✷☛ ➋☞✌ ❖✝✄ ✞❱ ✞ ✫ ✝❆✥ ✞ ☎✍☞❨ ✌ ✞❆✎✁
❾❿➀➁➂➃➂➄➆➁
◗❙❯❳❩❯❬❭❪ ❫❴❙❵ ❜❝❞❭ ❣❥
t✒✓ t✓✪✒✗♦✣♦✦★✶ ✢✗✙ t✒♦✑✓
❤✢✪❦✓✛✑ ✕✜✣✣ ✑♦♦✗ ✕✢✗t t♦
✑✓✓ ✢ ✧✛♦t♦t★✧✓ ✜✗ ✢✪t✜♦✗✶
❈✒✜✓✏ ❚✓✪✒✗♦✣♦✦★ ❂✏❁✪✓✛
✿♦✛✜✓✣ ✤✛✢✗✦♦ ✑✢✜✙✳ ❃q✓t✲
t✜✗✦ t✒✜✑ ✜✗t♦ t✒✓ ✕✢t✓✛✶ ✏♦✛
✢✣✣ ♦✏ ✚✑✶ t✒✢t✻✑ t✒✓ ✐♦✑t
✜✐✧♦✛t✢✗t ✐✜✣✓✑t♦✗✓ t♦
✒✜t✳❄
✤✛✢✗✦♦ ✒✢✑ ✒✓✣✧ ✏✛♦✐
❇♦t✒ ✢✗✙ ✢✗♦t✒✓✛ ❈✓✗t✛✢✣
❂✛✓✦♦✗ ❈♦✐✐✚✗✜t★ ❈♦✣✲
✣✓✦✓ ✑t✚✙✓✗t✶ ✹♦✢✒ P✢✛❦✶
✕✒♦ ✙✓✑✜✦✗✓✙ ✢ ❋♦t✢t✜♦✗
✙✓✈✜✪✓ t♦ ✒♦✚✑✓ ✰✣✢✙✓✲
❇✚✗✗✓✛✻✑ ✦✓✗✓✛✢t♦✛ ✢✗✙
✧♦✕✓✛ ✓✣✓✪t✛♦✗✜✪✑✳ ✘✗ ♦t✒✓✛
✒★✙✛♦❦✜✗✓t✜✪ ✑★✑t✓✐✑✶
t✒♦✑✓ ✪♦✐✧♦✗✓✗t✑ ✢✛✓
✑✚❤✐✓✛✦✓✙ ✚✗✙✓✛ ✕✢t✓✛✶
✕✒✜✪✒ ✙✛✜✈✓✑ ✚✧ t✒✓ ✪♦✑t✶
✤✛✢✗✦♦ ✑✢✜✙✳
✰✣✢✙✓❇✚✗✗✓✛ ✜✑ t✛★✜✗✦ t♦
✪✛✓✢t✓ ✢ ✑★✑t✓✐ t✒✢t ✪♦✚✣✙
❤✓ ✚✑✓✙ ✜✗ ✜✛✛✜✦✢t✜♦✗ ✪✢✲
✗✢✣✑ ✜✗ ✛✓✐♦t✓ ✢✛✓✢✑✶ ✑✚✪✒
✢✑ ✑♦✚t✒✓✢✑t✓✛✗ ❂✛✓✦♦✗✶ ♦✛
✜✗ ✛✜✈✓✛✑ ✜✗ ✴♦✚t✒ ✤✐✓✛✜✪✢✶
✕✒✓✛✓ ✐✢✗★ ✪♦✐✐✚✗✜t✜✓✑
✢✛✓✗✻t ✪♦✗✗✓✪t✓✙ t♦ t✒✓
✗✢t✜♦✗✢✣ ✦✛✜✙✶ ✤✛✢✗✦♦ ✑✢✜✙✳
✤t ✢✗ ✜✗✑t✢✣✣✓✙ ✧✛✜✪✓ ♦✏
❸❹❺❻❑
◗❙❯❳❩❯❬❭❪ ❫❴❙❵ ❜❝❞❭ ❣❥
Myth 2: Marshmallow
predicts future success
❚✒✓ ✏✢✐♦✚✑ ❃✐✢✛✑✒✐✢✣✲
✣♦✕ t✓✑t❄ ✧✚t ✢ t✛✓✢t ✜✗ ✏✛♦✗t
♦✏ ✧✛✓✑✪✒♦♦✣✓✛✑ ✢✗✙ ✧✛♦✐✲
✜✑✓✙ t✒✢t ✜✏ t✒✓★ ✙✜✙✗✻t ✓✢t ✜t✶
t✒✓★ ✪♦✚✣✙ ✒✢✈✓ t✕♦ t✛✓✢t✑
✢✏t✓✛ ✯✮ ✐✜✗✚t✓✑✳ ❇✓✑✓✢✛✪✒✲
✓✛✑ ✏♦✚✗✙ t✒✢t ✧✛✓✑✪✒♦♦✣✓✛✑✻
✢❤✜✣✜t★ t♦ ✧✚t ♦✏✏ ✓✢t✜✗✦ t✒✓
✐✢✛✑✒✐✢✣✣♦✕ ✪♦✛✛✓✣✢t✓✙
✕✜t✒ ✢✪✢✙✓✐✜✪ ✧✓✛✏♦✛✐✢✗✪✓
✢✗✙ ❤✓tt✓✛ ✑t✛✓✑✑ ✐✢✗✢✦✓✲
✐✓✗t ✕✒✓✗ t✒✓★ ✕✓✛✓ ♦✣✙✓✛✳
P✓✛✑♦✗✢✣ ❁✗✢✗✪✓ t★✧✓✑
✉①③④ ⑤⑥⑦⑧⑨⑤
◗❙❯❳❩❯❬❭❪ ❫❴❙❵ ❜❝❞❭ ❣❥
❤✢✪✪♦✶ ✼✜✛✓✢✛✐✑ ✢✗✙
❊❡✧✣♦✑✜✈✓✑ ✑♦✚✦✒t ✧✚❤✣✜✪
✪♦✐✐✓✗t ♦✗ t✒✓ ✧✛♦✧♦✑✢✣✶
✙✛✢✕✜✗✦ ✐♦✛✓ t✒✢✗ ✸✮✶✬✬✬
✪♦✐✐✓✗t✑✳
❚✒✓ ✢✐✓✗✙✓✙ ✛✓✦✚✣✢t✜♦✗✑
✛✓✈✓✛✑✓ ✢ ✩✬✯✬ ✤❚✼ ✙✓✪✜✑✜♦✗
t✒✢t ✏♦✚✗✙ ❤✚✐✧ ✑t♦✪❦✑ ✙✜✙
✗♦t ✢✐♦✚✗t t♦ ✐✢✪✒✜✗✓ ✦✚✗✑
✢✗✙ ✪♦✚✣✙ ✗♦t ❤✓ ✛✓✦✚✣✢t✓✙
✚✗✣✓✑✑ ❈♦✗✦✛✓✑✑ ✪✒✢✗✦✓✙ ✓❡✲
❘■❏■❑❑▲▼◆
◗❙❯❳❩❯❬❭❪ ❫❴❙❵ ❜❝❞❭ ❣❥
♦✏✏✑✳ ❚✒✓ ✔♦✕ ✖♦✗✓✑ ✘✗✙✚✑✲
t✛✜✢✣ ✤✈✓✛✢✦✓ ✧✣✚✗✦✓✙ ✗✓✢✛✣★
✸✩ ✧✓✛✪✓✗t ✜✗ ✩✬✬✭ ✢✏t✓✛ t✒✓
✒♦✚✑✜✗✦ ❤✚❤❤✣✓ ❤✚✛✑t✳ ✤✗✙
✜t ✑✒✓✙ ✐♦✛✓ t✒✢✗ ✮ ✧✓✛✪✓✗t
✜✗ ✩✬✬✯ ✕✒✓✗ t✒✓ t✓✪✒ ✑t♦✪❦
❤✚❤❤✣✓ ❤✚✛✑t✳ ✰✚t ✑t♦✪❦✑
✢✣✑♦ ✙✓✪✣✜✗✓✙ ✜✗ ✩✬✬✩ ❧ ✢
★✓✢✛ ✕✒✓✗ t✒✓ ②✳✴✳ ✓✪♦✗♦✐★
✓❡✧✢✗✙✓✙✳
❚✒✓ ✏✢✪t ✜✑ t✒✢t t✒✓ ✑t♦✪❦
✐✢✛❦✓t ✪✢✧t✚✛✓✑ ♠✚✑t ✢
✧✜✓✪✓ ♦✏ t✒✓ ❤✛♦✢✙✓✛ ②✳✴✳
✓✪♦✗♦✐★✳ ✵✓✑✑ t✒✢✗ ✒✢✣✏ ♦✏
②✳✴✳ ✒♦✚✑✓✒♦✣✙✑ ✓✈✓✗ ♦✕✗
✢✗★ ✑t♦✪❦✶ ✢✪✪♦✛✙✜✗✦ t♦ ✹✓✕
✺♦✛❦ ②✗✜✈✓✛✑✜t★ ✓✪♦✗♦✐✜✑t
❊✙✕✢✛✙ ❛♦✣✏✏✳ ✤✗✙ ✐♦✛✓
t✒✢✗ ✭✬ ✧✓✛✪✓✗t ♦✏ t✒✓ ✑t♦✪❦
✐✢✛❦✓t✻✑ ✈✢✣✚✓ ✜✑ ✪♦✗t✛♦✣✣✓✙
❤★ t✒✓ ✛✜✪✒✓✑t ✯✬ ✧✓✛✪✓✗t ♦✏
✒♦✚✑✓✒♦✣✙✑✶ ✢✪✪♦✛✙✜✗✦ t♦ ✒✜✑
✪✢✣✪✚✣✢t✜♦✗✑✳
❚✒✓ ❤✚✣❦ ♦✏ ✐♦✑t ✤✐✓✛✜✲
✪✢✗✑✻ ✗✓t ✕♦✛t✒ ✜✑ ✙✓✛✜✈✓✙
✏✛♦✐ ✢ ✙✜✏✏✓✛✓✗t ✢✑✑✓t❢ ❚✒✓✜✛
✒♦✐✓✑✳
How bad is the stock
market decline?
✘t✻✑ ✧✢✜✗✏✚✣✳ ✰✚t ❛✢✣✣
✴t✛✓✓t ✒✢✑ ✓✗✙✚✛✓✙ ✏✢✛
✕♦✛✑✓ ✑✓✣✣✲♦✏✏✑✳
✺✓✢✛✲t♦✲✙✢t✓✶ t✒✓ ✔♦✕ ✒✢✑
✣♦✑t ✢❤♦✚t ✮ ✧✓✛✪✓✗t ❧ ♠✚✑t
✢ ✑✐✢✣✣ ✏✛✢✪t✜♦✗ ♦✏ ✜t✑ ✩✬✬✭
✧✣✚✗✦✓✳ ✤✗✙ t✒✓ ✛✓✪✓✗t ✣♦✑✑✓✑
✏♦✣✣♦✕ ✢✗ ✓❡t✛✢♦✛✙✜✗✢✛★ ✕✜✗✲
✗✜✗✦ ✑t✛✓✢❦❢ ✼✛♦✐ ✜t✑ ❤♦tt♦✐
✜✗ ✿✢✛✪✒ ✩✬✬❀✶ t✒✓ ✔♦✕ ✒✢✑
✛♦✪❦✓t✓✙ ✩✮✬ ✧✓✛✪✓✗t✳ ❚✒✜✑
✐✓✢✗✑ t✒✢t ✜✗✈✓✑t♦✛✑ ✕✒♦
✒✢✈✓ ✒✓✣✙ ♦✗ ✒✢✈✓ ✓✢✛✗✓✙ ✢
✛✜✪✒ ✧✛♦❁t ❧ ✓✈✓✗ ✜✗✪✣✚✙✜✗✦
t✒✓ ✣♦✑✑✓✑ ✑✜✗✪✓ ❂✪t♦❤✓✛✳
❚✒✢t ✑✢✜✙✶ t✒✓ ✙✓✪✣✜✗✓ ♦✏
t✒✓ ✧✢✑t t✕♦ ✐♦✗t✒✑ ✒✢✑
❤✓✓✗ ✑✓✈✓✛✓ ❧ ✢❤♦✚t ✯✩ ✧✓✛✲
✪✓✗t✳ ❚✒✜✑ ✐✓✢✗✑ t✒✓ ✐✢✛❦✓t
✣✓✑✑ t✒✢✗ ❼✸✶✬✬✬ ✧✓✛ ❦✜✣♦✲
✕✢tt✶ ✰✣✢✙✓❇✚✗✗✓✛✻✑ ✐✢✜✗
✪♦✐✧✓t✜t♦✛ ✜✗ t✒✓ ②✗✜t✓✙
✴t✢t✓✑ ✜✑ ✑♦✣✢✛ ✕✒✜✣✓ ✜✗
✴♦✚t✒ ✤✐✓✛✜✪✢✶ ✜t✻✑ ✙✜✓✑✓✣
✦✓✗✓✛✢t♦✛✑✶ ✤✛✢✗✦♦ ✑✢✜✙✳
❚✒✓ ✑★✑t✓✐ ✒✢✑ t♦ ❤✓
✓✢✑★ t♦ ✜✗✑t✢✣✣ ✢✗✙ ✐✢✜✗✲
t✢✜✗ ✏♦✛ ✧✓♦✧✣✓ ✕✒♦ ✙♦✗✻t
✒✢✈✓ ✢✪✪✓✑✑ t♦ ✓♣✚✜✧✐✓✗t
♦✛ ✧♦✕✓✛ ✑♦✚✛✪✓✑✶ ❇♦t✒
✑✢✜✙✳ ❍✓ ✢✗✙ P✢✛❦ ✕✢✗t t♦
❤✚✜✣✙ ✦✓✗✓✛✢t♦✛ ✒♦✚✑✜✗✦
t✒✢t ✕♦✚✣✙ ✕✜t✒✑t✢✗✙ ✢
❤✣♦✕ ✏✛♦✐ ✢✗ ✓✗t✜✛✓ t✛✓✓
❋♦✢t✜✗✦ ✙♦✕✗✑t✛✓✢✐✳
❂✗ t♦✧ ♦✏ t✒✓ t✓✪✒✗✜✪✢✣
✪✒✢✣✣✓✗✦✓✑✶ ✢✣t✓✛✗✢t✜✈✓
✓✗✓✛✦★ ✢✗✙ ✒✢✛✙✕✢✛✓
✑t✢✛t✚✧✑ ✒✢✈✓ t♦ ✪♦✐✧✓t✓
✏♦✛ ✏✚✗✙✜✗✦ ✏✛♦✐ ✜✗✈✓✑t♦✛✑
✕✒♦ ✢✛✓ ✐♦✛✓ ✜✗t✓✛✓✑t✓✙ ✜✗
t✒✓ ✑✜✇✓ ♦✏ ✛✓t✚✛✗✑ t✒✓★ ✑✓✓
✜✗ t✒✓ ✑♦✏t✕✢✛✓ ✜✗✙✚✑t✛★✶
✑✢✜✙ ♥✢✗✓✑✑✢ ✿✢✛✦♦✣✜✑✶
✧♦✛t✏♦✣✜♦ ✙✜✛✓✪t♦✛ ✢t ♥✓✛✲
t✚✓✵✢❤ ✜✗ P♦✛t✣✢✗✙✳
✼♦✛✐✓✛✣★ ✪✢✣✣✓✙ ❂✛✓✦♦✗
✰✓✑t✶ ♥✓✛t✚✓✵✢❤ ✜✑ ✢✗
✓✪♦✗♦✐✜✪ ✙✓✈✓✣♦✧✐✓✗t
♦✛✦✢✗✜✇✢t✜♦✗ ✏♦✛ ✪✣✓✢✗
t✓✪✒✗♦✣♦✦★ ✑t✢✛t✚✧✑✳
✤✛✢✗✦♦ ✐✢✙✓ ✢ ❤✛✓✢❦✲
t✒✛♦✚✦✒ ✕✜t✒ ✜✗✈✓✑t♦✛✑
✜✗ ✩✬✯❅ ✕✒✓✗ ✒✓ ✧✜t✪✒✓✙
❲ ✁✂ ✄✁❆❨✱ ✁ ☎ ✆✝ ✞ ✟✾✱ ✠✡✟✽
BUSINESS &AG
✰✣✢✙✓❇✚✗✗✓✛ ✢t t✒✓ ✰✓✗✙
♥✓✗t✚✛✓ ❈♦✗✏✓✛✓✗✪✓ ✢✗✙
✕♦✗ t✒✓ ❊✢✛✣★ ✴t✢✦✓
✪♦✐✧✓t✜t✜♦✗✳ ❚✒✓ ✰♥❈
✢✕✢✛✙ ✕✢✑ ❼✯❅✶✮✬✬✶ ✢✗✙ ✜t
✐♦t✜✈✢t✓✙ ✢✗ ✢✗✦✓✣ ✜✗✈✓✑✲
t♦✛ ✜✗ ❈✢✣✜✏♦✛✗✜✢ t♦ ✐✢❦✓
✢✗ ✓✈✓✗ ✣✢✛✦✓✛ ✜✗✈✓✑t✐✓✗t✶
✒✓ ✑✢✜✙✳
✰★ ✖✢✗✚✢✛★✶ ✰✣✢✙✓❇✚✗✲
✗✓✛ ✒✢✙ ✓✗♦✚✦✒ ✪✢✑✒ t✒✢t
✤✛✢✗✦♦ ✪♦✚✣✙ ✣✓✢✈✓ ✒✜✑ ✙✢★
♠♦❤ t♦ ✕♦✛❦ ✏♦✛ t✒✓ ✪♦✐✲
✧✢✗★ ✏✚✣✣ t✜✐✓✳
❚✒✓ ✰✓✗✙ ♥✓✗t✚✛✓ ❈♦✗✲
✏✓✛✓✗✪✓ ✢✣✑♦ ✣✓✙ ✤✛✢✗✦♦ t♦
t✒✓ ❈✢✑✪✢✙✜✢ ❈✣✓✢✗❚✓✪✒
✤✪✪✓✣✓✛✢t♦✛✳ ✤t t✒✓ ✓✗✙
♦✏ t✒✢t ✧✛♦✦✛✢✐✶ ✰✣✢✙✓✲
❇✚✗✗✓✛ ✕✢✑ ✢✕✢✛✙✓✙ ✢
❼✮✮✶✬✬✬ ✧✛♦♦✏✲♦✏✲✪♦✗✪✓✧t
✦✛✢✗t ✜✗ ✪♦✗♠✚✗✪t✜♦✗ ✕✜t✒
❂✛✓✦♦✗ ✴t✢t✓ ②✗✜✈✓✛✑✜t★✲
❈✢✑✪✢✙✓✑✳
❃❛✓✻✛✓ ✑♦ ✒✢✧✧★ t♦ ❤✓
✢❤✣✓ t♦ ✒✓✣✧ ✑♦✐✓♦✗✓
✕✒♦✻✑ ✕♦✛❦✜✗✦ ♦✗ ✑✚✪✒
✢ ✐✓✢✗✜✗✦✏✚✣ ✧✛♦♠✓✪t ✜✗
t♦✕✗✶❄ ✑✢✜✙ ❇✓❤✓✪✪✢ ❛✓❤❤✶
✓✗✓✛✦★ ✑★✑t✓✐✑ ✓✗✦✜✗✓✓✛✲
✜✗✦ ✧✛♦✦✛✢✐ ✣✓✢✙ ✢t ❂✴②✲
❈✢✑✪✢✙✓✑✳ ❍✓✛ ✑t✚✙✓✗t✑
✕✜✣✣ t✢❦✓ ✐✓✢✑✚✛✓✐✓✗t✑
♦✏ ✢✗ ✜✛✛✜✦✢t✜♦✗ ✪✢✗✢✣ ❤✓✙
✢✗✙ ✐✢❦✓ ✪✢✣✪✚✣✢t✜♦✗✑ t♦
✒✓✣✧ ✰✣✢✙✓❇✚✗✗✓✛ ❁✗✙ t✒✓
✧✣✢✪✓ ✕✒✓✛✓ ✜t✑ ✙✓✈✜✪✓ ✪✢✗
✦✓✗✓✛✢t✓ t✒✓ ✐♦✑t ✓✗✓✛✦★✳
✿✓✢✗✕✒✜✣✓ ✓✗✓✛✦★ ✑★✑✲
t✓✐✑ ✓✗✦✜✗✓✓✛✜✗✦ ✜✗✑t✛✚✪✲
t♦✛ ❽★✣✓ ❛✓❤❤✻✑ ✑t✚✙✓✗t✑
✕✜✣✣ ✕♦✛❦ ♦✗ ✢ ✐✜✪✛♦✦✛✜✙
✪♦✗✗✓✪t✜✗✦ ✰✣✢✙✓❇✚✗✗✓✛✻✑
✑★✑t✓✐ t♦ t✒✓ ✧♦✕✓✛ ✦✛✜✙✳
✤✛✢✗✦♦ ✒♦✧✓✑ t♦ ✛✚✗
✧✜✣♦t t✓✑t✑ ✜✗ ♦✗✓ ♦✏
❈✓✗t✛✢✣ ❂✛✓✦♦✗✻✑ ✜✛✛✜✦✢✲
t✜♦✗ ✪✢✗✢✣✑ ✗✓❡t ★✓✢✛ ✢✗✙
t✒✢t ✐♦✛✓ ✧✛✜✈✢t✓ ✜✗✈✓✑t✲
✐✓✗t✶ ✢✗✙ ✚✣t✜✐✢t✓✣★✶ ✢
✪♦✐✐✓✛✪✜✢✣ ✧✛♦✙✚✪t ✕✜✣✣
✏♦✣✣♦✕✳
✰✣✢✙✓❇✚✗✗✓✛ ✕✢✗t✑ t♦
✒✢✈✓ ✜t✑ ✒✓✢✙♣✚✢✛t✓✛✑✶
✓✗✦✜✗✓✓✛✜✗✦ ✢✗✙ ✢✑✑✓✐❤✣★
✜✗ ❈✓✗t✛✢✣ ❂✛✓✦♦✗✶ ✤✛✢✗✦♦
✑✢✜✙✳
❚✒✓ ✪♦✐✧✢✗★✻✑ ♦t✒✓✛ t✕♦
✪♦✲✏♦✚✗✙✓✛✑ ✕♦✛❦✓✙ ♦✗ t✒✓
✧✛♦♠✓✪t ✏♦✛ ✑✓✈✓✛✢✣ ★✓✢✛✑
✏✛♦✐ ❈✢✣✜✏♦✛✗✜✢ ❤✓✏♦✛✓
❤✛✜✗✦✜✗✦ ✤✛✢✗✦♦ ✜✗✳ ❛✜✗✲
✗✜✗✦ ✢t t✒✓ ✰✓✗✙ ♥✓✗t✚✛✓
❈♦✗✏✓✛✓✗✪✓ ✕✢✑ ✢ t✚✛✗✜✗✦
✧♦✜✗t ✏♦✛ t✒✓ ✪♦✐✧✢✗★✶ ✒✓
✑✢✜✙✳
❃✘t ✢✣✑♦ ✑✒♦✕✓✙ ✚✑ t✒✓✛✓
✕✢✑ t✒✜✑ ✕✢✛✐ ✛✓✪✓✧t✜♦✗
✜✗ ❂✛✓✦♦✗ t♦ ✕✒✢t ✕✓ ✕✓✛✓
✙♦✜✗✦✳❄
➉❘▲■➊➌❹
Campaign touting
Adirondacks as ski
destination underway
◗❙❯❳❩❯❬❭❪ ❫❴❙❵ ❜❝❞❭ ❣❥
✙✓✈✓✣♦✧✐✓✗t ✜✗ t✒✓ ✣✢✑t ✯❉
★✓✢✛✑✳❄
❛✜✗t✓✛❦♦✛✗ ✛✓✑✜✦✗✓✙ ✢✑
♥❛ ❈❊❂ ✜✗ ✩✬✯✮ ✢✏t✓✛ ♥♦✣❦✲
✑✕✢✦✓✗ ✕✢✑ ✪✢✚✦✒t ✚✑✜✗✦
✜✣✣✓✦✢✣ ✑♦✏t✕✢✛✓ t♦ ✪✒✓✢t ♦✗
②✳✴✳ ✙✜✓✑✓✣ ✓✐✜✑✑✜♦✗✑ t✓✑t✑✳
✤t ✿♦✗✙✢★✻✑ ✤q✿✶
❍♦✓✗✓✑✑ ✕✢✑ ✪♦✗❁✛✐✓✙ ✢✑
✰✢★✓✛✗✻✑ ✑✚✧✓✛✈✜✑♦✛★ ❤♦✢✛✙
✪✒✢✜✛✐✢✗ ✏♦✛ ✢✗♦t✒✓✛ ✏♦✚✛✲
★✓✢✛ t✓✛✐✶ ✕✜t✒ ✏♦✛✐✓✛ ✤✙✜✲
✙✢✑ ❈❊❂ ❍✓✛❤✓✛t ❍✢✜✗✓✛ ✢✑
❁✛✑t ✙✓✧✚t★ ✪✒✢✜✛✐✢✗ ✢✗✙
♥❛ ✪✒✢✜✛✐✢✗ ❍✓✛❤✓✛t ✔✜✓✑✑
✢✑ ✑✓✪♦✗✙ ✙✓✧✚t★ ✪✒✢✜✛✐✢✗✳
❃❛✓ ✢✛✓ ✈✓✛★ ✒✢✧✧★ t♦ ✒✢✈✓
✢✗♦t✒✓✛ ✒✜✦✒✲✪✢✣✜❤✓✛ ✑✚✧✓✛✈✜✲
✑♦✛★ ❤♦✢✛✙✶❄ ✰✢★✓✛✗ ✪✒✢✜✛✐✢✗
❽✢✛✣✲❍✓✜✗✇ ❇✚✐✐✓✗✜✦✦✓
✑✢✜✙✳
✰✢★✓✛✗ ✛✓✪✓✗t✣★ ✢✗✲
✗♦✚✗✪✓✙ ✢✗♦t✒✓✛ ★✓✢✛ ♦✏
✛✓✪♦✛✙ t✚✛✗♦✈✓✛✶ ❉✮❅✳r
✐✜✣✣✜♦✗ ✓✚✛♦✑ ⑩❼❅rr✳✸ ✐✜✣✲
✣✜♦✗❶ ✏♦✛ t✒✓ ❁✗✢✗✪✜✢✣ ★✓✢✛
✪♦✈✓✛✜✗✦ t✒✓ ✩✬✯❅✲✯✭ ✑✓✢✑♦✗✳
✰✚t t✒✓ t✓✢✐✶ ✪✒✢✑✜✗✦ ✢
✛✓✪♦✛✙✲✓❡t✓✗✙✜✗✦ ✑✓✈✓✗t✒
✑t✛✢✜✦✒t ✰✚✗✙✓✑✣✜✦✢ t✜t✣✓✶ ✜✑
✗✜✗✓ ✧♦✜✗t✑ ❤✓✒✜✗✙ ✰♦✛✚✑✑✜✢
✔♦✛t✐✚✗✙ ✢✏t✓✛ ✯✮ ✐✢t✪✒✓✑✳
✵✤❽❊ P✵✤❈✘✔✶✹✳✺✳ ❧✤
✗✓✕ ✪✢✐✧✢✜✦✗ t♦✚t✜✗✦ t✒✓
✤✙✜✛♦✗✙✢✪❦ ✿♦✚✗t✢✜✗✑ ✢✑
✢✗✤✣✧✜✗✓ ✑❦✜ ✙✓✑t✜✗✢t✜♦✗ ✜✑
✚✗✙✓✛✕✢★✳
❇✓✧✛✓✑✓✗t✢t✜✈✓✑ ✏✛♦✐ ✑✓✈✓✗
✑❦✜ ✢✛✓✢✑ ✜✗ t✒✓ ✛✓✦✜♦✗ ✢✛✓
✚✑✜✗✦ ✙✜✦✜t✢✣ ✢✗✙ ✧✛✜✗t ✪✢✐✲
✧✢✜✦✗✑ t♦ ✒✜✦✒✣✜✦✒t t✒✓ ✙✜✈✓✛✑✓
t✓✛✛✢✜✗ ✢✗✙ ✢✐✓✗✜t✜✓✑ ♦✏✏✓✛✓✙
t✒✛♦✚✦✒♦✚t t✒✓✤✙✜✛♦✗✙✢✪❦✑✳
❚✒✓ ✑❦✜ ✪✓✗t✓✛✑ ✢✛✓ ✚✗✙✓✛ ♦✗✓
✪♦✐✐♦✗ ❤✛✢✗✙ ✢✗✙ ✐✓✑✑✢✦✓
♦✗ ✑♦✪✜✢✣ ✐✓✙✜✢ ❧ ✒✢✑✒t✢✦
➇✴❦✜✤✔❽✳
❚✒✓ ✑✓✈✓✗ ✛✓✑♦✛t✑ ✧✢✛t✜✪✜✧✢t✲
✜✗✦ ✢✛✓❛✒✜t✓✏✢✪✓ ✿♦✚✗t✢✜✗
✜✗ ❛✜✣✐✜✗✦t♦✗✶❂✢❦ ✿♦✚✗t✢✜✗
✜✗ ✴✧✓✪✚✣✢t♦✛✶q♦✛✓ ✿♦✚✗t✢✜✗
✜✗ ✹♦✛t✒ ❈✛✓✓❦✶✿✪❈✢✚✣✓★
✿♦✚✗t✢✜✗ ✜✗ ❂✣✙ ✼♦✛✦✓✶❛✓✑t
✿♦✚✗t✢✜✗ ✜✗ ➈✚✓✓✗✑❤✚✛★✶
✿♦✚✗t P✜✑✦✢✒ ✜✗ ✴✢✛✢✗✢✪
✵✢❦✓✶✢✗✙❚✜t✚✑ ✿♦✚✗t✢✜✗
✼✢✐✜✣★ ✴❦✜ ❈✓✗t✓✛ ✜✗ ✿✢✣♦✗✓✶
✕✒✜✪✒ ✕✢✑ ✛✢t✓✙ t✒✓ ✹♦✳✯
✏✢✐✜✣★✲✏✛✜✓✗✙✣★ ✑❦✜ ✪✓✗t✓✛ ✜✗
✹♦✛t✒✤✐✓✛✜✪✢ ❤★ ✵✜✏t♦✧✜✢✳
✴❦✜✓✛✑ ✢✗✙ ✛✜✙✓✛✑ ✢✛✓
✓✗✪♦✚✛✢✦✓✙ t♦ ✑✒✢✛✓ t✒✓✜✛ ✤✙✲
✜✛♦✗✙✢✪❦ ✢✙✈✓✗t✚✛✓✑ ♦✗ ✑♦✪✜✢✣
✐✓✙✜✢ ✚✑✜✗✦ t✒✓ ✒✢✑✒t✢✦✳
t✒✓ ②✗✜✈✓✛✑✜t★ ♦✏ ✿✜✗✗✓✲
✑♦t✢ ✕✒♦ ✛✓✈✜✓✕✓✙ ✐♦✛✓
t✒✢✗ ✯✬✬ ✧✚❤✣✜✑✒✓✙ ✢✗✙
✚✗✧✚❤✣✜✑✒✓✙ ✑t✚✙✜✓✑ ✏♦✚✗✙
✣✜tt✣✓ ✑✚✧✧♦✛t ✏♦✛ t✒✓ ✜✙✓✢
t✒✢t ✕✜✣✣✧♦✕✓✛ ✜✑ ✢ ❁✗✜t✓
✛✓✑♦✚✛✪✓ ✢✗✙ ✓✈✓✗ ✑♦✐✓
✓✈✜✙✓✗✪✓ t✒✢t ✑✓✣✏✲✪♦✗t✛♦✣
✜✐✧✛♦✈✓✑ ✕✜t✒ ✚✑✓✳
❚✒✓ ✜✙✓✢ ♦✏ ✓✦♦ ✙✓✧✣✓t✜♦✗
✜✑✗✻t ♣✚✜t✓ ✙✓✢✙✶ t✒♦✚✦✒✳
❚✕♦ ✣✢✛✦✓ ✓❡✧✓✛✜✐✓✗t✑
✪♦✗✙✚✪t✓✙ ❤★ ❚✓❡✢✑ ✤❷✿
②✗✜✈✓✛✑✜t★ ✛✓✑✓✢✛✪✒✓✛✑ ✢✗✙
✧✚❤✣✜✑✒✓✙ ✣✢t✓ ✣✢✑t ★✓✢✛
♦✗✪✓ ✢✦✢✜✗ ✏♦✚✗✙ ✓✈✜✙✓✗✪✓
t✒✢t ✚✑✜✗✦ ★♦✚✛ ✕✜✣✣✧♦✕✓✛
♦✗✪✓ ✣✓✢✈✓✑ ★♦✚ ✕✜t✒ ✣✓✑✑ ♦✏
✜t ✏♦✛ t✒✓ ✗✓❡t ✛♦✚✗✙✳
Common sense to the
rescue
❛✒✓✗ ✑t✚✙✜✓✑ ✪♦✣✣✜✙✓✶
✪♦✗✑✜✙✓✛ ✪♦✐✐♦✗ ✑✓✗✑✓✳ P✚t✲
t✜✗✦ ✑✢✈✜✗✦ ✢✗✙ ✜✗✈✓✑t✜✗✦
♦✗ ✢✚t♦✐✢t✜✪ ✪✢✗ ✒✓✣✧ ★♦✚
✢✪✪✚✐✚✣✢t✓ ✐♦✛✓✶ ✕✜t✒✲
♦✚t ✛✓✣★✜✗✦ ♦✗ ✕✜✣✣✧♦✕✓✛✳
✤✚t♦✐✢t✜♦✗ ✢✣✑♦ ✑✜✙✓✑t✓✧✑
t✒✓ ✙✓✣✢★✓✙ ✦✛✢t✜❁✪✢t✜♦✗
✜✑✑✚✓ ❧ ★♦✚ ✙♦✗✻t ✑✓✓ t✒✓
❃t✛✓✢t✶❄ ♦✛ t✒✓ ✐♦✗✓★ ✜✗
★♦✚✛ ✧✢★✪✒✓✪❦✶ ✑✜✗✪✓ ✜t✻✑
✢✚t♦✐✢t✜✪✢✣✣★ ✕✒✜✑❦✓✙
✢✕✢★✳ ✤✗✙ ✕✒✓✗ ★♦✚ ✙♦ ✒✢✈✓
✓❡t✛✢ ✪✢✑✒✶ ✑✧✓✗✙ ✜t ♦✗ ✕✒✢t
✐✢❦✓✑ ★♦✚ ✒✢✧✧★ ❧ ✗♦t ♦✗
✕✒✢t ✢✗★♦✗✓ ✓✣✑✓ t✒✜✗❦✑ ★♦✚
✑✒♦✚✣✙ ✕✢✗t✳
✣♦✈✓ t✒✜✑ ✛✓✑✓✢✛✪✒✶ ❤✓✪✢✚✑✓
✜t ✒✜✦✒✣✜✦✒t✑ t✒✓ ✜✐✧♦✛t✢✗✪✓
♦✏ ✙✓✣✢★✓✙ ✦✛✢t✜❁✪✢t✜♦✗✳
P✚tt✜✗✦ ♦✏✏ ✑✧✓✗✙✜✗✦ t♦✙✢★
✜✗ ✏✢✈♦✛ ♦✏ ✜✗✈✓✑t✜✗✦ ✏♦✛ t♦✲
✐♦✛✛♦✕ ✜✑ ✢ ❦✓★ t♦ ❤✚✜✣✙✜✗✦
✕✓✢✣t✒✳
✤ ✑t✚✙★ ✧✚❤✣✜✑✒✓✙ ✓✢✛✣✜✓✛
t✒✜✑ ★✓✢✛✶ ✒♦✕✓✈✓✛✶ ✏♦✚✗✙ ✢
✐✚✪✒ ✑✐✢✣✣✓✛ ✪♦✛✛✓✣✢t✜♦✗
❤✓t✕✓✓✗ ✙✓✣✢★✓✙ ✐✢✛✑✒✐✢✣✲
✣♦✕ ✪♦✗✑✚✐✧t✜♦✗ ✢✗✙ ✏✚t✚✛✓
✑✚✪✪✓✑✑ ❧ ✢✗✙ ✐♦✑t ♦✏ t✒✢t
✕✢✑ ✓❡✧✣✢✜✗✓✙ ❤★ ✢ ✪✒✜✣✙✻✑
❤✢✪❦✦✛♦✚✗✙✳
❃✴♦✪✜♦✓✪♦✗♦✐✜✪ ✑t✢t✚✑
✕✢✑ ✒✓✢✈✜✣★ t✜✓✙ t♦ ♦✗✓✻✑
✢❤✜✣✜t★ t♦ ✙✓✣✢★ ✦✛✢t✜❁✪✢✲
t✜♦✗✶❄ ✑✢★✑ ❚★✣✓✛ ❛✳ ❛✢tt✑
✶ ✢✑✑✜✑t✢✗t ✧✛♦✏✓✑✑♦✛ ♦✏
✛✓✑✓✢✛✪✒ ✢t ✹✓✕ ✺♦✛❦ ②✗✜✲
✈✓✛✑✜t★✻✑ ✴t✓✜✗✒✢✛✙t ✴✪✒♦♦✣
♦✏ ❈✚✣t✚✛✓✶ ❊✙✚✪✢t✜♦✗✶ ✢✗✙
❍✚✐✢✗ ✔✓✈✓✣♦✧✐✓✗t✳ ❃✘t✻✑
✓✢✑✜✓✛ t♦ ✙✓✣✢★ ✦✛✢t✜❁✪✢t✜♦✗
✜✏ ★♦✚✛ ❤✢✑✜✪ ✗✓✓✙✑ ✢✛✓ ✐✓t
✢✗✙ ✜✏ ★♦✚ ✒✢✈✓ ❁✗✢✗✪✜✢✣
✑✓✪✚✛✜t★✳❄
Myth 3: Willpower is a
limited resource
✴✜✗✪✓ ✯❀❀✭✶ ✛✓✑✓✢✛✪✒✲
✓✛✑ ✒✢✈✓ ❤✓✓✗ ❁✗✙✜✗✦
t✒✢t ♦✚✛ ✑✓✣✏✲✪♦✗t✛♦✣ ✜✑ ✢
✣✜✐✜t✓✙ ✛✓✑♦✚✛✪✓ t✒✢t ✪✢✗
❤✓ ✓❡✒✢✚✑t✓✙✶ ✢ ✧✛♦✪✓✑✑
❦✗♦✕✗ ✢✑ ❃✓✦♦ ✙✓✧✣✓t✜♦✗✳❄
✘✏ ✕✓ ✛✓✑✜✑t t✒✓ ✚✛✦✓ t♦ ✓✢t
✢ ✪✒♦✪♦✣✢t✓ ✪✒✜✧ ✪♦♦❦✜✓✶ ✏♦✛
✓❡✢✐✧✣✓✶ ✕✓✻✛✓ ✑✚✧✧♦✑✓✙
t♦ ✒✢✈✓ ✣✓✑✑ ✕✜✣✣✧♦✕✓✛ t♦
t✢✪❦✣✓ t✒✓ ✗✓❡t t✓✐✧t✢t✜♦✗✳
❇✢t✒✓✛ t✒✢✗ ✛✓✣★✜✗✦ ♦✗
✑✓✣✏✲✪♦✗t✛♦✣ ✕✒✓✗ ✜t ✪♦✐✓✑
t♦ ✐♦✗✓★✶ ❁✗✢✗✪✜✢✣ ✢✙✈✜✑✲
✓✛✑ t✓✣✣ ✚✑ t♦ ✧✚t ♦✚✛ ✑✢✈✜✗✦
✢✗✙ ✜✗✈✓✑t✜✗✦ ♦✗ ✢✚t♦✐✢t✜✪
✑♦ ✕✓ ✒✢✈✓ ✏✓✕✓✛ ✪✒♦✜✪✓✑
t♦ ✐✢❦✓ ⑩✢✗✙ ✧♦t✓✗t✜✢✣✣★
✑✪✛✓✕ ✚✧❶✳
✤✗ ✢tt✓✐✧t ❤★ ✩✸ ✣✢❤✑ t♦
✛✓✧✣✜✪✢t✓ ♦✗✓ ♦✏ t✒✓ ✐♦✑t
✏✢✐♦✚✑ ✓✦♦ ✙✓✧✣✓t✜♦✗ ✑t✚✙✲
✜✓✑✶ ✒♦✕✓✈✓✛✶ ✏✢✜✣✓✙ t♦ ❁✗✙
t✒✓ ✑✢✐✓ ✓✏✏✓✪t✑✳ ✿✓✢✗✲
✕✒✜✣✓✶ ✛✓✑✓✢✛✪✒✓✛✑ ✏✛♦✐ t✒✓
②✗✜✈✓✛✑✜t★ ♦✏ ✿✜✢✐✜ ✢✗✙
✜✑t✜✗✦ ❁✛✓✢✛✐✑ ✣✢✕ ♦✛ ✧✢✑✑✓✙
✢ ✗✓✕ ♦✗✓✳ ✘✗ t✒✓ ✢✏t✓✛✐✢t✒
♦✏ t✒✓ ✵✢✑ ♥✓✦✢✑ ✑✒♦♦t✜✗✦✶
t✒✓✛✓ ✕✢✑ ✢ ✦✛♦✕✜✗✦ ✧✚✑✒ ❤★
✑♦✐✓ ✐✓✐❤✓✛✑ ♦✏ ❈♦✗✦✛✓✑✑
t♦ ❤✢✗ ❤✚✐✧ ✑t♦✪❦✑✶ ❤✚t ✗♦
✣✓✦✜✑✣✢t✜♦✗ ✕✢✑ ✧✢✑✑✓✙✳ ✤t
✣✓✢✑t ✯✬ ✑t✢t✓✑ ✒✢✈✓ ✑♦✚✦✒t
t✒✓✜✛ ♦✕✗ ✛✓✑t✛✜✪t✜♦✗✑ ♦✗ t✒✓
✙✓✈✜✪✓✑✳
P✓♦✧✣✓ ✕✒♦ ♦✕✗ ❤✚✐✧
✑t♦✪❦✑ ✕✜✣✣ ❤✓ ✛✓♣✚✜✛✓✙ t♦
✓✜t✒✓✛ ✑✚✛✛✓✗✙✓✛ t✒✓✐ t♦
t✒✓ ✤❚✼ ♦✛ ✙✓✑t✛♦★ t✒✓✐ ❤★
✣✢t✓ ✿✢✛✪✒✶ t✒✓ ♦✏❁✪✜✢✣ ✑✢✜✙✳
❚✒✓ ✪✒✢✗✦✓ ✒✢✑ ✚✗✙✓✛✦♦✗✓ ✢
✣✓✦✢✣ ✛✓✈✜✓✕ ✢✗✙ t✒✓ ✖✚✑t✜✪✓
✔✓✧✢✛t✐✓✗t ✢✗✙ ✤❚✼ ✢✛✓
✛✓✢✙★ t♦ ❁✦✒t ✢✗★ ✣✓✦✢✣ ✪✒✢✣✲
✣✓✗✦✓ t✒✢t ✐✢★ ❤✓ ❤✛♦✚✦✒t✶
t✒✓ ♦✏❁✪✜✢✣ ✢✙✙✓✙✳
❚✒✓ ✢✐✓✗✙✓✙ ✛✚✣✓ ✕✢✑
✐✓t ✢✣✐♦✑t ✜✐✐✓✙✜✢t✓✣★
✕✜t✒ ✛✓✑✜✑t✢✗✪✓ ✏✛♦✐ ✦✚✗
✛✜✦✒t✑ ✢✙✈♦✪✢t✓✑✶ ✜✗✪✣✚✙✜✗✦
q✚✗ ❂✕✗✓✛✑ ♦✏ ✤✐✓✛✜✪✢✶
✕✒✜✪✒ ✑✢✜✙ ✜t ✕♦✚✣✙ ❁✣✓ ✢
✣✢✕✑✚✜t ✢✦✢✜✗✑t t✒✓ ✖✚✑t✜✪✓
✔✓✧✢✛t✐✓✗t ✢✗✙ ✤❚✼ ✜✗
♦✛✙✓✛ t♦ ✧✛♦t✓✪t ✦✚✗ ♦✕✗✓✛✑
✏✛♦✐ t✒✓ ❃✚✗✪♦✗✑t✜t✚t✜♦✗✢✣
✛✓✦✚✣✢t✜♦✗✑✳❄
❃❚✒✓✑✓ ✛✓✦✚✣✢t✜♦✗✑ ✜✐✲
✧✣✜✪✢t✓ ✴✓✪♦✗✙ ✤✐✓✗✙✐✓✗t
✛✜✦✒t✑✶ ✢✗✙ ✪♦✚✛t✑ ✑✒♦✚✣✙
❤✓ ✒✜✦✒✣★ ✑✚✑✧✓✪t ✕✒✓✗ ✢✗
✢✦✓✗✪★ ✪✒✢✗✦✓✑ ✜t✑ ➅✜✗t✓✛✧✛✓✲
t✢t✜♦✗✻ ♦✏ ✢ ✑t✢t✚t✓ ✜✗ ♦✛✙✓✛
t♦ ✜✐✧✢✜✛ t✒✓ ✓❡✓✛✪✜✑✓ ♦✏
✓✗✚✐✓✛✢t✓✙ ✪♦✗✑t✜t✚t✜♦✗✢✣
✛✜✦✒t✑✶❄ t✒✓ ♦✛✦✢✗✜✇✢t✜♦✗✻✑
✓❡✓✪✚t✜✈✓ ✙✜✛✓✪t♦✛✶ ❊✛✜✪✒
P✛✢tt✶ ✑✢✜✙✳
P♦✣✜✪✓ ✑✢✜✙ t✒✓ ✦✚✗✐✢✗
✜✗ t✒✓ ✵✢✑ ♥✓✦✢✑ ✐✢✑✑✢✪✛✓✶
✴t✓✧✒✓✗ P✢✙✙♦✪❦✶ ❁✛✓✙ ✏♦✛
✐♦✛✓ t✒✢✗ ✯✬ ✐✜✗✚t✓✑ ✚✑✜✗✦
✐✚✣t✜✧✣✓ ✕✓✢✧♦✗✑ ♦✚t❁tt✓✙
✕✜t✒ t✢✛✦✓t ✑✪♦✧✓✑ ✢✗✙ ❤✚✐✧
✑t♦✪❦✑✳ P✢✙✙♦✪❦ ✏✢t✢✣✣★ ✑✒♦t
✒✜✐✑✓✣✏ ✢✏t✓✛ t✒✓ ✑✒♦♦t✜✗✦
✢✗✙ t✒✓✛✓ ✕✓✛✓ ✩✸ ✢✑✑✢✚✣t✲
✑t★✣✓ ✕✓✢✧♦✗✑✶ ✜✗✪✣✚✙✜✗✦ ✯r
❁tt✓✙ ✕✜t✒ ✛✢✧✜✙✲❁✛✓ ❃❤✚✐✧
✑t♦✪❦❄ ✙✓✈✜✪✓✑✶ ✑t✛✓✕✗ ✢❤♦✚t
t✒✓ ✛♦♦✐ ✗✓✢✛ ✒✜✑ ❤♦✙★ ♦✗
t✒✓ ❋♦♦✛ ♦✏ ✒✜✑ ✸✩✗✙✲❋♦♦✛
✒♦t✓✣ ✑✚✜t✓ ✢t t✒✓ ✿✢✗✙✢✣✢★
✰✢★ ✪✢✑✜✗♦✲✒♦t✓✣✳
❚✒✓ ✣✢✛✦✓✑t ✐✢✗✚✏✢✪✲
t✚✛✓✛ ♦✏ ❤✚✐✧ ✑t♦✪❦✑✶ ✴✣✜✙✓
✼✜✛✓ ✴♦✣✚t✜♦✗✑✶ ✢✗✗♦✚✗✪✓✙
✜✗ ✤✧✛✜✣ t✒✢t ✜t ✕✢✑ ✦♦✜✗✦
t♦ ✑t♦✧ t✢❦✜✗✦ ♦✛✙✓✛✑ ✢✗✙
✑✒✚tt✜✗✦ ✙♦✕✗ ✜t✑ ✕✓❤✑✜t✓✳
❚✒✓ ✛✓✐✢✜✗✜✗✦ ✑t♦✪❦ ♦✏ t✒✓
✙✓✈✜✪✓✑ ✜✑ ✗♦✕ ❤✓✜✗✦ ✑♦✣✙
❤★ ✢✗♦t✒✓✛ ✪♦✐✧✢✗★✶ ❇❛
✤✛✐✑✶ ❤✢✑✓✙ ✜✗ ✼♦✛t ❛♦✛t✒✶
❚✓❡✢✑✳
✒✢✑ ✓✗t✓✛✓✙ ❃✪♦✛✛✓✪t✜♦✗❄
t✓✛✛✜t♦✛★✶ ✪♦✐✐♦✗✣★ ✙✓❁✗✓✙
✢✑ ✢ ✙✓✪✣✜✗✓ ♦✏ ✢t ✣✓✢✑t ✯✬
✧✓✛✪✓✗t✳
❛✒✢t✻✑ ❤✓✒✜✗✙ t✒✓
✓✪♦✗♦✐★✻✑ ✑t✛✓✗✦t✒s
✵♦♦❦ t♦ t✒✓ ♠♦❤ ✐✢✛❦✓t✳
❚✒✓ ✸✳❅ ✧✓✛✪✓✗t ✚✗✓✐✧✣♦★✲
✐✓✗t ✛✢t✓ ✜✑ ✗✓✢✛ ✢ ✒✢✣✏✲
✪✓✗t✚✛★ ✣♦✕✳ ✤✈✓✛✢✦✓ ✒♦✚✛✣★
✕✢✦✓✑ ✒✢✈✓ ✪✣✜✐❤✓✙ ✸✳✯ ✧✓✛✲
✪✓✗t ✜✗ t✒✓ ✧✢✑t ✯✩ ✐♦✗t✒✑✶
t✒✓ ✑t✛♦✗✦✓✑t ✑✚✪✒ ✜✗✪✛✓✢✑✓
✑✜✗✪✓ ✩✬✬❀✳
❚✒✓ ✑♦✣✜✙ ✓✐✧✣♦★✐✓✗t
✧✜✪t✚✛✓ ✒✢✑ ✒✓✣✧✓✙ ✏✚✓✣
✪♦✗✑✚✐✓✛ ✑✧✓✗✙✜✗✦✳ ❇✓t✢✜✣
✑✢✣✓✑ ✒✢✈✓ ✦✛♦✕✗ ✮✳✸ ✧✓✛✪✓✗t
✑♦ ✏✢✛ t✒✜✑ ★✓✢✛ ✢✑ ✐♦✛✓
✤✐✓✛✜✪✢✗✑ ✒✢✈✓ ✓✢t✓✗ ♦✚t
✢✗✙ ✑✒♦✧✧✓✙ ♦✗✣✜✗✓✶ ✢✪✪♦✛✙✲
✜✗✦ t♦ t✒✓ ❈✓✗✑✚✑ ✰✚✛✓✢✚✳
❚✒✓ ♠♦❤✑ ✐✢✛❦✓t ✜✑ ✢✣✑♦
✕✒✓✛✓ t♦ ✕✢t✪✒ ✏♦✛ ✑✜✦✗✑ ♦✏ ✢
✛✓✪✓✑✑✜♦✗✳ ✤✒✓✢✙ ♦✏ t✒✓ ✩✬✬✭
❁✗✢✗✪✜✢✣ ✪✛✜✑✜✑✶ t✒✓ ✐♦✗t✒✣★
✒✜✛✜✗✦ ✣✓✈✓✣✑ ✑✕✚✗✦ ✏✛♦✐
✦✢✜✗✑ t♦ ✣♦✑✑✓✑ ✢✗✙ ✚✗✓✐✲
✧✣♦★✐✓✗t ✑✒♦t ✚✧✳ ❚✒✓ ✵✢❤♦✛
✔✓✧✢✛t✐✓✗t ✜✑✑✚✓✑ ✢ ✕✓✓❦✣★
✛✓✧♦✛t ♦✗ ✧✓♦✧✣✓ ✢✧✧✣★✜✗✦ ✏♦✛
✚✗✓✐✧✣♦★✐✓✗t ❤✓✗✓❁t✑✳ ✤
✑✚✑t✢✜✗✓✙ ✜✗✪✛✓✢✑✓ ✜✗ ✑✚✪✒
✢✧✧✣✜✪✢t✜♦✗✑ ✕♦✚✣✙ ✑✜✦✗✢✣
t✒✢t ✓✐✧✣♦★✓✛✑ ✢✛✓ ✑✒✓✙✙✜✗✦
✕♦✛❦✓✛✑ ✜✗ ✢✗t✜✪✜✧✢t✜♦✗ ♦✏ ✢
✙♦✕✗t✚✛✗✳
t✒✢t t✜✧✑ ✜t ✜✗t♦ ✢ ✛✓✪✓✑✑✜♦✗✳
❛✒✢t ✒✢✑ ✦✓✗✓✛✢✣✣★ ✛✓✪♦✈✲
✓✛✓✙ ✢✛✓ ✢✈✓✛✢✦✓ ✒♦✐✓ ✧✛✜✪✓✑✳
❍♦✐✓ ✑✢✣✓✑ ✧✛✜✪✓✑ ✒✢✈✓ ❤✓✓✗
✑t✓✢✙✜✣★ ✛✜✑✜✗✦ ✏✢✑t✓✛ t✒✢✗
✤✐✓✛✜✪✢✗✑✻ ✢✈✓✛✢✦✓ ✕✢✦✓✑
✏♦✛ t✒✓ ✧✢✑t ✏✓✕ ★✓✢✛✑✶ ✢✪✪♦✛✙✲
✜✗✦ t♦ t✒✓ ✹✢t✜♦✗✢✣ ✤✑✑♦✪✜✢✲
t✜♦✗ ♦✏ ❇✓✢✣t♦✛✑✳❚✒✜✑ ✐✢✙✓
✑♦✐✓ ✒♦✐✓♦✕✗✓✛✑ ✕✓✢✣t✒✜✓✛✳
✰✚t ✜t ✢✣✑♦ ✛✓✙✚✪✓✙ ✢✏✏♦✛✙✲
✢❤✜✣✜t★ ♦✏ ✒♦✐✓✑ ✏♦✛ ✐✢✗★
✕♦✚✣✙✲❤✓ ❤✚★✓✛✑✳
②✗t✜✣ t✒✜✑ ✧✢✑t ★✓✢✛✶ ✒♦✐✓✲
❤✚★✓✛✑ ✒✢✙ ❤✓✓✗ ✒✓✣✧✓✙ ❤★
✒✜✑t♦✛✜✪✢✣✣★ ✣♦✕ ✐♦✛t✦✢✦✓
✛✢t✓✑✳ ✰✚t ✐♦✛t✦✢✦✓ ✛✢t✓✑
❤✓✦✢✗ t♦ ✪✛✓✓✧ ✚✧ ✣✢✑t ★✓✢✛
✢✑ ✜t ❤✓✪✢✐✓ ✪✣✓✢✛ t✒✢t
❚✛✚✐✧✻✑ t✢❡ ✪✚t✑ ✕♦✚✣✙
✑✕✓✣✣ t✒✓ ✏✓✙✓✛✢✣ ❤✚✙✦✓t ✙✓❁✲
✪✜t✳ ✿♦✛t✦✢✦✓ ✛✢t✓✑ ✦✓✗✓✛✢✣✣★
✐♦✈✓ ✜✗ ✑★✗✪ ✕✜t✒ ✯✬✲★✓✢✛
❚✛✓✢✑✚✛★ ✗♦t✓✑✳ ✤✑ t✒✓
✢✈✓✛✢✦✓ ✸✬✲★✓✢✛ ✐♦✛t✦✢✦✓
✛✢t✓ ✒✢✑ ✛✜✑✓✗ r✳❉✸ ✧✓✛✪✓✗t
✏✛♦✐ ✸✳❀✸ ✧✓✛✪✓✗t ✢ ★✓✢✛ ✢✦♦✶
✑✢✣✓✑ ♦✏ ✒♦✐✓✑ ✒✢✈✓ ✏✢✣✣✓✗✳
✒✢✑ ❤✓✪♦✐✓ ✢ ✧✚✗✪✒✜✗✦
❤✢✦ ✏♦✛ ❚✛✚✐✧ ✢✑ t✒✓ ✑t♦✪❦
✐✢✛❦✓t ✒✢✑ t✚✐❤✣✓✙✳ ❚✒✓
✼✓✙ ✜✑ ✕✜✙✓✣★ ✓❡✧✓✪t✓✙ t♦
✛✢✜✑✓ ✜t✑ ❦✓★ ✑✒♦✛t✲t✓✛✐
✛✢t✓ ✏♦✛ t✒✓ ✏♦✚✛t✒ t✜✐✓
t✒✜✑ ★✓✢✛ ♦✗ ❛✓✙✗✓✑✙✢★✶
✕✒✜✪✒ ✕♦✚✣✙ ✣✜❦✓✣★ ✏✚✛t✒✓✛
✛✢✜✑✓ ❤♦✛✛♦✕✜✗✦ ✪♦✑t✑ ✏♦✛
✪♦✗✑✚✐✓✛✑ ✢✗✙ ❤✚✑✜✗✓✑✑✓✑
♦✈✓✛ t✜✐✓✳
❚✒✓ ✼✓✙ ✜✑ ✛✢✜✑✜✗✦ ✛✢t✓✑
t♦ t✛★ t♦ ❦✓✓✧ ✜✗❋✢t✜♦✗ ✢t
✜t✑ ✩ ✧✓✛✪✓✗t ✢✗✗✚✢✣ t✢✛✦✓t
✕✒✜✣✓ ✐✢❡✜✐✜✇✜✗✦ ✓✐✧✣♦★✲
✐✓✗t✳ ✰✚t ✜✏ ✜t ✐✜✑✪✢✣✪✚✲
✣✢t✓✑ ✢✗✙ ✛✢✜✑✓✑ ✛✢t✓✑ t♦♦
✒✜✦✒ ♦✛ t♦♦ ✏✢✑t✶ ✒✜✑t♦✛★
✑✚✦✦✓✑t✑ ✜t ✪♦✚✣✙ t✛✜✦✦✓✛ ✢
✛✓✪✓✑✑✜♦✗✳
❈♦✐✧♦✚✗✙✜✗✦ t✒✓ ✛✜✑❦ ✜✑
t✒✢t t✒✓ ✼✓✙ ✜✑ ✢✣✑♦ ✧✢✛✜✗✦
t✒✓ ✒✚✦✓ ❤♦✗✙ ✧✚✛✪✒✢✑✓✑
♦✗ ✜t✑ ❤♦♦❦✑✶ ✕✒✜✪✒ ✛✓✑✚✣t✓✙
✏✛♦✐ t✒✓ t✛✜✣✣✜♦✗✑ ✜✗ ❚✛✓✢✲
✑✚✛★ ✢✗✙ ✐♦✛t✦✢✦✓ ❤♦✗✙✑ ✜t
❤♦✚✦✒t t♦ ✒✓✣✧ t✒✓ ❁✗✢✗✪✜✢✣
✑★✑t✓✐ ✛✓✪♦✈✓✛ ✏✛♦✐ t✒✓
✩✬✬✭ ❁✗✢✗✪✜✢✣ ✪✛✜✑✜✑✳ ✔♦✜✗✦
✑♦ ✐✢✦✗✜❁✓✑ t✒✓ ✚✧✕✢✛✙
✧✛✓✑✑✚✛✓ ♦✗ ❤♦✛✛♦✕✜✗✦
✛✢t✓✑ ✏♦✛ ✪♦✗✑✚✐✓✛✑ ✢✗✙
❤✚✑✜✗✓✑✑✓✑✳
Could resolving a
trade war with China
stop a recession?
✪♦✚✣✙ ✑✚✛✓✣★ ✙✓✧✛✓✑✑
✦✛♦✕t✒✳ ✰✚t ✜t✻✑ ✚✗✪✣✓✢✛
✕✒✓t✒✓✛ ✢✗★ ✗✓✕ ✙✓✢✣
✕♦✚✣✙ ✑✧✓✓✙ ✦✛♦✕t✒ t♦ t✒✓
✧♦✜✗t ✕✒✓✛✓ ✢ ✛✓✪✓✑✑✜♦✗
✪♦✚✣✙ ❤✓ ✢✈♦✜✙✓✙✳
❚✒✓ ✏✢✪t ✜✑ t✒✢t ✓✪♦✗♦✐✜✪
✦✛♦✕t✒ ✢✛♦✚✗✙ t✒✓ ✕♦✛✣✙
✜✑ ✑✣♦✕✜✗✦✶ ✜✗✪✣✚✙✜✗✦ ✜✗ t✒✓
②✗✜t✓✙ ✴t✢t✓✑ ✢✑ t✒✓ ❤✓✗✓✲
❁t✑ ✏✛♦✐ t✒✓ t✢❡ ✪✚t✑ ✕✢✗✓✳
✰✛✜t✢✜✗ ✜✑ ✑t✛✚✦✦✣✜✗✦ t♦
✣✓✢✈✓ t✒✓ ❊✚✛♦✧✓✢✗ ②✗✜♦✗✳
✼✛✢✗✪✓ ✏✢✪✓✑ ✓✪♦✗♦✐✜✪ ✚✗✲
✛✓✑t✳ ✘t✢✣★ ✢✧✧✓✢✛✑ t♦ ❤✓ ✜✗
✛✓✪✓✑✑✜♦✗✳ ❈✒✜✗✢ ✜✑ t✛★✜✗✦
t♦ ✓✗✦✜✗✓✓✛ ✑✣♦✕✓✛ ✦✛♦✕t✒
✢✏t✓✛ ✢ ✐✚✣t✜✲✙✓✪✢✙✓ ❤♦♦✐
t✒✢t ✕♦✚✣✙ ❤✓ ✙✓✑t✢❤✜✣✜✇✲
✜✗✦ ✜✏ ✜t ✒✢✙ ✐✢✜✗t✢✜✗✓✙ ✜t✑
♦✗✪✓✲✑✜✇✇✣✜✗✦ ✧✢✪✓✳
Does the housing
market point to a
recession?
✤❢ ❚✒✜✑ ✜✑ t✛✜✪❦★✳ ✰★ ✑♦✐✓
✐✓✢✑✚✛✓✑✶ ✣✜❦✓ t✒✓ ❈✓✗✑✚✑
✰✚✛✓✢✚✻✑ ✛✓✧♦✛t ♦✗ ✒♦✐✓
✪♦✗✑t✛✚✪t✜♦✗✶ t✒✓ ✒♦✚✑✜✗✦
✐✢✛❦✓t ✗✓✈✓✛ ✛✓✢✣✣★ ✛✓✪♦✈✲
✓✛✓✙ ✏✛♦✐ t✒✓ ✐✓✣t✙♦✕✗ ♦✏
✢ ✙✓✪✢✙✓ ✢✦♦✳ ✤✑ ✢ ✛✓✑✚✣t✶
✒♦✚✑✜✗✦ ✒✢✑ ✪♦✗t✛✜❤✚t✓✙ ✛✓✣✲
✢t✜✈✓✣★ ✣✜tt✣✓ t♦ t✒✓ ✓✪♦✗♦✐✜✪
✛✓✪♦✈✓✛★✶ ✕✒✜✪✒ ✐✢❦✓✑ ✜t
✣✓✑✑ ✣✜❦✓✣★ t♦ ❤✓ ✢ ✐✢♠♦✛ ✏♦✛✪✓
Are the fed’s rate
hikes a risk for
recession?
✤❢ ❚✒✓ ✼✓✙✓✛✢✣ ❇✓✑✓✛✈✓
✤❢ ❚✛✚✐✧ ✪✢✚✑✓✙ ✑t♦✪❦✑
t♦ ❤✚✪❦✣✓ ✕✒✓✗ ✒✓ ✛✢t✪✒✲
✓t✓✙ ✚✧ t✢❡✓✑ ♦✗ ❈✒✜✗✓✑✓
✜✐✧♦✛t✑ ✜✗ ✒♦✧✓✑ ♦✏ ✏♦✛✪✜✗✦
✰✓✜♠✜✗✦ t♦ ✑t✛✜❦✓ ✢ ✙✓✢✣ t✒✢t
✕♦✚✣✙ ✧✛♦t✓✪t ②✳✴✳ t✓✪✒✗♦✣✲
♦✦★ ✏✛♦✐ t✒✓✏t ✢✗✙ ✛✓✙✚✪✓
t✒✓ t✛✢✙✓ ✙✓❁✪✜t ✕✜t✒
❈✒✜✗✢✳
✴t♦✪❦✑ ✛✓✪♦✈✓✛✓✙ ✑♦✐✓✲
✕✒✢t ✕✒✓✗ ✏✚✛t✒✓✛ t✢✛✜✏✏
✜✗✪✛✓✢✑✓✑ ✕✓✛✓ ✑✚✑✧✓✗✙✓✙
✢✏t✓✛ ❚✛✚✐✧ ✐✓t ✕✜t✒
P✛✓✑✜✙✓✗t ●✜ ✖✜✗✧✜✗✦
✓✢✛✣✜✓✛ t✒✜✑ ✐♦✗t✒ ✢t ✢✗
✜✗t✓✛✗✢t✜♦✗✢✣ ✦✢t✒✓✛✜✗✦ ✜✗
✤✛✦✓✗t✜✗✢✳
✤ ✧✛♦✣♦✗✦✓✙ t✛✢✙✓ ✕✢✛