Category: Books

Pandemic Results in “Historic” Increase in Free-Agent Entrepreneurs

In my book Openness to Creative Destruction, I distinguish between free-agent entrepreneurs and innovative entrepreneurs. Free-agent entrepreneurs work for themselves mostly doing what has been done before. Innovative entrepreneurs work for themselves mostly doing something new. (The dividing line is not sharp.) During the pandemic we have seen a large increase in free-agent entrepreneurs. The number of innovative entrepreneurs is hard to measure, but I believe that the loss of health capital, the increase in transaction costs, and the growth of government regulations and lockdowns has reduced their number.

(p. A1) The pandemic has unleashed a historic burst in entrepreneurship and self-employment. Hundreds of thousands of Americans are striking out on their own as consultants, retailers and small-business owners.

The move helps explain the ongoing shake-up in the world of work, with more people looking for flexibility, anxious about covid exposure, upset about vaccine mandates or simply disenchanted with pre-pandemic office life. It is also aggravating labor shortages in some industries and adding pressure on companies to revamp their employment policies.

The number of unincorporated self-employed workers has risen by 500,000 since the start of the pandemic, Labor Department data show, to 9.44 million. That is the highest total since the financial-crisis year 2008, except for this summer. The total amounts to an increase of 6% in the self-employed, while the overall U.S. employment total remains nearly 3% lower than before the pandemic.

Entrepreneurs applied for federal tax-identification numbers to register 4.54 million new businesses from January through October this year, up 56% from the same period of 2019, Census Bureau data show. That was the largest number on records that date back to 2004. Two-thirds were for businesses that aren’t expected to hire employees.

(p. A14) This year, the share of U.S. workers who work for a company with at least 1,000 employees has fallen for the first time since 2004, Labor Department data show. Meanwhile, the percentage of U.S. workers who are self-employed has risen to the highest in 11 years. In October, they represented 5.9% of U.S. workers, versus 5.4% in February 2020.

The self-employment increase coincides with complaints by many U.S. companies of difficulties—in some cases extreme—in finding and retaining enough employees. In September, U.S. workers resigned from a record 4.4 million jobs, Labor Department data show.

Kimberly Friddle, 50 years old, quit her job as head of marketing for a regional mortgage company near Dallas in September 2020.

. . .

. . . when a friend contacted her the next month, she saw an opportunity.

The friend sold home décor items on Amazon.com from his home in Canada, and Covid-related border restrictions were making it difficult to process returns. When he explained what he needed—primarily, someone to examine returned items for damage and ship them back to Amazon—Ms. Friddle felt the work could be a good challenge and a chance for her older daughter, Samantha, to gain some work experience.

They began processing returns for him steadily. When other Amazon sellers he knew needed help with warehouse-related tasks that were also made harder by the pandemic, he referred them to Ms. Friddle.

. . .

Now she runs an Amazon logistics, warehousing and fulfillment business full time from the family’s home outside Houston and rented warehouse space nearby.

. . .

Though the decision to leave that job was an emotional one, she said, a change after 27 years has given her new energy and confidence in addition to the flexibility.

“I didn’t have a plan when I left,” she said. “I wasn’t giving enough attention to the needs of my family. I wasn’t giving enough attention to the job that needed to be done. I felt like I was failing everywhere.”

Now, “I feel so successful and I wake up every day like, ‘I wonder what’s going to happen today.’ ”

. . .

Through the late 19th century, a large share of Americans worked for themselves, as farmers or artisans. With new technology such as electric lighting, manufacturing expanded, and many people left the field for the factory floor. They landed in an environment of strictly defined work hours and hierarchies—workers overseen by managers overseen by executives.

By the time Covid-19 arrived in the U.S., the advent of apps, websites and companies catering to entrepreneurs and freelancers was already giving employees options.

. . .

Marcus Grimm, a 50-year-old in Lancaster, Pa., worked at advertising agencies from the time he finished college. For years, he toyed with freelancing. “I had always considered it, but literally just never had the guts to make the move,” he said. “I was scared I would lose sleep every night worrying about my next dollar.”

Early in the pandemic, Mr. Grimm, a married father of two grown children, was laid off. He logged onto Upwork, a website that connects freelance workers from a wide range of industries with potential clients. He fielded several assignments doing ad campaigns for big companies, charging a low hourly rate.

Business flowed in. He has steadily raised his rate, to $150 an hour. Mr. Grimm said he now earns more than in his old job, which paid $130,000 a year.

His favorite part is not having to deal with corporate politics or any bureaucracy. He can go kayaking in the middle of the day.

“I’m the one who finds the client, I’m the one who does the work, and I’m the one who deals with any of the problems that come up,” he said.

. . .

Part of the current shift to self-employment might prove temporary. The boom in self-employed day traders during the dot-com hoopla of the late 1990s deflated along with the stock bubble.

A sharp rise in savings—boosted by a federal supplement to unemployment benefits, most recently $300 a week, that was paid for as long as 18 months of the pandemic—provides some individuals a financial cushion to pursue self-employment. As they run down those savings, some might again want a regular paycheck, economists say.

In addition, if labor shortages ease, freelancers could face stiffer competition from companies in landing clients. Finally, if the pandemic recedes, so might one piece of the impetus to leave regular work in favor of self-employment. Five percent of unvaccinated adults say they left a job because of a vaccine requirement they opposed, according to a Kaiser Family Foundation survey in October [2021].

For the full story, see:

Josh Mitchell and Kathryn Dill. “Workers Quit Jobs in Droves to Become Their Own Bosses.” The Wall Street Journal (Tuesday, Nov. 30, 2021): A1 & A14.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the story has the date November 29, 2021, and has the same title as the print version.)

My book, mentioned at the top, is:

Diamond, Arthur M., Jr. Openness to Creative Destruction: Sustaining Innovative Dynamism. New York: Oxford University Press, 2019.

Entrepreneur Wedgewood “Was Encouraged to Question Authority”

(p. C6) During this pandemic, the upper-middle class went bonkers over pots. They clanged them nightly on the street in homage to health care workers, and as soon as they were loosed from quarantine they marched into studios like eager kindergartners to create their own ceramics. Perhaps these hobbyists whose uneven, sometimes Seussian efforts fill Instagram “shelfies” — Seth Rogen, I’m talking to you — could find #inspo in a new biography of the 18th-century potter Josiah Wedgwood. It encourages the rest of us to look at our crockery more critically.

. . .

And production of the veddy English Wedgwood, which used to occur in Stoke-on-Trent, Staffordshire, is now largely outsourced to Asia, the very continent it was founded to compete with.

. . .

Josiah was born the youngest of a dozen children into a primitive, churchy iteration of the business. He walked seven miles round-trip to school by the age of 6 — take that, TikTok tots — and was encouraged to question authority. The loss of one leg (weakened by smallpox, further damaged in a road accident and finally amputated and replaced with a wooden prosthetic) helped form his character, like Captain Ahab’s. Unable to labor at the wheel, Wedgwood would gravitate instead to design and labor reform: “a hands-on manager,” writes Hunt, who compares him to Steve Jobs, “overseeing his potbanks with a steely professionalism.”

. . .

More seriously, Hunt offers convincing evidence that Wedgwood, . . . , was a committed if somewhat armchair abolitionist, alert to the horrors of the triangular trade that undergirded his commerce, especially the sugar that was also known as “white gold.” His widely circulated and copied cameo featuring a kneeling slave with the motto “Am I Not a Man and a Brother?” though regrettably generic, “deserves to be remembered as one of the most radical symbols in modern history,” Hunt argues. (Incorporated into snuffbox lids, bracelets and hair pins, it could also be seen as an early example of virtue signaling.)

On top of everything, Wedgwood was a devoted family man: “uxorious” to and solicitous of his wife and third cousin, Sarah, he helped to home-school their brood even though there wasn’t a pandemic at the time. (. . . ) Alas, he didn’t live to see the birth of his grandson: Charles Darwin.

For the full review, see:

Alexandra Jacobs. “A Master of Making Fine China, and a Firebrand Too.” The New York Times (Monday, October 25, 2021): C6.

(Note: ellipses, added; italics, in original.)

(Note: the online version of the review has the date Oct. 24, 2021, and has the title “A Transporting and Cozy Biography of a Pottery Pioneer.”)

The book under review is:

Hunt, Tristram. The Radical Potter: The Life and Times of Josiah Wedgwood. New York: Metropolitan Books, 2021.

“Precautionary Principle Would Have Vastly Slowed” Anesthesia, Antibiotics, Chemotherapy and Other Medical Innovations

(p. 15) In his new book, “You Bet Your Life,” Paul A. Offit wants to understand the failures and tragedies that help pave the way to medical innovation. For most of human history, anesthesia did not exist. Patients had to be forcibly restrained while their limbs were amputated and their cancers were removed, typically amid piercing screams and unbearable agony. Things did not start to change until the 1840s, when a carnival barker named Gardner Colton charged people 25 cents to sniff “laughing gas,” also known as nitrous oxide, which made them fall down in hysterics and then go to sleep for a few minutes. On Dec. 10, 1844, a dentist named Horace Wells attended Colton’s show. Soon after inhaling the gas (and making a fool of himself), he told a friend that a person could probably “have a tooth extracted or a limb amputated and not feel any pain.”

Wells sought out Colton immediately after the show, and the very next day, he became the first person to use nitrous oxide as an anesthetic: He asked a fellow dentist to extract one of his own teeth. The procedure was painless. Over the following weeks, Wells used nitrous oxide on 15 of his patients. It worked every time. In January 1845, he asked if he could demonstrate his method to specialists in a large amphitheater at the Massachusetts General Hospital. The demonstration failed. Wells gave too little of the anesthetic to his patient, who woke up during the extraction, in intense pain and screaming. Members of the audience shouted out, “Humbug!” Wells was disgraced.

. . .

Offit is a good storyteller, and he has some terrific stories to tell. He also draws important lessons. In the domain of medical innovation, tragedies cannot be prevented, no matter how many regulations we put in place. Science moves forward in fits and starts, with blunders, failures and losses along the way. New discoveries are rarely immediate; we inevitably learn more over time. Ours is not a risk-free world, which means that we need to choose the lesser risk. New technologies are always a gamble.

All of those claims are true, but I think that Offit also pulls out an even deeper and more provocative moral from this history. In life and in public policy, many people in Europe and the United States are drawn to the “precautionary principle,” which essentially calls for a high degree of risk aversion: Whenever an innovation threatens to cause harm, we should be exceedingly cautious before we allow it. Offit’s examples, and the history of medical advances, demonstrate that in its most extreme forms, the precautionary principle is self-defeating. Simply put, precautions kill. Whether we are speaking of anesthesia, heart transplants, antibiotics, chemotherapy or blood transfusions, the precautionary principle would have vastly slowed down innovations that, yes, carried serious risk and led to real harm, but were ultimately a great boon to humanity.

For the full review, see:

Cass R. Sunstein. “Side Effects.” The New York Times Book Review (Sunday, October 17, 2021): 15.

(Note: ellipsis added.)

(Note: the online version of the review was updated Oct. 25, 2021, and has the title “A History of Medical Innovation That Doesn’t Ignore the Side Effects.”)

The book under review is:

Offit, Paul A. You Bet Your Life: From Blood Transfusions to Mass Vaccination, the Long and Risky History of Medical Innovation. New York: Basic Books, 2021.

Good Anxiety “Helps Us Rebound and Refocus”

(p. A15) “Good Anxiety” is especially effective in arguing that anxiety shouldn’t be something we seek to hide, numb or even fix. Instead we can use it as a form of energy, thanks to the power of brain plasticity, our ability to rewire this potentially destructive response process. It’s what enables us to learn how to calm down, reassess situations and reframe our thoughts and feelings. “Anxiety is changeable, adaptable like any other feature of our brain,” Ms. Suzuki argues. The promise of her book, she writes, is a better understanding of “how anxiety works in the brain and body” so that we can learn how to adjust our own misfiring neurons.

Anxiety can even give us “hidden superpowers.” Resilience, for example, is learned through dealing with stress, and helps us rebound and refocus after difficult, challenging events. Even bigger payoffs come, Ms. Suzuki suggests, by adopting what she calls an “activist mindset”—the belief that we can reframe our thoughts in a positive and opportunistic way. This gives us agency over how we react to situations. “When it feels like a door has slammed on you, anxiety can lead you to feel like there’s no way out of the room; the activist mindset allows you to take a step back and look for a window,” she writes.

. . .

If anxiety is uncontrolled, our focus is liable to turn sour: Overstating real or imagined threats leads to hypervigilance and dwelling on danger. But Ms. Suzuki argues that anxiety plays a role in executive function, the interaction between attention, thinking and emotion, where it can be used for good. By decreasing distractions, meditating, exercising and transforming a “what-if” list into a productive “to-do” list, anxious thinkers can channel their energy toward progress.

For the full review, see:

Taylor Cromwell. “BOOKSHELF; The Upside Of Worry.” The Wall Street Journal (Friday, Sept. 17, 2021): A15.

(Note: ellipsis added.)

(Note: the online version of the review was updated Sept. 3, 2021, and has the title “BOOKSHELF; ‘Good Anxiety’ Review: The Upside of Worry.”)

The book under review is:

Suzuki, Wendy. Good Anxiety: Harnessing the Power of the Most Misunderstood Emotion. New York: Atria Books, 2021.

Many Plants and Animals Quickly Adapt to Global Warming

(p. A15) Amid the ice floes of the Arctic, tiny seabirds called dovekies feed in the plankton-rich waters, a survival strategy that worked well until the pack ice began to dwindle around the islands in Russia’s Franz Josef Land, where the dovekies breed. Like their Arctic neighbors the polar bears, often seen stranded on shrinking icebergs, it appeared that the dovekies faced an existential threat because of climate change. Scientists working in the region predicted that they would have to fly an hour or more to find food.

Instead, data from radio-tagged birds have revealed something entirely different: Faced with the prospect of extinction, the dovekies adapted. They were able to pivot to a new foraging opportunity a five-minute flight away, where water from melting glaciers slams into ocean currents just offshore, making plankton there easy pickings. For now, the dovekie population is thriving, producing just as many healthy chicks as before. Unfortunately, this tactic is not a permanent solution, as Arctic glaciers are dwindling too. But it could buy the birds another century to try to adjust their survival strategy again.

The Franz Josef dovekies remind us that nature is not a passive bystander to climate change. In some surprising cases, new conditions can trigger new behaviors.

. . .

When a group of biologists recently fanned out across the eastern Pacific to study aggression in butterfly fish, they expected to witness the constant territorial skirmishes for which these feisty coral reef dwellers are famous. Then a marine heat wave caused the corals to expel their algae, a damaging process called bleaching that leaves once-colorful reefs ghostly pale and lacking in nutrients for fish.

Suddenly without meals worth fighting for, the butterfly fish changed too. They transformed from aggressors into pacifists almost overnight, becoming docile to save energy and eke out an existence, albeit a subdued one, in a calorie-starved environment. If the corals ever recover, then the fish may regain their previous territorial vigor. If not, then they’ll no longer be famous for defending their food; they’ll be too busy trying to find enough of it.

Butterfly fish and dovekies both employ what biologists call “plasticity,” a natural ability to be flexible.

. . .

Warmer temperatures are forcing conifers to shift northward, while many hardwoods are moving north and west, chasing increases in rainfall. But the direction of these shifts isn’t nearly as surprising as their speed. Red oaks like those at Walden Pond are lumbering north by more than 10 miles every decade, which is nothing next to the 40-mile pace set by honey locusts. Both are shifting considerably faster than the range of the average bird: . . .

. . .

When back-to-back hurricanes Irma and Maria battered the Turks and Caicos Islands in 2017, they flattened buildings, uprooted trees and left the community reeling. They also created a rare scientific opportunity. Surveys of a local species of anole—a distant cousin of iguanas—had just been completed prior to the storms. The researchers had intended to show the effects of predation on the lizards by non-native rats. Instead, they turned their attention to the impact of the hurricanes and immediately repeated their field work. What they found was survival of the fittest in action: Lizards in the post-storm population all had larger toe pads and stronger front legs better suited to gripping trees in high winds. And those traits were being passed on to the next generation.

While scientists expected to eventually see evolution in reaction to extreme weather, many were stunned that it could happen so fast. Understanding how some species adapt in various ways, while others can’t, may help to inform our own responses to climate change. Plasticity may become an unavoidable priority in preparing for a warmer world.

For the full commentary, see:

Thor Hanson. “Some Species Are Changing Along With the Climate.” The Wall Street Journal (Saturday, Sept. 25, 2021): A15.

(Note: ellipses added.)

(Note: the online version of the commentary has the date September 24, 2021, and has the same title as the print version.)

The commentary quoted above is adapted from Hanson’s book:

Hanson, Thor. Hurricane Lizards and Plastic Squid: The Fraught and Fascinating Biology of Climate Change. New York: Basic Books, 2021.

At His Toga Birthday Party FDR Dressed “Imperiously” in Wreath and Robe as Caesar

(p. C6) Again and again, artists and artisans have reworked ancient images, turning emperors and imperial women into role models or cautionary tales. Whether central to the debate or only hovering at the edges in a ghostly manner, the ancients have always been there. Such is the argument of Mary Beard’s “Twelve Caesars: Images of Power From the Ancient World to the Modern.”

. . .

Among the book’s many striking illustrations and images is a photo of Franklin D. Roosevelt celebrating his 52nd birthday in January 1934 with a toga party in the White House. Wreathed and wearing what might be a triumphator’s robe, arms folded imperiously, FDR is surrounded by more than a dozen family members and friends dressed variously as senators, matrons and legionaries. What does this Busby Berkeley-esque scene mean? It might have been a sardonic joke from FDR’s staff and friends to respond to critics who charged that the president was becoming a dictator.

For the full essay, see:

Barry Strauss. “Power in Profile.” The Wall Street Journal (Saturday, Oct. 2, 2021): C6.

(Note: ellipsis added.)

(Note: the online version of the review has the date October 1, 2021, and has the title “‘Twelve Caesars’ Review: Power in Profile.”)

The book under review is:

Beard, Mary. Twelve Caesars: Images of Power from the Ancient World to the Modern. Princeton, NJ: Princeton University Press, 2021.

To Survive a Disaster You Need “Basic Skills and Self-Reliance” in Time Before First-Responders Respond

(p. C17) The coronavirus has challenged us in ways that our society hadn’t been challenged for decades.

. . .

. . . being stressed and anxious doesn’t mean you can’t be resilient. Actively working to mitigate the damage from a disaster can help to reduce stress, because it makes you feel more empowered and less like a helpless bystander.

. . .

Experience and preparation paid off for me in September 2017, as Hurricane Irma, a Category 5 storm, approached Key West, Fla., where my husband and I had spent two years building our home together. We didn’t freak out: We knew about the risk of hurricanes when we moved there. I had studied the maps to see which areas of Key West were prone to flooding, and we prepared our property accordingly.

. . .

My long experience has taught me that when a disaster strikes, you can’t wait for someone else to bail you out. You have to have some basic skills and self-reliance initially. If a grease fire breaks out in my kitchen and I have a fire extinguisher, I can probably put it out. But if I call the fire department and wait for them to arrive, my grease fire could turn into a house fire. I will still call the fire department, in case I can’t control the fire, but the first response has to be mine.

For the full essay, see:

Robert Jensen. “Staying Resilient When Disaster Strikes.” The Wall Street Journal (Saturday, Oct. 2, 2021): C17.

(Note: ellipses added.)

(Note: the online version of the review has the date September 30, 2021, and has the same title as the print version.)

The essay quoted above is adapted from Jensen’s book:

Jensen, Robert A. Personal Effects: What Recovering the Dead Teaches Me About Caring for the Living. New York: St. Martin’s Press, 2021.

Michael Dell Is a Project Entrepreneur

(p. C18) A decade ago, the rise of smartphones and tablets seemed to spell doom for the Dell computer company, which had tried to enter both markets without success. (Does anyone remember the “phablet”?) By 2012 Dell’s market share for PCs had eroded to just over 10%, and its share price had sunk below $9, from around $30 in 2007.

“I felt abandoned by the public shareholders,” admits Michael Dell, the company’s founder and CEO, in his new autobiography, “Play Nice But Win,” published next week. But Dell’s historically low stock price also offered a silver lining. With help from Silver Lake, a private-equity firm, in 2013 Mr. Dell paid $24.9 billion to take his company private. This rare maneuver freed him to transform his company “without the tyranny, the ever-ticking shot clock, of a quarterly earnings report,” he writes.

Today the company rebranded as Dell Technologies is worth around $80 billion, more than four times its value before going private.

. . .

In his efforts to take the company private in 2013 and then take it public again in 2018, Mr. Dell locked horns with Carl Icahn, an activist investor, who publicly compared Mr. Dell to Machiavelli and threatened to purchase the company himself and install a new CEO. In his book and in conversation, Mr. Dell is unsparing about Mr. Icahn, calling him a “circus clown” with “zero moral compass” and “no idea what Dell does.” Mr. Icahn, in turn, calls Mr. Dell a “bamboozler” who tried to “swindle” shareholders.

. . .

A range of supply-chain problems have meant that demand for PCs has been outstripping supply. But Dell has done a better job than its rivals of getting the relevant parts, and the company has moved more quickly than Hewlett-Packard Inc. and others in anticipating a shift in PC sales from consumers to businesses as offices open back up. Mr. Dell explains that the company’s approach to manufacturing has shifted in recent years from “just in time to just in case,” with supply chains that are geographically diverse enough to handle disruptions. He adds that the company’s longstanding approach of selling directly to customers has meant Dell’s “signal quality is higher” than its competitors when it comes to registering what people and companies actually want.

. . .

Mr. Dell is the last computer pioneer who is still running his own company. Although he acknowledges it is harder at his age to cultivate the “beginner’s mind” capable of generating radical new ideas, he says he has no plans to step aside any time soon. The work feels too interesting and too important, he explains, and he’s having too much fun: “I love what I do.”

For the full essay, see:

Emily Bobrow, interviewer(?). “WEEKEND CONFIDENTIAL; Michael Dell.” The Wall Street Journal (Saturday, Oct. 02, 2021): C18.

(Note: ellipses added.)

(Note: the online version of the review has the date October 1, 2021, and has the title “WEEKEND CONFIDENTIAL; Tech Founder Michael Dell Is Navigating a Changing Industry.” The article does not indicate whether the quotes from Michael Dell are from his book or from an interview. I am guessing that except for a quote explicitly identified as from the book, the quotes are from an interview.)

The book by Dell mentioned in the essay is:

Dell, Michael. Play Nice but Win: A CEO’s Journey from Founder to Leader. New York: Portfolio, 2021.

Ray Dalio Lacks Principles in His Kowtowing to Chinese Communism

Ray Dalio has authored a book called Principles, but that does not imply that he has any. See the story below.

(p. B1) This year has been unsettling for Chinese business. The ruling Communist Party has gone after the private sector industry by industry. The stock markets have taken a huge hit. The country’s biggest property developer is on the verge of collapse.

But for some of the biggest names on Wall Street, China’s economic prospects look rosier than ever.

BlackRock, the world’s biggest asset manager, urged investors to increase their exposure to China by as much as three times.

“Is China investable?” asked J.P. Morgan, before answering, “We think so.” Goldman Sachs says “yes,” too.

Their bullishness in the face of growing uncertainty has puzzled China experts and drawn criticism from a wide political spectrum, from George Soros, the progressive investor, to congressional Republicans. Mr. Soros has called BlackRock’s stance a “tragic mistake” that’s “likely to lose money” for its clients and would “damage the national security interests of the U.S. and other democracies.”

. . .

(p. B5) Ray Dalio, founder of the hedge fund Bridgewater, wrote in late July [2021] that people in the West should not interpret Beijing’s crackdowns as “the Communist Party leaders showing their true anticapitalist stripes.” Instead, he wrote, the party believed those moves were “better for the country even if the shareholders don’t like it.”

The relationship has been good to Bridgewater so far. Mr. Dalio’s firm has raised billions of dollars from Chinese clients such as the China Investment Corporation, the sovereign wealth fund, and State Administration of Foreign Exchange, which manages the country’s currency reserves. (Bridgewater declined to comment.)

This is a balance that business has played with China for a long time: Say nice things to Beijing, lobby back home on China’s behalf, then ask for access to markets and capital.

Goldman Sachs became the first foreign bank to seek full ownership of a securities business in China in December. BlackRock, which describes China as an “undiscovered” market, hired a former regulator to head its China business. So many global financial firms are expanding in the country that there’s a talent war.

. . .

The Wall Street firms are apparently betting that China’s past successes will continue. They have a long track record on their side, but they would do well to remember what they constantly tell their customers: Past performance isn’t necessarily indicative of future results.

For the full commentary, see:

Li Yuan. “Uncertainty Is Rocking China. Why Is Wall Street Bullish?” The New York Times (Saturday, October 7, 2021): B1 & B5.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the commentary has the date Oct. 6, 2021, and has the title “China is Rocked by Uncertainty. Why is Wall Street Bullish?”)