Barron\'s - 05.08.2019

August 5, 2019

CONTENTS

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BARRON’S (USPS 044-700) (ISSN

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P. 15

HP’s Future Is Brighter

Than Many Think

HP Inc. is still cranking out big

ideas—and has a chance to upend

manufacturing with 3-D printing.

By ERIC J. SAVITZ

P. 16

Drilling Down to Find

Cheaper Utility Stocks

Attractive dividends and reliable

earnings growth make regulated

utilities a good way to play defense.

By LAWRENCE C. STRAUSS

P. 23

AFlexibleFundfor

Fixed-Income Bets

Fund Profile: Matt Toms, head of

Voya Strategic Income Opportuni-

ties, calls himself a one-trick pony.

It’s an impressive trick.

By LEWIS BRAHAM

P. 24

SoYouWanttoBea

Night Trader

After-hours trading was a reliable

money maker—until late-night

presidential tweeting came along.

By LEWIS BRAHAM

P. 28

Responsible Investing

Isn’t Black and White

Climate scientist Jason Smerdon

has learned to make compromises

to achieve his investment goals.

By SOPHIA CAI

P. 29

Have Lenders Pushed

the Envelope Too Far?

Debt issuers are fighting back

against hedge funds that use credit

default swaps to trigger defaults.

By MARY CHILDS

P. 30

ABullonBitcoin

and Tesla

Q&A: ARK Investment founder

Cathie Wood discusses five

disruptive innovations ready to

turbocharge economic growth.

By LESLIE P. NORTON

P. 32

Don’t Have $1 Million

for Retirement?

A simple, two-step plan for middle-

income Americans looking to

generate lifelong income.

By SARAH MAX

P. 5

Up&DownWallStreet:

TheTariffWarsBegin

toTakeaToll

By RANDALL W. FORSYTH

P. 9

Streetwise:TAMasa

Substitute for Profits

By JACK HOUGH

P. 17

Tech Trader:Time to

Pare Back on Apple

By TAE KIM

P. 18

The Shakeout in Retail

Cover Story: Store closures in the U.S. are projected to reach a record this year.

Yet consumer spending is strong, and a number of retailers are thriving. How investors

can identify not just the survivors—but also the winners.By JACK HOUGH

0

1,

2,

3,

4,

5,

6,

7,

8,

9,

10,

11,

12,

-

0

20

40

60

80

100

120

140

160

180

200

220%

2012 2013 2014 2015 2016 2017 2018 2019

S&P 500

Store Closures

S&P 500 / Multiline Retail

Year-to-date announced store closures

Estimated store closure announcements

S&P 500 U.S. Retail Store Closures

Sources: Coresight Research; FactSet

Cover Illustration

by Curt Merlo

Index P. 10

Review & Preview P. 12

Mailbag P. 35

Charting the Market P. M

Market View P. M

Winners & Losers P. M

13DFilings P.M

Research Reports P. M

08.05.19 VOL.XCIX NO.

P. 11

Follow-Up:GE’s Larry

Culp Makes Progress

By AL ROOT

P. 26

Funds:Fed Rate Cuts

FavorGrowthStocks

By LESLIE P. NORTON

P. 34

Current Yield:GOP

Fiscal Policy Is Flawed

By JAMES GRANT

P. 35

Income Investing:

Bonds Are No Place

for Yield-Seekers

By LAWRENCE C. STRAUSS

P. M

The Trader:Renewed

Trade Tensions Could

Trigger a Correction

By BEN LEVISOHN

P. M

European Trader:

Experian Is Pricey—

but Worth It

By RUPERT STEINER

P. M

Emerging Markets:

South Korea’s Allure

By CRAIG MELLOW

P. M

Striking Price:Playing

Tech’s Fear Premium

By STEVEN M. SEARS

P. M

Commodities:New

Wrinkles for Iron Ore

By SIMON CONSTABLE