Barron\'s - 30.09.2019

September 30, 2019

CONTENTS 09.30.19 VOL.XCIX NO.

Index P. 6

Review & Preview P. 8

Mailbag P. 31

Charting the Market P. M

Winners & Losers P. M

13D Filings P. M

Research Reports P. M

Market View P. M

Cover Illustration by

Sunday Buro

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$90 billion

Total proceeds raised in U.S. IPOs

80

70

60

50

40

10

20

30

2009

0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

Source: Renaissance Capital

Big Names in a Shrinking IPO Market

P. 10

A Shakeout in the IPO Market

Investors are increasingly turning a cold shoulder to upstart companies that look less

likely to go the distance, such as Uber and Peloton, in favor of fast-growing moneymakers

such as Beyond Meat. The democratizing effect of direct listings.By ERIC J. SAVITZ

P. 3

Up&DownWallStreet:

What, Me Worry?

The impeachment inquiry and

possible curbs on U.S. investments

in China aren’t as threatening to

U.S. stocks as you might think.

By RANDALL W. FORSYTH

P. 5

Streetwise:Danger

in Cash Burn Alley

Investors are becoming more

discriminating about hot-shot

companies that veer off the

path to profitability.

By JACK HOUGH

P. 12

American Airlines

Can Shake Its Baggage

Things couldn’t get much worse

for the carrier, giving intrepid

investors plenty of cushion as

they wait for sunnier skies.

By AL ROOT

P. 14

Putting the Sizzle

Back Into Chipotle

Q&A: CEO Brian Niccol discusses

the chain’s remarkable rebound,

food safety, fake meat—and how to

make your burritos taste better.

By DAVID MARINO-NACHISON

P. 16

Biotech Trends

Under the Microscope

Cover Story: In our inaugural

biotech roundtable, five experts

examine ways to profit from

coming innovations in health care.

By LAUREN R. RUBLIN

P. 26

The Starting Point for

a Small-Cap Specialist

Profile: No company makes it into

John Malooly’s stellar Wasatch

Ultra Growth fund unless its

management can pass muster.

By DEBBIE CARLSON

P. 15

Economy:Reviving

Growth in Germany

Instead of relying on the rest of

the world to buy its manufactured

goods, Germany ought to

encourage spending at home.

By MATTHEW C. KLEIN

P. 25

Tech Trader:

Slack Is No Slouch

Category killer Slack Technologies

has been swept up in the backlash

against IPOs. Consider rescuing

this baby from the bathwater.

By TAE KIM

P. 28

Funds:Giving ETF

Issuers New Freedom

The fund industry and investors

have reason to celebrate the SEC’s

long-awaited ETF Rule, which

levels the playing field for issuers.

By SARAH MAX

P. 29

Income Investing:

Dividends vs. Buybacks

One capital-return strategy isn’t

necessarily better than the other.

Rather, investors need to examine

each set of circumstances.

By LAWRENCE C. STRAUSS

VOL. XCIX NO. 39 SEPTEMBER 30, 2019 $5.

63142 > Biotech shares and funds are lagging behind, but our

roundtable panelists find plenty to likePAGE 16

FTURE

BIOTECH

THE OF

P. 30

Current Yield:Rising

Yields Could Catch

Bond Bulls Off Guard

By JAMES GRANT

P. M

The Trader:Investors

Pick and Choose What

to Worry About

By BEN LEVISOHN

P. M

Euro Trader:Cartier

Parent Richemont Is

Losing Its Luster

By RUPERT STEINER

P. M

Emerging Markets:

No Clear Winners Yet

in Electric-Car Tech

By CRAIG MELLOW

P. M

Striking Price:Netflix’s

32% Pullback Presents

a Buying Opportunity

By STEVEN M. SEARS

P. M

Commodities:Silver

and Nickel Buyers Put

thePedaltotheMetal

By MYRA P. SAEFONG