................t...........................0044444444888888886999699696222222555553333377777777777.11111 CDIGDLGVOPSSSSFFFIIIIIIIIFFFIIIFIFIFIFIFFFFIIDVCNFFFFFFFCHSDABBFFFFFFdddddddnddddddddnnrrrrrrrrorrrrrrrFFFFiorrrFFFoAnumrrrralrraaiiiiTMiAxxxxxxxdxxxxxxxxvtteeeeeeeeueeeeeeeeeevvvsgssssoowu2222222nvrlllMMl222222C222222222eeeeeeeGeeSEaeeeeeeeeeeISIluuCIIIGhiDwCgrS0000000tCnnnnnt000000Pd0ddddlddd00000000dnddddd2dddDnqeerhKtIrrroiuuaic1234245ptttttoCooonoooo4254B3t2r3ako7oooooooosco055443322DOpA5nnnllnlll5i050ynGmnm05mmmnmmm0co005e05KcO50KmmmmmmmmmGVSCd505050SG505ninKQnnKdsrnInnnnnIn%oImIPn2PI2P2PI2P5IraP2tI2P22Irenn222222222tnnncnnnKnnwkRK00l0r0n0rr0rr0r0rhvn000000000sCsnnsssssneeeseeeKe42e543253ePPPPZ4PP32312455PpmmPmmmmmt00005555s5rr50r05r50rr0r5raKKKKKKKtiKiiiiieieeeeeeeeeeeeeeKiK:KKKKKKK66666666lrrrrrrr114222422343113131211111111111111111122111111111111111141111111104408442995440992820909929090026763553692377769333920519222225387950.......................................N.............................40026440504988889222036229985007044568339398777933371148111111256111A00004448888888889969966966999669969622225555555563333377777777721111V-----------------------------------------------------------------000000000000000000000000000C0600000000000000000000000000000N0000001117h..............................................e....................04..00000002222000420633622273532322g2257533311114711111111222211131317t.00000000444448888888699696969999222222555555553333333377777711111111%--------------------------------------------------Y--------------222223333221111221111111111111111111111111111-111131111111111-R-1111T-88999948986688889999982236949666668862074554555899997933937677777966eD........t............................................................00000444888888888886666666999966692222222225555533333777777777777.111%322422225244332132321124111111111-1511311111R-111611111-1Y000848000009942580058982960707725385623799997NNNNNNN08881121151e13111r....................................t..........................000000SSSSSSS4444444888886966996666922222225555533337777777.111111111 ICNMCMACGBMWBPSELOSLAESSLSSGIAASTNADSTFROIGMMRFLETCBMSSDSFATGSSGLLMLNInnnnmAoaoCCgoliAoapamqquoatmmmorrTrAAmrwalleerrNoiiivMgMMTseeetdtttvaauiaiAuuvvlesssrrSorwwCIctppaanIDxttrlddaaItvrBwwwgRSlBlICIIUteMlGanngTngarnGIClllICCECGnsiaaGEIgggMsnMULppADpFtdtllCCthCCCnrnitMPPFelaSnrdtineaaEEcidIMMaBhnhovmrdllrerrrtITnlIcGCVrwmrnnDtAIaaSeppantnpDBBcMtoncrtnauCggg852chSsBpnInnmRpnnlhknrlTnnnnppeitvrHpniGVMMsnQkirnnbcooitrneennt0na05DSsinEnGcnntlKEtEeInvgEHOnrniO3tcmIlanrannIrrucdkptnn%g%%iItenntniInIVr6qMdmtnn460nonnydlilsdddxnkhnnnBnShcnoKxiVvInn0nI0cnxRnxKIcktnnKdlddntnne6Inonnsnt6nnnnnxrcxn6rIlmtddyIZnnFxnndd11444322425634212321113431111111131211212131111111121111111110004026433998048687085588882962282355285320077353953744311116377227111.................................................N...................0..400888000224425448898220339643969469662604956588333753729700418192531A0000000000444448888966666966669996996922222225555559633333337711111111V--------------------------------------------------------00000-00000000000000000000000000000C0000000500000000100000000N00000710111h..............................................e.....................044..0080002250544886009932622.0000555223322g3231144711141711112121111171t1.0000044444444448886669696699969622222222555555555333333377777771111111%--------------------------------------------Y----------2--22223222222223223111111111211111111121-21133111--2R---1111---1--11T1-1-0488860244462045896886003333943928800593893333766759731777716611e115177D...............t.......................................................00000444444444488888866999969996996922222555555533333333337777777.11111%3-4443442434243322233332232212113-342-2--11333-1-R1-1111-Y000080000224442000868980039922288795855333267955101773444796992121511e3r...................................t....................................0000004444888866696696699969666692255555555555333333777777.111111111111 MITFICFSFTMIULLSSFFSUSAFGRBDLSCDLSTFEHDSBRUUFGOFNFFUCHHFIUNFTFCRUIGTnnnniAreietworiiiriiPPrerravAAnSexAogmhoDAiieirlryyfSt.SttdveYiwYdsddddrsttccduoSasaaasSmdbIOovIAwdiiitnSFcAAteftMotnnsBeaV1SMlVnEIooDLeeeelllDDTTTntnGnnnCTATTISvt.aVMChwaAIiGss0arrtrlraapleTmTnCAmmcADecllllnawCouiFkkkkAtcgespFFtlmvvFiFoscoiiiiuI0daoTtrEnAArBctFclrrEhtttthmAIoAglshfTITllTuTueAVyevonSeen0anrlunAAAAeheIiiAAhnAyyyynaleGmMsBdnd1dIDnnrBnAendeeaa1oneAAVadnitnBescAdneAgcra1ddA1A1SSvSdnudgtkrmmsdFRnedZol1vTAaIthnx1dldntlvvmc1tMAdvFneAeARtsedMovIltLtievI1ppInAuvdrlo:deoivdckndoIBFAm:eas//imdit:rtFnVedvxenAuFFacsndIxnRdxoInpsIitn6rrrFnsldldels:aaInn0ddsexcxxt:nn111es8t52925842231311111151351111111k1k0102111o:t108080282208296209622999989520353124733909929153188315l:2131nA.i.............................N.......................4...4n099.2454868289952980565655288333888:377203717789255733119dA044444888866996999966692222225555583337777777772A111111111vV:-----:-----------------------------00000000000000000200000005C000050002-000000000010N113011011h.........................N.....................e.......0004.8000000002224086203003..00042567g77272301110071611111t11A.00000000004448888888996699966622225553333337777777111111%---------------------------Y--4-----2232332323113313121111111-1-1--11R---1----11--1T11----0000044009625446860N66965882922705623696266997318111e53137D.........t..........................................A.....000004444888888888896966969222225555555333333777777.11111%322223322233632335342711-1111--1-1-R31--------Y0880000902440088230N964926200055583737235357NN110117121e11r....................................t.................A..000000SS4444888896696669699969222222225555333333377777.11 MAGENTABLACKCYANYELLOWosite
5
8
1
W
B
2
P
July4,2022 BARRON’S 11
P R E V I E W Friday
TheFederalReservereportsconsumercreditdataforMay. SignupfortheReview&
InApril,revolvingcredit,whichismostlycreditcarddebt, Previewdailynewsletterat
increasedataseasonallyadjustedannualrateof19.6%. Barrons.com/reviewpreview
Monday 7/4 Thursday 7/7
Equityandfixed-incomemarkets LeviStraussreportssecond-quarter
areclosedfortheIndependenceDay fiscal-2022earnings.
holiday.
CostcoWholesalereportsrevenue
Tuesday 7/5
dataforJune.
TheLaborDepartmentreportsini-
TheCensusBureaureleasesthefinal tialjoblessclaimsfortheweekending
durablegoodsreportforMay.Factory onJuly2.Joblessclaimsaveraged
orders,whichincludebothdurable 231,750inJuneandhavenormalizedto
andnondurablemanufacturedgoods, roughlyprepandemiclevels,aftera
areexpectedtoincrease0.6%month periodofrecordhighclaimsandmore
overmonth,aftergaining0.3%in recentlyhistoricallylowjoblessclaims.
April.Thepreliminaryestimatesre-
Friday 7/8
THE POWER OF PETS leasedthispastweekshowedthatnew
Chewy Plays ordersfordurablemanufactured
PetFriendly
goodsrose0.7%toaseasonallyad-
Americanspendingonpetproducts justed$267.2billion. FederalReserveBankofNewYork
m
co On Defense hasrisenannually,atrendthat Wednesday 7/6 PresidentJohnWilliamsspeaksatthe
s. acceleratedduringthepandemic. UniversityofPuertoRicoMayaguez
print U.S.PetIndustryExpenditures, abouttheoutlookfortheU.S.and
e localeconomy.
w.djr 2018to2021 TheFederalOpenMarketCommit-
w $130Bil teereleasesminutesfromitsmid-June TheBLSreleasesthejobsreportfor
w
or Onlinepet-productsretailerChewyhadasuccessfulinitial 120 monetary-policymeeting.TheFOMC June.Theeconomyisexpectedtoadd
8 publicofferinginJune2019,thenbecameapandemicdar- raisedthefederal-fundsrateby75 250,000jobsaftergaining390,000in
ed.000 ling.Withfolksstuckathome,dogsandcatsproliferated, 110 basispointsto1.50%to1.75%atthat May.Theunemploymentrateisseen
mitt43- andChewydeliveriesreducedtheneedtowanderpet-store 100 meeting,thelargestincreasesince remainingunchangedat3.6%,near
per0-8 aisles.Thestockhitathree-yearhighof$119inFebruary 90 1994. historiclows.Averagehourlyearnings
ot 80 2021,andwasat$89inJuly.Thisyear,however,hasbeen areforecasttorise5.2%yearover
ductions nartment at uanglaSylt:yiAsllt,tsCaahrreeewcdeyrni’tsft$lian3t5ge,sbtthaqecuksa,hdratereserpslyiatreeeairndnfoliwantgniosanwroaenurndeddree4cc0ee%snst.i,oannd 8700 2018 2019 2020 2021 TlTeuhasreneBsovtuherreeSJaouubrovOfepyL.eaEnbicnoogrnsoSamtnaidtsitLsstafibocroserrcea-st year,matchingtheMaydata.
op fears.ThispastMonday,Needham’sAnnaAndreevaraised thattherewere11.2millionjobopen-
alter. Repreprints de hrfoeersrmurlsatstdi.nu“gTrihtnoegBprueeytcesfsprsoaimcoenHsis)oadlndefd,epndrseeimdveiacn(thidnisgitsobirenitcetalealrlsyftiinoc,ua”ntspcheiaerl- SAonmiem7a0%lHofoUu.Ss.ehouseholdsowna i2ann0ge0sc,0doon0t0tahlleeevslasidsttehnbacunesiionnfeAasspwrdeiala.ykDeoenfsiMpnigateyjo,b ComingEarningsConsensusEstimate Yearago
only. Do not edit or e contact Barron's r wcwnnheoriasttAohesitnd,nesw.dahe“rnlholTe-dweeshrviweendaceaeheuageexrseasplt/ydtoleiawmmc7bt0iesaon%rtrCdespshsosreipffgewrrosnoeiysmsvuu’eseprdnlpeafusrfsooietracryierrsueeehfapgsrirukstoaiealmdarscterriti.ondto”ssegbsalietuvtohrteoedres-iiesssilshusi.eiipppSnpahtbltyeaeun,sdi- NpTehutam,twbOeitwBrhionrddfoaUgP.sSea.tn,H2do0cu2as1te-sh2do0ol2dm2sinating. mrrpTeolhaomuryegakehIiednnlty.,ssttdnhioteeuuanbrteulremeftcohboreerSrdruoalenfpvjkpoeslblyso,ofMaptnehadneniunagngese-m- TLWSCWeaHDvroai-S4tont0gra(aQsuIsn3es)ve&nsCtmos.e(unQt2(s)Q1E)stimate $$001...522437 001...552623
e as alsocitedanalysts’mixedsentimentonChewy;iftheyturn Cat mentreleasesitsServicesPurchasing
cial usnt, ple mraotirnegpsoosfitHivoel,ditocroSuelldlopnrotvhiedestaocbko,onsot.teAsbFoaucttS4e0t%. have Dog Msuasneasgtiemrsa’tIenidsefxorfoar5J4unreea.dTihneg,caobnosuent- DTay MayDurableOrders Consensu0s.0E5s%t LastP0e.r7i0o%d
For personal non-commerTo reprint or license conte IllustrationbyEliasStein apSafadobsfiartrneoneCLecevrychaeveatsgeathsttwuhhtiem.nieeydcCniotocai,hinmumnatethrtcpwhpereerd,eayaosnBnatlvstayroeh$elrcsreaa5rkevord5paeenhyrpfls’oaf.srridwsTrsiecmuufsheelucgreaettegrctda’gatesdreevsigontddtaseewoittdblfthanufydotbelh2lomrit-l.agoy8itotthue%ycrtaeg,hherahoofetnofwnheisrdslant.ictonn—vbhacieeleT4krc2aro0wace0neu%otem2asuKe2,ieklelirdesmcn.irasoArt,il.man4enls4gl--y% SSFomruearcsllehRA:HwenAopFaimmrtitssieealheerrl0icManilPetPro2d5uctsAss5o0ciation 75 tvahrgwecriacaotsoiedwvshpiinttaPohygdiM.nsi2ntIa4s,btlwhcoeoevshnsenisct5aehh0tciat,ounrwntai’ivchsnkeiscsMemhreaovciynnoi.cdntTehioschsmaseoteieSfccsetorr-, TFF-UfC-aoHnaFnrllieendmsnawosdl;MMJJMrhaopeuuartaaa-nnihtaPnyyyeeettrfFCThreowUNwaeolrrinowamycnmisentdswmaeiomfeunta.reibiamBnpyroaarmdlannOyeorilr;cray-arPoradbCmgn-nateoRorcesyeeureet.drnscdtovo,oticitlBtsmloRismeamadretrinosenga’resecfoErneaoesmtEecirconnr.eoapm-oAirdct-Svs$$2oa826un0942rcc...3,e60e95d.:060bb;F%%0iiallctSet -3$$9380087,.3..3011.060bb%%0iill