Author: Art Diamond

The Hybrid Trees Weyerhaeuser Plants, Absorb More Carbon Dioxide Than Did the Trees It Cuts Down

(p. A1) KIBBY TOWNSHIP, Maine—Weyerhaeuser Co. has cut down more trees than any other American company since its founder started logging before the Civil War. Environmentalists have long treated it as an enemy.

Now, the new math of carbon emissions is enabling the lumber producer to cast itself as something quite different: a force for environmental good.

Its 10.6 million acres of U.S. timberland act as a giant sponge for carbon dioxide, which Weyerhaeuser says more than compensates for the greenhouse gases it emits by felling trees, sawing them into lumber and distributing wood products.

Although Weyerhaeuser is cutting down as many trees as ever and plans to increase lumber production 5% in the next few years, it says its net carbon footprint is negative—so much so that it is offering carbon dioxide storage capacity to other companies. Weyerhaeuser expects a new unit dedicated to helping other firms offset their emissions to generate $100 million a year in profit by the end of 2025.

“I don’t think there are many companies in the world with a better environmental (p. A8) story than Weyerhaeuser,” said Devin Stockfish, chief executive officer of the Seattle-based company. “The moment is really ripe for us.”

. . .

Weyerhaeuser logs about 2% of its land each year and plants more than 130 million saplings a year to replace much of what it cuts. Company scientists have selectively bred trees over the decades to grow bigger, faster and better for lumber-making than the ones they replace. The company says those new breeds will sock away carbon dioxide faster than the ones cut down, allowing it to boost sequestration and wood production at the same time.

“There is a pretty significant difference in the genetics of the trees that we grow versus what would have grown naturally,” Mr. Stockfish said.

For the full story, see:

Ryan Dezember. “Logger Recasts Itself As Climate Friendly.” The Wall Street Journal (Tuesday, April 18, 2023): A1 & A8.

(Note: ellipsis added.)

(Note: the online version of the story has the date April 17, 2023, and has the title “America’s Most Prolific Logger Recasts Itself as Environmental Do-Gooder.”)

Fuzzy Goals of ESG Firms Challenge Investors to Guess Their Future Success

(p. A13) Some movies not only entertain and inspire but convey broader lessons. “Air” is one of them. The film is about Nike’s efforts in 1984 to secure Michael Jordan’s endorsement of its basketball shoes, which soon after became the iconic Air Jordans. But it also tells anyone who will listen that ESG investing—environmental, social and governance—is a trap.

. . .

The Jordan family’s meeting with Adidas makes it apparent that the company has no clear leader or vision on how it would deal with Mr. Jordan in the future. This sense of confusion helps persuade the Jordans to sign with Nike, where leader Phil Knight is securely ensconced, ensuring against any radical change of direction in Nike’s relationship with Mr. Jordan.

. . .

Michael Jordan wasn’t willing to invest his personal brand in a fluctuating operation.

Investors should be even more wary when considering companies that pursue ESG. At the time of Mr. Jordan’s sponsorship decision, everyone at least agreed that the lone goal of a company was to maximize value for shareholders. Under ESG investing, by contrast, conflicts arise not only over how best to pursue company goals but over what the goals are.

For the full commentary, see:

Donald J. Boudreaux and David R. Henderson. “‘Air’ Is a Cautionary Tale About ESG.” The Wall Street Journal (Friday, April 14, 2023): A13.

[Note: ellipsis and bracketed year added.]

(Note: the online version of the commentary has the date April 13, 2023, and has the same title as the print version.)

Firing an Actor “Early Could Be a Motivator for the Remaining Cast”

The ability to fire at will gives the entrepreneur (and the movie director) the ability to put together the right team for a project. Keeping those employed who are not doing their jobs, can be demoralizing for those who are doing their jobs.

(p. C1) When the writer and director Mike Nichols was young, he had an allergic reaction to a whooping cough vaccine. The result was a complete and lifelong inability to grow hair. One way to read Mark Harris’s crisp new biography, “Mike Nichols: A Life,” is as a tender comedy about a man and his wigs.

. . .

(p. C5) Harris is the author of two previous books, “Pictures at a Revolution: Five Movies and the Birth of the New Hollywood” and “Five Came Back: A Story of Hollywood and the Second World War.” He’s also a longtime entertainment reporter with a gift for scene-setting.

He’s at his best in “Mike Nichols: A Life” when he takes you inside a production. His chapters on the making of three films in particular — “The Graduate,” “Silkwood” and “Angels in America” — are miraculous: shrewd, tight, intimate and funny. You sense he could turn each one into a book.

Nichols was an actor’s director. &nbsp. . .  But he had a steely side.

He fired Gene Hackman during week one on “The Graduate.” Hackman was playing Mr. Robinson and it wasn’t working, in part because, at 37, he looked too young for the role.

Sacrificing someone early could be a motivator for the remaining cast, he learned. He fired Mandy Patinkin early in the filming of “Heartburn,” and brought in Jack Nicholson to play Meryl Streep’s faithless husband.

For the full review, see:

Dwight Garner. “BOOKS OF THE TIMES; The Wit and Wigs Of a Star-Studded Life.” The New York Times (Tuesday, January 26, 2021): C1 & C5.

(Note: ellipses added.)

(Note: the online version of the review was updated Jan. 29, 2021, and has the title ‘BOOKS OF THE TIMES; ‘Mike Nichols’ Captures a Star-Studded Life That Shuttled Between Broadway and Hollywood.”)

The book under review:

Harris, Mark. Mike Nichols: A Life. New York: Penguin Press, 2021.

Musk on San Francisco: “Even if Attackers Are Caught, They Are Often Released Immediately”

(p. A3) A suspect was arrested in connection with the fatal stabbing in San Francisco of Cash App founder Bob Lee, police said, more than a week after the tech executive’s death shocked Silicon Valley.

Nima Momeni, 38, was arrested by San Francisco police Thursday morning and booked on a murder charge, said Bill Scott, the San Francisco police chief.

Mr. Lee, 43, was fatally stabbed in the early morning hours of April 4 [2023]. The suspect and the victim knew each other, said Chief Scott. He declined to elaborate on the motive for the killing.

. . .

Some tech-industry executives slammed San Francisco over crime after Mr. Lee’s murder. Last week, Elon Musk tweeted, “Violent crime in SF is horrific and even if attackers are caught, they are often released immediately.”

For the full story, see:

Alyssa Lukpat and Zusha Elinson. “Man Arrested in Killing of Cash App Founder.” The Wall Street Journal (Friday, April 14, 2023): A3.

[Note: ellipsis and bracketed year added.]

(Note: the online version of the story was updated April 13, 2023, and has the title “Suspect Arrested in Fatal Stabbing of Cash App Founder Bob Lee.”)

The “Huge Opportunity Cost” of Congress Keeping Obsolete Warthog Planes Flying

(p. A1) The Air Force has said for years that the A-10 jets, nicknamed Warthogs for their bulky silhouette and toughness in a fight, have passed their prime and will be vulnerable in the wars of the future. The production line where they were made fell silent in the mid-1980s, and the average A-10 here is four decades old. Its job can be done by newer, more advanced planes, the Air Force says.

“The A-10, while it has served us well, is simply not a part of the battlefield of the future,” said Lt. Gen. Richard Moore, the Air Force’s deputy chief of staff for plans and programs.

Congress has other ideas. Bowing to members whose constituencies are dependent on the jet for jobs and the flow of federal tax dollars, it has instead insisted nearly all the planes keep flying at a cost of more than $4 billion over the past 10 years.

This kind of intervention is common—and is (p. A9) impairing the U.S.’s ability to respond to rapidly modernizing Chinese forces in a new era of great-power competition, say current and former senior defense officials and military analysts.

Efforts by lawmakers to bring military jobs and funding to their districts and keep them there are as old as Congress itself. But they come at a huge opportunity cost at a time when the U.S. is facing its most formidable adversary since the end of the Cold War. Congress is in effect forcing the Pentagon to spend billions on programs for which it sees no role in future wars.

For the full story, see:

Daniel Nasaw. “Why Is America Still Flying the A-10 Warthog, a Cold War Relic?” The Wall Street Journal (Friday, April 14, 2023): A1 & A9.

(Note: the online version of the story has the date April 13, 2023, and has the same title as the print version.)

Musk Says M.B.A.s Lack Creative Focus on Products and Services

(p. B3) What is wrong with American corporations? Elon Musk says too many M.B.A.s. are polluting companies’ ability to think creatively and give customers what they really want.

His comments criticizing M.B.A.s came amid a broader conversation about leadership before an online audience during The Wall Street Journal’s CEO Council annual summit, where he also encouraged executives to step away from their spreadsheets and get out of the boardroom and onto the factory floor.

“I think there might be too many M.B.A.s running companies,” the Tesla Inc. chief executive said. “There’s the M.B.A.-ization of America, which I think is maybe not that great. There should be more focus on the product or service itself, less time on board meetings, less time on financials.”

For the full story, see:

Patrick Thomas. “Musk Decries ‘M.B.A.ization’.” The Wall Street Journal (Thursday, Dec. 10, 2020): B3.

(Note: the online version of the story was updated December 9, 2020, and has the same title “Elon Musk Decries ‘M.B.A.-ization’ of America.”)

DEI Administrators Pose “Grave” Threat to Equal Treatment Under Law

(p. A11) Falls Church, Va.

Wokeness, or what used to be called political correctness, once seemed merely harebrained, the product of shallow ideas and immature passion. The common view was that undergraduates would outgrow it once they left campus and faced the rigors of the real world.

You seldom hear that anymore, as those ideas have run amok in culture- and economy-defining institutions ranging from news organizations and local governments to professional societies and corporate boardrooms. But Ilya Shapiro thinks we’re not alarmed enough about their influence in one important corner of academia: law schools. The professional ideologues who wield administrative authority on American college campuses want nothing less than to “change the American constitutional system,” Mr. Shapiro says. They pose a grave long-term threat to “the rule of law and inalienable rights, and even concepts like equal treatment under the law.”

Mr. Shapiro, 45, is director of constitutional studies at the Manhattan Institute. Hunkered down in the study of his Virginia home, he’s working on a book, “Canceling Justice: The Illiberal Takeover of Legal Education,” that seeks to lay bare the process by which bureaucrats appointed to promote “diversity, equity and inclusion” on campus have “perverted our system of legal education.”

For the full interview, see:

Tunku Varadarajan, interviewer. “THE WEEKEND INTERVIEW; DEI at Law Schools Could Bring Down America.” The Wall Street Journal (Saturday, April 1, 2023): A11.

(Note: in original, Falls Church, Va. is in italics.)

(Note: the online version of the interview has the date March 28, 2023, and has the same title as the print version.)

Biden EV Goals Depend on “Troubled” Business Model for Fast Charging

(p. A13) President Biden’s EV ambitions will hinge in large part on the availability of public places to plug in and repower cars reliably, a network that largely doesn’t exist. Building it won’t be easy.

While the government is (p. A2) pouring billions of dollars into developing a national highway charging network, many companies aren’t sure how they will make money off the nascent business. Fast charging requires expensive utility infrastructure and projects often encounter supply chain hang ups and long wait times to connect to the grid.

. . .

The business model for fast charging has been troubled because there aren’t enough EVs in most places yet for charging to turn a profit. Yet EV advocates say many drivers will only be comfortable purchasing vehicles if rapid charging is widely available.

Utility companies and gas stations have been arguing across several states about who will own and operate EV chargers. The expensive utility bills that can result from delivering quick jolts of power have been a particular point of contention. Meanwhile, the young companies that provide charging gear and services have struggled with equipment on the fritz, vandalism and driver payment systems, a frequent source of failure.

For the full story, see:

Jennifer Hiller. “Fast Electric-Vehicle Chargers Get Boost, But Hurdles Lurk.” The Wall Street Journal (Friday, April 14, 2023): A1-A2.

(Note: ellipsis added.)

(Note: the online version of the story was updated April 13, 2023, and has the title “Fast EV Chargers to Nearly Double on U.S. Highways Under Expansion Plan.” In the first paragraph quoted above, the online version has “Mr. Biden’s” instead of “President Biden’s.”)

Towns Flourish When Entrepreneurs Want to Live in Them

(p. B1) SIDNEY, Neb. — The forest green roof and pair of bronze stags frozen in combat are impossible to miss as you drive down Interstate 80.

. . .

For 54 years, Cabela’s made its home here, a juggernaut that kept the town humming. But in 2017, the sporting goods store sold for $5 billion to Bass Pro Shops — a takeover that eventually made 2,000 jobs vanish in a town of roughly 6,600 residents.

. . .

But Sidney’s staying power still surprises experts, who say it’s driven by two factors.

One: Former Cabela’s employees opening their small businesses, diversifying the economy in a formerly one-company town.

Two: A recent influx of new (p. B3) residents, both retirees and remote workers.

. . .

Each spring, high schoolers from Nebraska and neighboring states flock to Sidney searching for the perfect prom dress. Their destination: Charlotte & Emerson, a downtown boutique — and one example of Sidney’s rebirth from the ashes of Cabela’s.

Co-owner Sarah Kaiser and husband Kurt Kaiser both worked at Cabela’s. When the company was swallowed by Missouri-based Bass Pro, the family relocated there as Sarah Kaiser ran the combined company’s human resources.

But in 2020, they decided to return to Sidney, her hometown. Sarah Kaiser opened Charlotte & Emerson with her sister. Her husband launched an online fitness store, Frost Giant Fitness. They’re two of many Sidney-based companies run by ex-Cabela’s employees who decided to stick around and start something new.

“The corporate experience of these young folks really was key to this particular recovery,” said David Iaquinta, a Nebraska Wesleyan University sociology professor who has researched Sidney’s economic development. “. . . they combined that talent with a strong desire for the lifestyle that they had. They said, ‘We’re here. We’re rooted here.’”

Budding companies are being boosted by E3, a Nebraska Community Foundation program meant to aid entrepreneurship in rural Nebraska.

Already, new businesses have remodeled once-dilapidated buildings, said Sarah Sinnett, the program’s community lead.

. . .

Economic development in Nebraska “used to be about cheap land, cheap labor and cheap incentives” to nab big companies, Stinnett said.

Now: “If you want small towns to start thriving … really it needs to be focused on entrepreneurship,” she said.

For the full story, see:

Natalia Alamdari, Flatwater Free Press. “Sydney Shows Staying Power.” Omaha World-Herald (Sunday, April 23, 2023): B1 & B3.

(Note: ellipses between paragraphs, and bracketed date, added; ellipsis internal to paragraph, in original.)

(Note: the online version of the story was updated April 28, 2023, and has the title “Six years after ‘Cabela’s debacle,’ Sidney’s lights are still on.”)

Majority Doubt College Degree Is Good Investment

(p. A3) A majority of Americans don’t think a college degree is worth the cost, according to a new Wall Street Journal-NORC poll, a new low in confidence in what has long been a hallmark of the American dream.

The survey, conducted with NORC at the University of Chicago, a nonpartisan research organization, found that 56% of Americans think earning a four-year degree is a bad bet compared with 42% who retain faith in the credential.

Skepticism is strongest among people ages 18-34, and people with college degrees are among those whose opinions have soured the most, portending a profound shift for higher education in the years ahead.

For the full story, see:

Douglas Belkin. “More Say Colleges Aren’t Worth the Cost.” The Wall Street Journal (Saturday, April 1, 2023): A3.

(Note: the online version of the story has the date March 31, 2023, and has the title “Americans Are Losing Faith in College Education, WSJ-NORC Poll Finds.”)

“Race-Conscious Affirmative Action” Creates “Racial ‌Animosity”

(p. A1) Since picking up a memoir of Robert F. Kennedy at a garage sale his senior year of high school, Mr. Kahlenberg, 59, has cast himself as a liberal champion of the working class. ‌ For three decades, his work, largely at a progressive think tank, has used empirical research and historical narrative to argue that the working class has been left behind.

That same research led him to a conclusion that has proved highly (p. A17) unpopular within his political circle: that affirmative action is best framed not as a race issue, but as a class issue.

In books, ‌articles and academic papers, Mr. Kahlenberg has spent decades‌ ‌arguing for a different vision of diversity, one based in his 1960s idealism. He believes that had they lived, Kennedy and the Rev. Dr. Martin Luther King Jr. would have pursued a multiracial coalition of poor and working class people, a Poor People’s ‌Campaign that worked together toward the same goal of economic advancement in education, employment and housing. ‌ ‌

Race-conscious affirmative action, while it may be well intentioned,‌ ‌does just the opposite, he says — aligning with the interests of wealthy students‌ and creating racial ‌animosity.

With class-conscious affirmative action, “Will there be people in Scarsdale who are annoyed that working-class people are getting a break? Probably,” he said in an interview. “But the vast majority of Americans support the idea, and you see it across the political spectrum.”

His advocacy has brought him to an uncomfortable place. The Supreme Court is widely expected to strike down race-conscious affirmative action this year in cases against Harvard and the University of North Carolina. He has joined forces with the plaintiff, Students for Fair Admissions, run by a conservative activist; the group has paid him as an expert witness and relied on his research to support the idea that there is a constitutional “race-neutral alternative” to the status quo.

That alliance has cost him his position as a senior fellow at the Century Foundation, the liberal-leaning think tank where he had found a home for 24 years, according to friends and colleagues.

. . .

Mr. Kahlenberg studied government and went on to Harvard Law School, where he wrote a paper about class-based affirmative action, advised by Alan Dershowitz, his professor, known for defending unpopular causes and clients.

The paper inspired him to write his influential 1996 book, “The Remedy,” which developed his theory that affirmative action had set back race relations by becoming a source of racial antagonism.

“If you want working-class white people to vote their race, there’s probably no better way to do it than to give explicitly racial preferences in deciding who gets ahead in life,” he said. “If you want working-class whites to vote their class, you would try to remind them that they have a lot in common with working-class Black and Hispanic people.”

For the full story, see:

Anemona Hartocollis. “Acolyte of the Left Aims to Kill Race-Based College Admission.” The New York Times (Thursday, April 6, 2023): A1 & A17.

(Note: ellipsis added.)

(Note: the online version of the story was updated April 3, 2023, and has the title “The Liberal Maverick Fighting Race-Based Affirmative Action.”)

Kahlenberg’s “influential” book mentioned above is:

Kahlenberg, Richard D. The Remedy: Class, Race, and Affirmative Action. New York: Basic Books, 1997.