ArtsBeat: Shia LaBeouf Arrested for Disorderly Conduct at Studio 54

The actor Shia LaBeouf was removed from the Studio 54 theater in Midtown on Thursday and arrested after disrupting a performance of the musical "Cabaret."

Mr. LaBeouf, the former star of the "Transformers" movie franchise, was smoking and yelling during the performance, the police said. Officers escorted him out of the show during intermission.

Mr. LaBeouf, 28, was charged with one count of criminal trespassing and two counts of disorderly conduct, according to the police. He remained in police custody Thursday night.

A spokesman for the producer of "Cabaret," the Roundabout Theater Company, said the actor was disruptive during the first act of the two-act musical.

Benj Pasek, who was nominated for a 2014 Tony Award for his work on the score of "A Christmas Story," wrote on Twitter that he saw Mr. LaBeouf handcuffed and in tears as six officers surrounded him outside the theater.

A lawyer for Mr. LaBeouf did not immediately return an email seeking comment on Thursday night.

The outburst on Thursday followed a string a erratic behavior attributed to the actor.

Mr. LaBeouf, whose films include "Indiana Jones and the Kingdom of the Crystal Skull" and "Wall Street: Money Never Sleeps," was set to make his Broadway debut in spring 2013 opposite Alec Baldwin in "Orphans," but withdrew before the show's opening because of creative differences with the show's producers.

In January, he wrote on Twitter that he was retiring from public life after he was accused of plagiarizing a comic in his screenplay, "HowardCantour.com." The film, which debuted at the Cannes Film Festival before it was released in December, contained uncredited passages from "Justin M. Damiano" by Daniel Clowes.

Mr. LaBeouf apologized on Twitter, saying that he got lost in the creative process and failed to credit the writer.

13.07 | 0 komentar | Read More

Well: Longer Heart Monitoring Backed for Stroke Patients

More than a half-million Americans every year have an ischemic stroke, the most common form, which disrupts blood flow to the brain. And at least a quarter of these cases have no apparent underlying cause.

Now two major studies suggest that many of these strokes of unknown origin — up to a third — may stem from atrial fibrillation, a common irregularity of the heartbeat that often goes unrecognized.

The findings are likely to encourage doctors to look more aggressively for signs of atrial fibrillation in patients who suffer strokes of unknown cause.

After such strokes, doctors usually prescribe a mild blood thinner such as low-dose aspirin. But aspirin alone may not be enough to prevent additional strokes in patients with underlying atrial fibrillation. These patients generally require more powerful anticoagulant medications to prevent clotting that can lead to additional strokes.

Stroke patients are generally screened with electrocardiographic monitoring for 24 hours to rule out atrial fibrillation. But the new studies, published Wednesday in The New England Journal of Medicine, suggest that some patients may need their hearts monitored much longer to detect abnormal rhythms.

One of the studies, which was funded by the Canadian Stroke Network and known as the Embrace trial, found that atrial fibrillation was diagnosed in five times as many patients who wore special heart monitors for 30 days compared with those who underwent conventional 24-hour testing.

The second study, led by researchers in Italy and carried out at clinics in the United States and other countries, found that a third of patients who had had strokes of unknown cause and were followed for up to three years experienced at least one episode of atrial fibrillation — and in most cases, there were no obvious symptoms.

In both studies, the longer monitoring periods resulted in significantly more patients being prescribed anticoagulants to lower their risk of another stroke.

"If more patients with atrial fibrillation can be detected, then more patients can receive appropriate stroke prevention therapy, and the hope is that more strokes, deaths, disability and dementia can be avoided," said Dr. David Gladstone, an associate professor in the department of medicine at the University of Toronto and the lead author of the Embrace trial.

Some medical centers monitor patients beyond the usual 24 hours, and in May the American Heart Association updated its guidelines to say it was "reasonable" for patients with unexplained strokes to be monitored for 30 days.

But longer monitoring "hasn't been the standard of care," said Dr. Hooman Kamel, a neurologist at the Brain and Mind Research Institute at Weill Cornell Medical College in New York, who was not involved in the new research. "I think these two studies are really what was needed to put it on very firm footing and to make it more widespread."

Dr. Gordon F. Tomaselli, the chief of cardiology at the Johns Hopkins University School of Medicine and a past president of the heart association, said the findings would "reinforce the notion that if you don't have a good reason for a stroke, you really need to take a pretty intensive look for atrial fibrillation."

Nationwide, about three million Americans have a diagnosis of atrial fibrillation, which occurs when erratic electrical signals cause the heart's upper chambers, the atria, to contract abnormally. The fluttering can cause blood to pool in the atria, forming clots that can then travel to the brain. At least one in six strokes are attributed to atrial fibrillation, and they are often more debilitating and deadly than strokes stemming from other causes.

But atrial fibrillation can be difficult to detect. The episodes are typically sporadic, coming and going unpredictably and lasting minutes or days at a time. Some people experience heart palpitations, shortness of breath and dizziness. But many experience no symptoms at all.

"What we are learning is that many patients have clinically silent atrial fibrillation," said Dr. Gladstone, who is also a scientist at Sunnybrook Research Institute in Ontario. "Often the first manifestation is when it leads to a stroke."

In the Embrace trial, which was carried out at 16 medical centers in the Canadian Stroke Consortium, Dr. Gladstone and his colleagues followed 572 people who had had either a stroke or a mini-stroke whose cause remained unclear after a battery of diagnostic tests.

About half of the patients wore a conventional device, known as a Holter monitor, which recorded their heart rhythms for an additional 24 hours. But the rest were assigned to wear a new chest electrode belt for 30 days after they went home.

Atrial fibrillation was detected in just 3 percent of the patients monitored short term, and in 16 percent of those who wore the new device for one month.

Among the patients monitored for 30 days was William Russell, 71, a retired businessman from Collingwood, Ontario. Mr. Russell suffered a major stroke two years ago during a ski trip with his family in Calgary.

"There was no prior warning — it just hit," he said. "My left side became completely paralyzed and my speech was slurred. Fortunately my daughter noticed it immediately and called 911."

At the hospital, doctors gave Mr. Russell a powerful clot-busting drug that reversed his stroke. But their next challenge was to find what had caused it. They took scans of his heart and his brain and did an electrocardiogram to measure the electrical activity of his heart, but the cause remained unknown.

Mr. Russell was enrolled in the study, and after a month of wearing the electrode belt day and night, his doctor was able to make a proper diagnosis.

"His heart monitoring revealed that he was having silent episodes of atrial fibrillation," Dr. Gladstone said. "As a result, we've been able to treat him with anticoagulant medication."

Mr. Russell said that he was doing well on his new medication and had returned to hiking, cycling and playing golf. Wearing the monitor for 30 days was "a bit of a pain," he said. "But it was worth it. Well worth it."

A version of this article appears in print on 06/26/2014, on page A19 of the NewYork edition with the headline: Behind Strokes of Unknown Origin, 2 Studies Point to Flaw in Heartbeat.

13.08 | 0 komentar | Read More

DealBook: Realizing the American Apparel Chief Isn’t Wearing Any Clothes

Dov Charney is completely naked. He is dancing in what looks like an office or studio, talking on his cellphone while he jams to "This Must Be the Place" by Talking Heads. Two women are there with him, possibly employees.

"I'm dancing right now for Daisy," Mr. Charney, still the chief executive of American Apparel at the time, announces, glancing at one of the women. The other woman records the entire scene on a mobile phone, and asks him to "shake your booty."

Before the video cuts out, Mr. Charney looks at the camera and says: "Stop it. You're going to get me in trouble."

Well, it is a little late for that now.

Mr. Charney, who founded American Apparel, once an upstart darling retailer, was ousted last week by the company's board. He long lived under the shadow of speculation about inappropriate behavior with female employees and, in some cases, accusations of sexual harassment and assault that he always denied. He championed American Apparel through sexually suggestive advertising that became, in large part, the company's brand.

Mr. Charney's dismissal raises all sorts of thorny corporate-governance questions for investors and boards about iconic — and notorious — leaders, especially in creative fields. Corporate America is filled with examples of chief executives and founders who stepped down after proof, or even suggestions, of impropriety. Some are fired quickly when investors and boards are alerted. But others, like Mr. Charney, are allowed to linger in their roles for years.

"Of course they knew — if they didn't know, their heads were in the sand," said Nell Minow, a founder of the governance advisory firm GMI Ratings. "The problem is the board is so invested in their pal, their hero, that it's very hard to get them to look him in the eye and say, 'You have to go.' "

There has been a spate of resignations and firings over the last couple of years related to misbehavior or inappropriate comments. Lululemon Athletica's founder, Dennis J. Wilson, resigned as its chief after he was widely criticized by female customers for saying, "Quite frankly, some women's bodies just actually don't work" for wearing his company's yoga pants. Mr. Wilson, who remains on Lululemon's board of directors, is now considering a bid for the entire company.

Abercrombie & Fitch's chief executive, Michael S. Jeffries, lost his chairman title after drawing criticism for a series of bizarre comments, as when he once said: "Candidly, we go after the cool kids. We go after the attractive all-American kid with a great attitude and a lot of friends. A lot of people don't belong."

Gary Friedman, the chairman and co-chief executive of Restoration Hardware, was fired after accusations were made about an inappropriate but consensual relationship with an employee. He briefly became a consultant to the company ahead of its initial public offering only to return to his old positions within a year.

You don't need the 20/20 vision of hindsight to have known Mr. Charney was a ticking time bomb. He was repeatedly sued by employees and former employees, and the board was well aware of the cases. The not-safe-for-work video in which he dances in the buff, and other photos, litter the Internet and can be found with a quick Google search.

In one case in California Superior Court, a potential employee, Kimbra Lo, filed a lawsuit contending that when she went for a job interview with Mr. Charney, he was "wearing only a towel" and later attacked her and "forced her to perform various sexual acts." Mr. Charney denies it.

Often, as now appears to be the case with Mr. Charney, a board becomes so convinced that the company is wrapped up in a founder's personal image that it is slow to replace the chief when necessary. It fears that the firing will upend the company's image or culture and cause other key employees to leave out of loyalty.

"There is a danger that the founder becomes too identified with the brand," said Charles M. Elson, a professor of governance at the University of Delaware.

In Mr. Charney's case, his control of 27 percent of the company may have made it even harder for the board to oust him. "If you get him angry, it is relatively easy for him to make sure you don't come back," Mr. Elson said. "It is a credible threat."

The situation changes when the image of the brand becomes tarnished and it starts to cost shareholders money. American Apparel's board members felt they could finally rid themselves of the founder, people close to the company said, because the company's performance turned for the worse. The company had lost money repeatedly for the last four years, totaling about $270 million in red ink, and same-store sales were dropping precipitously as well, about 7 percent in the most recent quarter.

Observers cheered Mr. Charney's dismissal almost immediately.

"We believe investors will generally view this news positively, given perceived prior mismanagement and the potential for reduced future headline risk," Roth Capital Partners wrote in an analyst report to its clients.

Most investors, of course, seemed to always know about Mr. Charney's bad behavior. Eric Beder, an analyst at Brean Capital, wrote in a note to investors, matter-of-factly: "We expect the sordid details to become apparent in the near term."

Apparently, the final straw for the board was news that Mr. Charney had knowingly failed to stop the online publication of naked pictures of a former employee who had accused him of sexually harassing her.

Mr. Charney is, as you might imagine, trying to fight his dismissal, suing the company in hopes of getting his job back.

"We question the legitimacy and thoroughness of any investigation that did not involve any discussion whatsoever with Mr. Charney," his lawyer wrote, contending that the accusations "involve activities that occurred long ago (if at all) and about which the board and the company have had knowledge for years."

Which is exactly why he should have been gone long ago, face of the brand or not.

---

Andrew Ross Sorkin is the editor at large of DealBook. Twitter: @andrewrsorkin

A version of this article appears in print on 06/24/2014, on page B1 of the NewYork edition with the headline: When The Founder Misbehaves .

13.07 | 0 komentar | Read More

Motherlode Blog: Thirteen in Years, But 10 or 15 in Thoughts and Action

Gather together a random assortment of 13-year-olds, and you'll likely find yourself looking at a group of people who have only their age in common. Some will be way into teenage culture, into hanging out and hooking up, even into alcohol and drugs; others will be little changed from the children they were at 12, 11, even 10 years of age, still singing the songs and playing the games of children.

The wide spread in young people's rates of social and psychological maturation has led some researchers to propose that we think about adolescents not just in terms of their chronological age, but also their subjective age: how old they feel and act. Looking at teenagers in this light can give parents, teachers and other adults a more accurate way to understand the experience of young people — and to spot the signs of trouble in the making.

Nancy Galambos, a professor of psychology at the University of Alberta in Canada, writes that subjective age "has at least as much import as chronological age and pubertal status for understanding adolescents' passage to adulthood." Her 2003 study of students in the sixth and ninth grades classified 44 percent as mature — meaning that "they were engaged in age-appropriate activity and felt comfortable with themselves" — 30 percent as immature and 25 percent as "pseudo mature."

It's this last group that most concerns researchers. A study to be published in the July issue of the journal Child Development reports that a constellation of pseudo-mature behaviors in early adolescence — minor forms of delinquency, early romantic behavior and a focus on physical appearance in seeking out friends — predicts "significant difficulties in social functioning" up to 10 years later. Individuals who act "old" for their age as young teenagers tend to have trouble forming friendships and romantic attachments as young adults.

Why would this be? Joseph Allen, a professor of psychology at the University of Virginia and the lead author of the study, suggests that pseudo-mature behaviors may take the place of some teenagers' efforts to develop positive social skills and meaningful friendships, leaving them less developmentally mature and socially competent later. Early pseudo-mature behavior may also change the nature of the social situations adolescents encounter, leading them to engage in ever-more extreme actions.

But wait a minute, you may be thinking: Hasn't every teenager ever tried to act older than her age? Yes, these researchers acknowledge, trying on adult roles and behaviors is characteristic of adolescence. Two factors make this behavior a potential warning sign: when it starts, and what motivates it. The individuals Professor Allen's study who developed psychosocial problems as young adults were those who started acting prematurely mature at age 13 and 14, and who were motivated to do so by a desire to impress their peers. For a while, Professor Allen notes, their gambit works: Pseudo-mature young teenagers are perceived as "cooler" than their less-advanced classmates. This initial status gives way, however, to declining popularity as adolescence progresses.

By mid- to late adolescence, slower-to-mature teenagers are trying on adult roles and behaviors in a more age-appropriate way, and are doing so for the right reasons: to exercise their growing competence and autonomy, and to prepare themselves for their future lives. In adolescence, as in the rest of life, timing is everything — all the more reason to help our tweens and early teenagers stay "young" while they still can.

Read more about the latest research on young people's development, like "Is Adult Life 'Nothing But High School'?" and "Turning Teenagers' Peers Into A Positive Influence" on Annie Murphy Paul's Brilliant Blog. Ms. Paul is the author of "Origins," a book about the science of prenatal influences, and "Brilliant: The Science of How We Get Smarter," to be published by Crown in 2015.

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13.07 | 0 komentar | Read More

DealBook: Citigroup and U.S. Deadlocked in Settlement Talks

Updated, 8:21 p.m. |

Talks between the Justice Department and Citigroup to settle a civil investigation into its sale of shoddy mortgage investments have deteriorated in recent days, as the sides are deadlocked on how much money the bank should pay.

The Justice Department has told Citigroup's lawyers that it plans to sue the bank unless the sides can reach an agreement soon, people briefed on the matter said. That lawsuit could come as soon as next week, one of the people said.

The standoff sets the stage for Citigroup to be among the first large banks to fight the Justice Department's findings in court rather than seek a settlement — a development that would carry risks for both sides.

In the settlement talks, which have dragged on since April, Citigroup has argued that it sold only a fraction of the troubled mortgage-backed securities when compared with other Wall Street banks, according to people briefed on the matter, who have asked to remain anonymous because discussions are still in flux. The bank contends that prosecutors are demanding penalties that far exceed the losses suffered by investors in the securities, these people said. The government has proposed a penalty of $10 billion, according to the people briefed on the matter. Wall Street analysts, extrapolating from a $13 billion settlement that the Justice Department reached last year with JPMorgan Chase, had estimated that Citigroup would be liable for about $2 billion.

The JPMorgan settlement was regarded on Wall Street and in Washington as a template for discussions with other large banks over investigations into questionable mortgage investments before the housing bust. Tony West, the No. 3 Justice Department official who is leading negotiations with the banks, has said the JPMorgan pact could provide a model for other agreements.

But lawyers for the big banks complain privately that federal prosecutors appeared to have scrapped that model and are demanding penalties that are far more punitive than the $13 billion paid by JPMorgan.

Similar tensions have derailed negotiations between the Justice Department and Bank of America this week, increasing the likelihood that federal prosecutors will file a lawsuit in that case as well. The harder line in recent discussions has come after the federal government had faced criticism in the past for not adequately punishing financial companies that were at the center of the problems leading to the 2008 crisis.

In its talks with prosecutors, Bank of America has argued that it is being asked to pay higher than warranted penalties for mortgage investment sold by Merrill Lynch, said people briefed on those talks. The bank has argued that it tried to back out of its acquisition of Merrill in the depths of the financial crisis, but felt pressured by regulators to go through with the deal.

Those arguments have failed to sway prosecutors, and it is unclear whether Bank of America could have legally walked away from the acquisition.

Citigroup was not nearly as large of a player in the mortgage securities market as some other Wall Street firms. In April, an analyst at Credit Suisse estimated Citigroup's tab to settle the Justice Department investigation could total as much as $2 billion, a sliver of what prosecutors are demanding.

Still, Citigroup may have little leverage in trying to convince prosecutors that it is liable for a lesser amount. Mr. West has reminded bank lawyers that to be meaningful, settlements must have a huge penalty. When the talks began in April, the Justice Department asked for at least $10 billion, a demand the bank rebuffed, people briefed on the talks said.

By agreeing to pay large penalties, Citigroup could alienate shareholders, who will ultimately shoulder the costs of any settlement.

The banks face other risks if they go to court. If found liable in a civil lawsuit, banks could wind up paying even more than prosecutors have proposed in settlement talks. And a prolonged trial could drag out potentially damaging documents and testimony from executives, setting back the banks' progress in regaining the trust of regulators and the public. Already, Citigroup, for instance, is embroiled in addressing other issues like a fraud scandal in Mexico and its failed Federal Reserve "stress test."

For its part, the federal government has a mixed track record in court when trying to prove wrongdoing by banks in the lead-up to the financial crisis. Losing prominent trials against Citigroup or Bank of America could sully the Justice Department's reputation for cracking down on mortgage misdeeds that contributed to the financial crisis of 2008.

Bank of America is one of the few banks that have already tested the Justice Department's mettle in court.

Last October, in a case filed by federal prosecutors in Manhattan, a jury found Bank of America liable for the sale of defective mortgages issued by its Countrywide Financial unit as part of a program nicknamed the "hustle."

The bank has had better luck defending against a lawsuit the Justice Department filed last year in North Carolina, in which prosecutors cited multiple emails from bank employees who questioned the quality of mortgages underlying the securities.

In March, a federal magistrate judge recommended tossing out the lawsuit. After holding a hearing this week on the matter, a federal judge is expected to rule soon on whether to accept the magistrate's ruling.

The status of the Citigroup talks was first reported on Friday by Bloomberg News.

Jessica Silver-Greenberg and Ben Protess contributed reporting.

A version of this article appears in print on 06/14/2014, on page B1 of the NewYork edition with the headline: Settlement Talks Stall For Citigroup And U.S. .

13.07 | 0 komentar | Read More

DealBook: In Emerging Markets, What Scares Most Investors Entices Oppenheimer

The day has been long for Justin M. Leverenz, who runs America's largest emerging markets mutual fund at Oppenheimer Funds.

He has been up since 4 a.m., poring over annual reports, racing through traffic to make company meetings and finally, in the soft air of an Istanbul evening, a bit of book browsing and pickle tasting in this city's old European quarter.

Now, a glass of excellent Turkish red wine in hand, comes the day's most challenging task: persuading a small group of hyper-secular Istanbul elites that the country will thrive under its polarizing Islamist prime minister, Recep Tayyip Erdogan.

"My rich Turkish friends don't agree with me about this," Mr. Leverenz said as he soaked up the old world splendor at the bar of the Pera Palace Hotel, a favorite watering hole for these very same elites. "But I really think Erdogan and the AKP party are going to win election after election."

That is a bullish signal for Mr. Leverenz, who is looking to increase his $41 billion fund's stake in Turkey.

After a brief panic earlier this year, many money managers have been putting cash back to work in such unpredictable markets, lured by cheap stocks and strong measures taken by local policy makers. But few are committing significant funds to Turkey, spooked by the autocratic tendencies of Mr. Erdogan and the economy's dependence on volatile investment flows.

Mr. Leverenz, however, is convinced that his biggest investment successes — from Internet stocks in China and Russia, to housing finance companies in India — have sprung from his ability to ignore the passing wisdoms of the market. So he is buying Turkish stocks, convinced over the long term that Mr. Erdogan's radical reform ambitions will transform Turkey.

It is part of Mr. Leverenz's broader credo that emerging nations like China, Brazil, Russia and especially India after the victory of Hindu party leader Narendra Modi — are experiencing economic and social change that won't be reversed.

"I truly believe that these countries are in a period of significant progress," said Mr. Leverenz. "It will be dynamic, chaotic even, but the developed world really needs to watch its back."

Such sweeping optimism — or cheerleading as some would have it — has been a central tenet of the decade-long boom in emerging markets. Assets of emerging market equity funds in the United States exploded to $388 billion now, from $89 billion in 2008, according to Thomson Reuters.

One such surging fund is Mr. Leverenz's developing markets fund. Since 2009, assets have soared to $41 billion, from a low of $3.9 billion, making it among the largest actively managed international equity funds.

"It's pretty unusual to see a fund grow like that," said Karin Anderson, an analyst at the fund tracking company Morningstar.

Since 2010, Mr. Leverenz's fund is up 27 percent, outpacing more than 90 percent of his peers. This year, the going has been a bit rougher. While the fund is up 2 percent, two-thirds of his peer group is faring better.

The explosion in fund assets is beginning to worry regulators, though. Investors in emerging markets tend to act like lemmings, buying — and more dangerously selling — the same stocks in the same countries, creating distortions as funds become too large for the markets they are investing in.

In a nod to such worries, Oppenheimer closed Mr. Leverenz's fund to new investors last year. Even so, Mr. Leverenz's fund can still attract as much as $600 million a month from existing investors and he says putting that money to work remains one of his biggest challenges.

Which is why he is pushing himself harder to uncover companies that both meet his exacting investment criteria and that are large enough to make a difference in his $41 billion fund.

"This is where my nervousness helps me," he said. "Just like at a party where you can make observations about people when you are not hanging out with them, you can do the same in the stock market. You can see patterns that are emerging and then you can pounce."

Mr. Leverenz, who turned 46 recently, does not fit the mold of the classic emerging markets guru. Unlike the pioneering emerging markets investor Mark Mobius of Templeton, he keeps out of the television studio and does not rely on a small army of analysts sprinkled around the globe. Nor is he one for transforming his globe-trotting experiences into a lofty tome, in the vein of Ruchir Sharma at Morgan Stanley.

Instead, Mr. Leverenz prefers a more understated, behind-the-scenes approach. He is slight, almost waiflike, with thinning hair, thick glasses and a soft voice that one strains to hear in conversation.

"I am not a social person," he admits, sniffing broadly at the clubby atmospherics of emerging markets investing.

He eschews investment conferences and often ignores the quarterly earnings of his biggest holdings. Recently he walked out of a meeting with one his largest portfolio companies because the broker who arranged it had invited another investor to participate.

It is this tune-me-out discipline, Mr. Leverenz argues, that has allowed him to find the type of companies he craves: cash generators with a special edge that makes them market leaders.

Internet companies such as Baidu and Tencent in China and Magnit, the Russian retailer, fit the bill in this regard.

As political leaders like Mr. Erdogan and Mr. Modi are transforming their societies, these companies are accomplishing something similar — harnessing and monetizing change at the corporate level. Baidu, for example, runs the leading search engine in China, the world's biggest Internet market.

Right now, he's weighing an investment in Ulker, Turkey's largest food company, which also exports cookies, chocolates and other food items to more than 100 countries. Like many of his portfolio companies, Ulker has a very strong brand that extends beyond its home country.

But Mr. Leverenz also has some worries that intense competition is hurting Ulker's pricing power.

In a meeting at the company's Istanbul headquarters, Mr. Leverenz peppered executives with queries about the company's pricing and distribution strategies that had the three executives in the room flipping frantically through their pitch books.

Although they did not say as much, their expressions betrayed them: Aren't big-shot portfolio managers supposed to stick to broad questions about politics and the economy and leave the nitty-gritty for the underlings?

"I really don't have a large pool of analysts," Mr. Leverenz explained. "I am just a one-man band."

From the start, Mr. Leverenz has gone his own way. At the University of California, San Diego in the late 1980s, he studied Mandarin as opposed to the more fashionable Japanese. Upon graduating, he took off for Hong Kong — leaving behind his new wife and a job offer at a major investment bank.

After a successful run as a technology analyst, he joined Goldman Sachs in Asia and soon realized that while he may have a talent for analyzing companies, he had little ability to thrive among the supersize ambitions and egos of his peers.

"It was the worst experience in my life," he said. "And I really don't mind you saying that."

His time at Goldman also made him realize that the more time he spent reading annual reports and the less time he spent managing professional relationships, the better off he would be. So he turned to the buy side and joined Oppenheimer in 2004.

Many of his breed like to advertise themselves as being above the fray, primed to snap up undervalued gems, à la Warren Buffett of Berkshire Hathaway. But few go as far as Mr. Leverenz.

Even when Mr. Leverenz is home in the New York suburbs with his three children, solitude calls. He keeps an apartment in SoHo where he can escape distraction and read.

During the three or four days a month he spends in his New York headquarters, he does his best to not actually be there, coming in late, staying away from the holiday party and ignoring his constantly ringing office phone.

Such eccentricities are tolerated when a fund represents close to 20 percent of a mutual fund company's assets. Superior stock picking also helps.

"I am so proud of him — to have that kind of performance with a fund of that size is just spectacular," says Rajeev Bahman, a top portfolio manager at Oppenheimer who originally hired Mr. Leverenz and has served as his mentor.

Given his punishing travel and work regimen — he is on the road six months out of the year — and the challenge of repeating success with such an ungainly sum of money, it would be easy to question whether Mr. Leverenz has the necessary energy and drive to continue.

But Mr. Leverenz scoffs at the notion of moving on.

He mentions the $1 million-plus of his own money invested in his fund; the annual trips he takes to China with his children, all of whom are fluent in Mandarin; and the writers and artists that he finds and cultivates along the way.

"Everything is in equilibrium," he said. "I can never exit this."

A version of this article appears in print on 06/13/2014, on page B1 of the NewYork edition with the headline: A Bet on Radical Change .

13.07 | 0 komentar | Read More

ArtsBeat: 2014 Tony Awards: Live Coverage

Slide Show

Charles Isherwood, a theater critic for The Times, and Eric Grode, a writer and critic for The Times, live-blogged the 68th annual Tony Awards.

Visit The Times's Tony Awards special section for complete coverage of the honors.

11:12 P.M. That's a Wrap

Well, Eric, what lessons do we take away? The show seems to get even more stuffed with not-always-well-staged musical numbers every year. Still, I'm glad "Gentleman's Guide" won, and it's nice that no one show ran away with everything.

Yeah, I find myself trusting the years more when the awards are spread around – it feels like less of a groupthink mentality. And the ones that did do relatively well — "Gent's Guide," "Raisin," "Hedwig" — are deserving ones. But this mania for including shows that don't even exist yet is absurd, especially since a show about a major musical figure (Tupac) is in previews right now but was totally ignored. Do you think any moments here will live on? Bouncing Hugh? Jessie and Carole? Audra's record-setting sixth?

I don't think this was one of the more memorable telecasts, frankly. Hugh was not in top form, but he didn't seem to have great material, aside from serenading the ladies. And not one of the greatest seasons either. Yes, Audra made history, but that was widely predicted. But I agree the Tonys have set an unfortunate precedent by including numbers from "future" Broadway shows. Perhaps that's the most memorable — and ominous — aspect of the show this year.

Yeah, maybe N.P.H. set the hosting bar higher than I realized. The choreography award for "After Midnight" is the only one for a show that transferred from Off Broadway." Not to harp on this Signature award (I really like the Signature!), but the timing is odd. Still, I can't find fault with too many prizes, and that's pretty rare. Anyway, it was a pleasure "watching" with you. Now take Jessie's advice and go get a drink!

Well, "Gentlemen's Guide" started at regional theaters — pretty far Off Broadway. Thanks, Eric, glad you joined us this year. And yes, I think I'll have some port, perhaps, in honor of "Gentlemen's Guide." Seems appropriate, no? Cheers.

11:03 P.M. 'Gentleman's Guide' Wins Best Musical

Hip hip hooray. For once quality trumps $. This is quite gratifying.

Holy "Avenue Q"! Bryce Pinkham looks so happy up there!

It's nice that Steven Lutvak — who deserved the score award — got a shout-out, at least. I hope he checks his blood pressure. Still, a nice speech.

I was thinking the exact same thing. What a way to go, though! Hey, another number! No more rap, though, thank goodness. (And I say that as a former editor of XXL.)

I guess it's nice to have all the winners onstage, but does that include the dozens of producers for the winning shows?

Hmmm . . . another round for just the winners up there feels a tad smug, though? Oh dear — he's bouncing again. They all are. Well, many are.

Yes, there's lots of bouncing. I'll see bouncing in my sleep.

10:51 P.M. Jessie Mueller Is Best Actress in a Musical

So are we led to believe that Hugh Jackman is singing during the entire commercial breaks?

I would bet he did. A trouper. I'm liking his singing the nominees. Though it's a bit random. Why not do them all, Hugh? While hopping up and down.

However, it's a little sadistic to ask these women to be good sports while they're waiting for career-making news.

You're right but at least it's distracting them. He almost couldn't find poor Kelli.

Bless her heart, she doesn't know about Ashley Madison.

I don't either. Bless my heart.

Indeed.

I'm delighted for Jessie Mueller. She's so talented. Pity about the show — which will probably win anyway.

You really think so? I still think your "Gentleman's Guide" (which I also like) has a puncher's chance. "Realistic Joneses" I'm not so sure about.

Well Tonys trend commercial. Almost always. But we'll see. This is quite an epic speech.

But I have a hard time imagining this show touring — i.e., without Jessie. "Everyone wants a drink, so . . . thank you." Hear hear! Oops — not so fast! All right, beat it, kids. Jennifer's got some notes to hit.

This sounds like that song from "The Last Ship." But with belting. And it's pretty scandalous that these two shows get airtime. And as we pass 11 p.m. I bet CBS isn't too happy either.

Is it possible to return tickets to a show that doesn't exist yet?

10:39 P.M. 'Hedwig' is Best Musical Revival

Hugh Jackman's jokes are pretty feeble. This fake-buttocks thing . . .

Yeah, it feels a bit like the musical numbers took up a little too much bandwidth. I kind of wish John Cameron Mitchell and Stephen Trask got to speak — it's not like they had a chance when it was a new musical — but hooray for "Hedwig."

I am equally scandalized — couldn't the producer have given them 45 of the 90 seconds? — and I love the show. But I think "Violet" deserved the award.

Yeah, you could certainly make that case. Meanwhile, the tap dancing in this "Bullets Over Broadway" number is drowning out the sound of Frank Loesser rolling in his grave. P.O.Y.C.C.: 2.

Negative 2. And that was considered one of the highlights. Bring on Jennifer Hudson for God's sake and let's get this over with.

10:28 P.M. A Song From 'Beautiful'

Only three awards left to give out in 35 minutes. How hard can this be?

Well, Jennifer Hudson — courtesy of Harvey Weinstein — may have 20 of those minutes. Who knows?

I think "Beautiful" is about to refute our always-more theory and score a fantastic P.O.Y.C.C. score.

No, here come the Shirelles. But I agree that Jessie Mueller was gorgeous in every way. And it still gets a high score: 9, I'd say.

9 it is. Oops, 9 it was. Jessie and Carole may have pushed us into double digits.

But dragging everyone on is a bit cheesy. Still, yes, it's going to come out the big winner, ticket-selling-wise. But I hope people don't think Carole King is in the show. Last I checked she wasn't.

10:27 P.M. About That Bouncing Intro . . .

Surely one of the morning-after questions about Sunday's Tony Awards will be: Who thought of that bouncing thing that opened the show?

Warren Carlyle, the Tony-winning choreographer of "After Midnight," that's who.

Mr. Carlyle directed the Tonys host Hugh Jackman in his smash 2011 concert, "Back on Broadway." Mr. Carlyle told reporters that while considering ideas for the opening number he found inspiration on YouTube late at night, when watching the 1953 Bobby Van movie "Small Town Girl."

"I thought, how great to do a kind of homage to Bobby Van, and to that movie," Mr. Carlyle explained. "The bouncing is a joyous kind of thing," he said. He then started bouncing in the press room. He bounced and continued, "And Hugh is a joyous kind of guy."

— Steven McElroy

10:22 P.M. Neil Patrick Harris Is Best Actor in a Musical

Neil Patrick Harris trying to look nervous. Fooling no one.

It makes you appreciate N.P.H.'s essentially pulling off rap numbers on past Tony broadcasts.

Jefferson Mays was robbed. Just saying.

So here's what I don't get: "War Horse" won for best play a few years ago over three superior pieces of writing ("Good People," "The Mother__ With the Hat" and "Jerusalem"). The argument was that "War Horse" was the best theatrical experience. (Debatable, but O.K.) So, by that token, if people had a comparable experience at "After Midnight" – and are more tepid about its competitors than they were about "Jerusalem" and so on – then what's stopping them from just picking it for best musical?

I think the argument was (as always) that "War Horse" was the biggest hit. Which means "Beautiful" and "Aladdin" have the best chance. And are people all that tepid about its competitors? You seem to think that nobody likes "Gent's Guide" but moi. It's not "The Realistic Joneses," you know. (And the myth that no one else liked that is just that, by the way.)

Oh, I meant to tell you: You know that Tony Awards pop-up store that has been open? They had the "Realistic Joneses" script in there! O.K., wait, this rap needs my full attention.

Oh dear. Classic Tony desperation: rappers doing "The Music Man."

Everyone is a little bit poorer/lesser for having experienced that.

10:12 P.M. A Song From 'Wicked'

I've been meaning to catch this "Wicked." Are you hearing good things?

Was Elphaba always this green? It's creeping me out. Dear Margaret Hamilton's makeup was much subtler. I think a nice olive green is a better choice, but what do I know?

Honestly, it may be that teeth are so much whiter now that the contrast is more jarring.

10:11 P.M. In the Press Room: Kenny Leon

Kenny Leon was answering reporters' questions when Sophie Okonedo, who plays Ruth Younger in his production of "A Raisin in the Sun," won her Tony as best featured actress in a play. "YES!," he yelled, looking at the monitor. "That girl works harder than anyone." Later on he held up his award. "I think this gives voice to a lot of people in this country who grow up poor," he said. "I grew up poor."

— Steven McElroy

10:07 P.M. 'A Raisin in the Sun' Is Best Play Revival

Do you think Sting's "Last Ship" song has people panting to see the show?

Seeing Sting up there conjures fun memories of a high school bus trip to see him in "The Threepenny Opera." I can't say the song has me too excited about his show, though. Plus, he won't even be in it. Theoretical P.O.Y.C.C.: 4.

I'd give it a 2. I'm yawning already.

I love the Signature, but I still find it very weird that New York City theaters can now win the Regional Tony Award. It just seems like a sop for theaters whose works can only win Tonys if some producer throws enhancement money at them.

You're so cynical. (Smiley-face.) But practically every notable theater outside New York has won by now. "Raisin" sure has done well. I was sure this would go to "Twelfth Night." Go figure.

And the irony is that it's closing in a week. Didn't that happen with "Red" a few years ago?

Maybe. Who remembers? "All the Way" closing soon, too. And of course, "Twelfth" long since closed.

9:57 P.M. A Song From 'Violet'

If gospel music had never been invented, the average Tony Awards broadcast would be about 35 minutes long.

Ha ha. Agreed. But you know they couldn't resist shunting poor Violet aside and bringing on that chorus.

And making Jeanine Tesori's fantastic score sound like a million others in the process. Some weird camera work in this and a few other musical sequences tonight.

Yes, well, Tesori did it awhile before it became so commonplace, at least. And by the way, if they only gave out the awards, the Tony broadcast would only be 35 minutes long. Sigh. Not that I'm not loving every heavenly minute of it.

I know Sutton is your preferred candidate here. You wrote your "will win" picks a month ago, though — any you'd care to revise?

Honestly, I can't remember what I predicted. I still think Jesse Mueller will take that prize, in a tough category. Wish they could all win (well almost all).

As I suspected, Jason Robert Brown won both of his "Bridges" awards. But we'll never know what the audience thought.

So "Bridges" got the score award? That's bizarre to me. It wasn't even nominated for best musical. So how can it have the best score?

9:46 P.M. 'All the Way' Is Best Play

Yikes! I generally don't comment on the fashions, but Alan Cumming's suit is rather gob-smacking, and not in a good way. He's a human Rorschach test, basically. Meantime, am I getting tired or is Hugh's beard getting bushier?

And of course, he is followed by Kenneth Branagh's rocking a perfectly timeless tux. Kenny Leon's was the best so far.

Robert M. Schenkkan has more dramatic flair than James Lapine, at least here. Kinda surprising. Oh, but here comes Harvey. . . .

Hey, did they just miss a chance to plug Branagh's "Macbeth" on the heels of Cumming's? Or are we pretending that new one doesn't exist because it's Off Broadway?

As far as I'm concerned, the less said about that "Game of Thrones"-goes-to-Las Vegas production of "Macbeth," the better.

I kind of wish Harvey had gone with his original plan and cast himself in "Casa Valentina."

Funny that, in a year of not-so-great plays, they are getting this much air time.

But this concept bugs me less than a lot of past years' tries. And it's clear that each of them wrote their own text, which is refreshing.

I agree, and I'm glad "All the Way" won. But that clip from "Mullingar" reminded me that Brian O'Byrne was one of many good actors who didn't make the cut this year.

9:36 P.M. A Song From 'Hedwig'

By the way, my favorite social media post so far involved a Tony party featuring six-inch Subway subs in honor of Hedwig.

Well, I almost got my wish. He yanked off Samuel L. Jackson's glasses. . . .

I much prefer this song at the original, faster tempo. But that look on Mr. Jackson's face is worth it. O.K., now we're where we need to be tempo-wise.

Score? Probably a 9, given his big fan base. I still think the real Hedwig — like there is one! — wouldn't be able to afford even one of the wigs in this production.

The real Hedwig is every one of us. I'll go with 9.5 — we theater junkies can forget this, but I suspect more than a few viewers don't know "Hedwig." Well, they do now, and it was an accurate depiction that still made it look like something the Hed-heads (is that what they're called?) can get behind. Perfect triangulation.

9:35 P.M. Clint Eastwood: A Polarizing Presenter

How many people other than Clint Eastwood have spoken from the stages of both the Republican National Convention and the Tony Awards? It can't be many. Surprise at this juxtaposition definitely occurred to some users of Twitter:

Clint Eastwood presenting at the Tonys is not a thing I thought I'd ever see.

— Steve Newtenberg (@nicknewt) 9 Jun 14

Of course, many users of the social media service joked in 140 characters or less about empty chairs. Plenty more had remarks about Mr. Eastwood's advanced age and questions about his health. But some Tony Awards viewers really loved Mr. Eastwood's presentation of two awards:

Clint Eastwood has almost completed his transformation into John Huston. And I'm okay with that. #TonyAwards

— Michele DeVinney (@micheledevinney) 9 Jun 14

Or, they really, really loved him:

Clint Eastwood for Tonys 2k15 host!!! Who's with me?

— Carianne (@cariannesays) 9 Jun 14

Of course, others had more critical remarks, finding a parallel between Mr. Eastwood's strained pronunciations of nominees' names with John Travolta's difficulty with Idina Menzel's name at the Oscars in March:

Well Clint Eastwood just gave John Travolta a run for his money with those pronunciations

— Nathan Carroll (@nnnathancarroll) 9 Jun 14

And Eastwood's elocution left one Twitter user frightened:

Clint Eastwood pronounced "Darko" with such brutal intensity, I will have nightmares about it tonight. Thx, Bye. #TonyAwards

— Leslie Reynolds (@lesliemreynolds) 9 Jun 14

And then there was this parting thought:

How surreal must it be to get your #TonyAward from Clint Eastwood??

— Kathleen Schowalter (@kschowalter) 9 Jun 14

— Michael Roston

9:29 P.M. Bryan Cranston Is Best Actor in a Play

Was Bryan Cranston the least shocking pick so far?

I think so. He and N.P.H. were the surest bets, with Audra a close third.

He's wrong!! The nudity in "Hair" is only in the first act! I wrote the book on this! To quote Mr. Cranston in "Godzilla," "You're LYING to us!"

Yes, I wondered about that, too, despite not having written the book. He's getting the heave-ho from the band, meaning the show is running late. And, oh boy, here comes RuPaul. Gee, I wonder what he's intro-ing. . . .

9:26 P.M. Audra McDonald Is Best Actress in a Play

Well, history has been made: It's another Audra coronation. What can she possibly think of to say at this point? And they're ovating. She's as choked up as she was last year. Or going for a seventh Tony.

I find it very hard to think or say a single unkind thing about Audra.

You're a saint. But yes, she is giving another gracious speech despite my fears. And her Billie was phenomenal. She was my choice in this category. Random side comment: My dearest wish for this Tony ceremony is for Neil Patrick Harris, as Hedwig, to storm the audience and yank Anna Wintour's sunglasses off.

9:16 P.M. A Song From 'Gentleman's Guide'

So poor Lauren Worsham had to lose her award and change almost immediately into her "Gentleman's Guide" costume to perform?

Apparently. But she's in gorgeous voice nonetheless. In fact this is the best singing of the night so far. But I'm a bit partisan.

I forgot how much I liked Bryce Pinkham in this. He actually has a little of Hugh's soft-touch virtuosity. And Jefferson did his bit admirably. Surprisingly high P.O.Y.C.C., in fact — let's go with 7.

I'm giving it a 10, but with the caveat that if it's not your cup of tea, as it were, you're better off with, er, "Rocky."

Tied score at Game 2 of the N.B.A. finals, F.Y.I. Game 2s really matter: If the Spurs win tonight, that puts Miami down 2-0. Only 16 out of 255 teams have ever come back from that deficit in an N.B.A. playoff series. That's about the same odds as an "Outside Mullingar" win for best play.

9:11 P.M. Sophie Okonedo Is Best Featured Actress in a Play

Props to Ethan Hawke for appearing despite his, ahem, less than kind reviews for "Macbeth."

Oooh, what was Vera Farmiga an understudy in? And why have they been teasing the presence of Ethan Hawke for the last hour?

Sophie Okonedo! I'm thrilled. She and Anika Noni Rose were both, for me, the standouts in that production. Which is also getting a lot of love.

If a second Tony Award constitutes "a lot of love," which apparently it does tonight. Does this bode well for LaTanya upsetting Audra?

It's a possibility. But don't count out Cherry Jones. . . .

9:09 P.M. A Song From 'Cabaret'

It's only 9 p.m. and I feel like I've been at the theater for three hours.

Remember when the Tonys would have performers of yore reprise their big numbers, à la Robert Morse's "I Believe in You"? That's what this "Cabaret" number feels like. P.O.Y.C.C. score: 3.

I suspect it went over better: I'd say a 6, but once again you wonder how many people who are watching the Tonys haven't already seen the infernal thing.

You raise an interesting point about Hedwig and the M.C. Like a lot of people, I've been waiting a long time for "Hedwig" to reach Broadway. Do you think Mendes and Marshall's cheeky take on "Cabaret" helped make it possible?

Possibly, but what really made it possible was Neil Patrick Harris's having the gumption to do it. For me "Hedwig" is a raucous show that really has been a bit glitzified for Broadway, but it's getting a lot of love.

9:01 P.M. James Monroe Iglehart Wins Featured Actor in a Musical

Is it mathematically possible for every single show to get one and only one Tony Award?

James Monroe Iglehart not only won but also got to hear his nomination read twice! Dear, confused Fran Drescher. The presenters are a bit shaky this year, I must say. Clint was unfortunate.

Quick: the one performer you most want to see give an Iglehart-style praise shout. I'm torn between Samuel Barnett and Estelle Parsons.

Estelle would be fun. But now I'm fantasizing about a duet between Alan Cumming's M.C. and Hedwig. . . .

8:47 P.M. Darko Tresnjak and Kenny Leon Win Directing Awards

Hmmm … Clint is not on his A game here. We're up to eight awards to eight different shows!

Kenny Leon was a bit of a surprise win. They really are spreading things around. I thought Tim Carroll had a lock on it, especially since Kenny Leon already directed one revival of "Raisin," no?

8:42 P.M. Idina Menzel Performs

"Aladdin" P.O.Y.C.C. score on a scale of 0 to 10: 31. Wow, Clint Eastwood was willing to make fun of the Obama-chair speech.

I'd say that topped "Miz," if maybe not a 31. But it raises the deep philosophical issue of whether it's wise to put your showstopper out there. Will audiences be deflated when they realize they've seen the highlight of the show? Well, in any case by then they've bought tickets, I suppose.

Meanwhile, we're looking at seven shows getting the seven awards. I wonder if seven for seven is some sort of record? It certainly points to what many people predicted, a night in which the awards were spread around pretty widely. The problem is the whole arms-race thing with the showstoppers: If one show goes subtle while the others pull out every bell and whistle, it's hard to be heard above the din.

Well, these days, everyone tends to go over the top. I don't think we need worry on that score. But the "42nd Street-goes-to-the-bazaar" number from "Aladdin" will be hard to out-glitz.

I know they always say it's just the one award that matters (best musical), but I feel like the whole "Winner of __ Awards!" ad copy is pretty compelling, too. "Rocky" will make a concerted effort, though.

Now, THAT'S how you make an Adele Dazeem joke: by not actually making one, like Jonathan Groff just did. Idina did just fine with the "If/Then" number, but I'm not sure the P.O.Y.C.C. number is that high. The "Frozen" addicts already know about it, and I don't think the song is quite enough to convince the fence-sitters.

These close-ups aren't doing Idina Menzel any favors. She seems a bit crazed. And seems to have twice as many teeth as a normal person. But at least there's not a lot of glittery people tap-dancing behind her.

8:28 P.M. In the Press Room: Christopher Barreca of 'Rocky'

Christopher Barreca, winner of best scenic design of a musical for "Rocky," is our first visitor to the media room. "The thing that was the most nerve-racking was the first preview, because no one was sure the audience would get into it the way we hoped they would," he said of the show. Introducing the idea of bringing the boxing ring out into the audience for the final fight was an easy sell to the rest of the creative team, he said. It proved to be the most celebrated aspect of a show that didn't get much love from critics — and it ended up winning Mr. Barreca a Tony.

— Steven McElroy

8:26 P.M. Lena Hall Is Best Featured Actress in a Musical

Hey, it's your old "Gossip Girl" co-star, Leighton Meester!

Still a dear friend. Lena Hall for "Hedwig": since N.P.H. is the safest bet, it could be a very good night for that show.

Lena Hall is the anti-Mark Rylance. But both are absolutely charming in their totally different ways.

Am loving her hysterical speech, replete with messy notes. "Friendship is magic." Well, she started off better. . . .

8:21 P.M. One 'Les Miz' Performance More

Eric, what's the score for the "Miz" number? For the 12 watchers who haven't seen it, that is. . . .

P.O.Y.C.C. for "Les Misérables": 8, simply for reminding the world that it's back on Broadway (and reminding insiders that people like Nikki M. James and Keala Settle are in it). Fun fact: Jared Grimes (the lead "After Midnight" tap dancer, in the silver pants) and Ms. James had their first stage kiss together, in a Goodspeed production of "Babes in Arms."

I agree it came across well, although Ms. James sounded frightfully shrill to me. But maybe because she had to scuttle out in front of the mosh pit to sing, which might make it hard to follow the conductor, wherever he is. And in what arcane volume of show-queen lore did you find that fact?

It's way butch-er than that: I was playing Grimes one-on-one in basketball. Guess who won, the theater critic or the physical specimen?

8:12 P.M. Mark Rylance Is Best Featured Actor in a Play

Mark Rylance, as I thought likely, for featured actor. Does this mean more from that damn poet? (And I don't refer to Shakespeare.) Well, no, he's giving a lovely speech honoring Sam Wanamaker, who founded the Shakespeare's Globe. Good for him. I take back my snark.

I agree entirely. The door is still open for two Rylance awards in one night, though, so that damn poet might still surface.

I think that's a long shot, but he's the male Audra at this point. . . .

8:09 P.M. 'After Midnight' Opener

Anna Wintour in audience — that's a first. With glasses, natch. I guess because Roger Federer flopped in France. …

SHOW HUGH'S FEET.

I see "After Midnight" has not been able to resist the impulse to throw practically the whole show onstage, in brief. It's too much, people.

Well, the whole show EXCEPT the person whose performance was nominated for a Tony (Adriane Lenox). That's always a pet peeve of mine. Along those lines, I'd like to give tonight's musical numbers a "Pull Out Your Credit Card" number. On a scale of 1 to 10 – the P.O.Y.C.C. scale, perhaps — how good a job does each musical do of getting the average viewer to want to buy a ticket right then and there? (Or in the case of "Finding Neverland," marking their calendar to check back in a year or two about buying a ticket?) By that benchmark, I'd give "After Midnight" a solid 6.

Yes, that is odd. And hardly fair. I'd give it a 5. And what are we thinking of Hugh's beard? He must be a fan of "Looking." N.P.H. getting almost as much TV time as Hugh so far.

Is there a movie role or something? I'm a big believer in people with good enough faces not hiding their chins/cheeks under a bushel. Which is why I've had a beard for the last 15 years.

8:02 P.M. Jackman Hops To It

Why is Hugh Jackman hopping? A kangaroo reference?

It's apparently an homage to a Bobby Van number from the 1950s. Goldfrapp also did a video with the same idea. Nice double jumps with Andy Karl on the jump rope, though!

This is bewildering me. I wonder what the giant national television audience can be thinking.

This is … extremely ill-conceived. Execution was fine, but …

7:51 P.M. On the Red Carpet: Neil Patrick Harris

7:48 P.M. A Lifetime Achievement Award for Jane Greenwood

Jane Greenwood accepts her lifetime achievement award, thanking wigmakers, craftspeople and other collaborators during her 50 years of working in the theater. Her first Broadway show, Edward Albee's "The Ballad of the Sad Café," was in 1963. "This award represents my Act One," she said. Ms. Greenwood is also up for a competitive Tony, for the play "Act One"; it would be her first win in 18 tries.

— Steven McElroy

7:45 P.M. A Tony for Rosie O'Donnell

Rosie O'Donnell accepts the Isabelle Stevenson Award, given for humanitarian contribution to the theater. She knew about the award a while ago but said she'd been wondering if the trophy itself would look like a real Tony. She reported that it does. Now, when guests come over, she said, she can tell them it was for best actress in a musical if she wants to.

— Steven McElroy

7:41 P.M. A Tony for Signature Theater Company

Preshow awards have begun, with the "Kinky Boots" star Billy Porter (wearing a giant and very festive bow-tie) and Karen Ziemba of "Bullets Over Broadway: The Musical" as co-hosts. James Houghton, founding artistic director of Signature Theater Company, and Erika Mallin, its executive director, accept the regional theater Tony. "We stand on the shoulders of 2,000 Signature Theater alums," Ms. Mallin said, and Mr. Houghton named every writer in residence they have so far presented. He also give a shout-out to Off Off Broadway and even Off Off Off Broadway.

— Steven McElroy

7:25 P.M. Welcome to the Tonys

Hi, Eric, and welcome to our annual Tony chat. As you know the Tonys are like the gay Super Bowl — sorry, but had to make the inevitable gay joke since Neil Patrick Harris won't be doing it. I guess. But anyway, what do you think distinguishes this year from years past?

Oh, Hugh Jackman might have a few of those in his bouncing back pocket. Correct me if I'm wrong, Charles, but I get the sense that passions don't run as high about any one play or musical this year. I'm personally an "After Midnight" and "Casa Valentina" guy, but I'm not going to lose sleep no matter what happens. That seems to be a bit more the norm out there; the one show that people seem to feel most strongly about is "The Bridges of Madison County," which has already closed. Yes? No?

I'm a "Gent's Guide" guy, much as I liked "After Midnight." And "Casa Valentina" was an interesting idea but a somewhat unwieldy and unsatisfying play. That said, Reed Birney and the cast were great. It's strange that there isn't a big front-runner. At least it makes for some suspense. But who feels strongly about "Bridges of Madison County"? We must travel in very different circles. . . .

Possibly, but let's see when the best score and best orchestrations awards are announced. Barring a big upset by Danny Burstein or a smaller one by LaTanya Richardson Jackson, I think "Bridges" prizes for Jason Robert Brown will be met with a disproportionate amount of applause. What are you particularly excited about from the 68th annual "commercial interrupted by other commercials," a quote you coined last year that I still use?

Well, we won't hear that applause, since the book and score Tonys are awarded while we are watching commercials for … I don't know, Cialis or something. If "Bridges" wins, as it might, well, as the Brits say in "Gent's Guide," oy. The thing that strikes me this year is that they are apparently packing in even more musical numbers, including a couple from shows that aren't on Broadway yet. What's next? "Live from the workshop production of 'Blue: The Joni Mitchell Musical' "? Anyway at least there are some races that are up in the air. Let's see what happens.

6:48 P.M. How They're Getting Ready for the Tony Awards

You can't host the Tony Awards on an empty stomach. That's why Hugh Jackman chowed down on some sushi this evening before he hit the red carpet. We don't know this because Mr. Jackman told anyone. We know it because he posted a photo of his pre-show meal to Instagram, where over 12,000 people (and counting) liked the photo:

Other performers and nominees gave viewers an intimate glimpse of how they were preparing for the Tony Awards on social media this evening. Neil Patrick Harris, nominated for "Hedwig and the Angry Inch," gave us a peek at his shirtless "grooming" for the show:

And Idina Menzel, nominated for her performance in "If/Then," also let her Twitter followers see how she was being styled for the show:

Getting ready for @thetonyawards with @genevieveherr @tedgibson #tonys #tonyawards http://t.co/jVt0GsU3oE

— Idina Menzel (@idinamenzel) 8 Jun 14

And another nominee acknowledged some of the nerves that might come ahead of Tonys night, and a good way to deal with them:

Quote of the day: "Relax…nothing is under control" …so don't forget to stop and eat the chocolate. ( the last part is mine)

— Audra McDonald (@AudraEqualityMc) 8 Jun 14

— Michael Roston

4:59 P.M. Ellen's Retweet Record Is Probably Safe

There's something about awards shows that bring out the record-breaking spirit on social media. Could tonight's Tony Awards, hosted by Hugh Jackman, be another opportunity to set a new benchmark on Twitter, Instagram or some other platform?

In 2011, a record was set for the volume of messages sent on Twitter.com during the MTV Video Music Awards. Beyoncé and Jay Z made the announcement that she was pregnant with the baby who would become Blue-Ivy Carter and Twitter users went wild.

Then this March, Ellen DeGeneres, while hosting the Academy Awards, broke President Obama's 2012 election night retweet record. Her celebrity-studded selfie photo, has been retweeted nearly 3.5 million times.

If only Bradley's arm was longer. Best photo ever. #oscars http://t.co/C9U5NOtGap

— Ellen DeGeneres (@TheEllenShow) 3 Mar 14

So far, Ellen's record has been unbeatable, although a few people have tried to top it. The late-night host Jimmy Kimmel, for instance, got together with the Clinton family on a bid to pass Ms. DeGeneres at a Clinton Global Initiative event:

.@TheEllenShow- No Brad Cooper but 3 Clintons & a Kimmel @BillClinton @HillaryClinton @ChelseaClinton #selfie http://t.co/GyGFxnUjfP

— Jimmy Kimmel (@jimmykimmel) 23 Mar 14

Even the combined 4 million followers of President Bill, former Secretary of State Hillary and ex-first daughter Chelsea Clinton couldn't power Mr. Kimmel past Ellen. So what hopes would there be for a more modest person's attempt to break the record?

Better than you might think.

Let's see if we can beat the Oscar re-tweets! http://t.co/hke2BbcUJb

— Terry Shipman (@terry_shipman) 4 Mar 14

Terry Shipman, a Beaumont, Tex., man, posted a photo from his sofa on March 4 with two cute dogs. "20 followers and a dream," one Twitter user responded. Roughly 185,000 users have shared the photo so far. That's surpassed Mr. Kimmel's effort, but is still a ways from Ellen's benchmark. Mr. Shipman is now up to 8,200 followers, and perhaps has cycled through his 15 minutes of fame.

The creators of "The Simpsons" — or their social media staff, at least — also tried to piggyback on Ellen's photo, seeking to "break Twitter again" with what they called the "ugly true story" of Ellen's selfie.

The ugly true story of that Oscar® selfie can finally be told! Let's break Twitter again. Look for Bart. http://t.co/tdfr3Juhff

— Homer J. Simpson (@HomerJSimpson) 5 Mar 14

No word yet on whether Bart Simpson will be writing "I will not try to break Ellen's retweet record" on a chalkboard in a future episode.

So what are the prospects for Hugh Jackman or the Tony Awards producers if they want to come at Ellen's record during tonight's broadcast? Probably not great. The Tony Awards viewership is considerably lower than that of the Oscars. And while Mr. Jackman's 4 million-strong Twitter following is nothing to sniff at, there are seven times as many people following @TheEllenShow, the account that hosted the record tweet.

Mr. Jackman could set his sights on a more modest record. In the days leading up to the Tonys broadcast, he's been very active on Instagram, the photo-sharing social network owned by Facebook. And the record for most "liked" photo on that platform could be considerably more within reach.

On May 27, a photo from the wedding of Kim Kardashian and Kanye West was posted on Ms. Kardashian's Instagram account. At more 2.2 million "likes," it currently holds the record for most-liked photo on that platform. Perhaps if Mr. Jackman finds the right cluster of celebrities seated together at the Tony Awards — and overcomes the 14 million-follower deficit he has with Ms. Kardashian — he'll have his own awards show social media record to brag about.

— Michael Roston

4:32 P.M. Tight Tonys Race to End Tonight

One of the most competitive and unpredictable years in the Tony Awards will end Sunday night with the winners revealed from the stage of Radio City Music Hall, broadcast live starting at 8 p.m. on CBS. Charles Isherwood, a theater critic for The Times, and others will be offering analysis and color commentary on ArtsBeat during the three-hour ceremony. Here are five things to watch for at the 68th annual Tonys:

The opening number. Who else thinks last year's song-and-dance medley at the top of the ceremony, led by host Neil Patrick Harris, was the best Tonys opening number ever? This year's host, Hugh Jackman, told The Times that he couldn't possibly go bigger. So what will he do? In recent Tony video teasers, Mr. Jackman has been bouncing an awful lot, in tribute to the theater and film actor Bobby Van in "Small Town Girl," a 1953 musical movie with a famous scene where Van's character jumps giddily through the streets. Will Mr. Jackman bring a silliness, or elegance, that matches Mr. Harris's gusto?

Tonys for best book and best score. If these two awards, which will be given early on Sunday night, both go to "A Gentleman's Guide to Love & Murder," it may augur a win for a best musical Tony by that show as well. "Gentleman's Guide" is the front-runner for best book, but it faces tough competition from "The Bridges of Madison County" and other shows for best score. But if "Beautiful: The Carole King Musical" wins for best book (the show is not eligible for score), it would be an upset and a good sign that "Beautiful" might run the table on Sunday night and beat "Gentleman's Guide" for best musical.

Best featured actor in a play. If Mark Rylance of "Twelfth Night" wins the Tony in this category, which will also come early in the CBS telecast, it sets up a history-making possibility should Mr. Rylance go on to win for best actor as well for "Richard III." No actor has ever won in both acting categories in the same year. A Rylance win for "Twelfth Night" may signal that the production will be dominant in other categories as well, like best play revival; "Twelfth Night" is nominated for a total of seven Tonys. By contrast, a win in this category for Reed Birney of Broadway's "Casa Valentina" would be an exciting moment for his many fellow theater veterans who regularly perform in Off Broadway plays for just a few hundred dollars a week, as Mr. Birney has done for years.

Clint Eastwood. The director of the forthcoming film adaptation of Broadway's "Jersey Boys" musical, Mr. Eastwood is slated to announce the Tony winners for best director of a musical and best director of a play. Will he be warmly welcomed? Or might there be lingering hard feelings among the liberals at Radio City over his attacks on President Obama (represented by an empty chair) during the 2012 Republican presidential convention?

Carole King, Jennifer Hudson, Sting. These three performers are set to have star turns during the Tonys telecast. How successfully are they deployed during their respective numbers?

As for the many tight Tonys races – for best musical, best play, best actress in a play and in a musical, and other categories – the nail-biting will soon be over. Look for coverage throughout Sunday night and a wrap-up at nytimes.com after the ceremony and in Monday's newspaper.

— Patrick Healy

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Sports: Live Analysis: Tonalist Denies California Chrome the Triple Crown

Tonalist, ridden by Joel Rosario, won the 146th running of the Belmont Stakes on Saturday at Belmont Park, denying California Chrome his shot at becoming the 12th Triple Crown winner and the first since Affirmed in 1978.

California Chrome, who was ridden by Victor Espinoza and had won his previous six starts by a combined a combined 27 1/2 lengths, including the Kentucky Derby and the Preakness Stakes, finished in a dead heat for fourth place. He was vying to become the first California-bred to win the Triple Crown.

After the race, one of California Chrome's owners, Steve Coburn, told NBC that those horses that had skipped one or more legs of the Triple Crown had taken "the coward's way out." Both Tonalist and Commissioner ran in neither the Derby nor the Preakness, and Medal Count skipped the Preakness.

"Our horse had a target on his back and everybody else lays out one and they won't run in the Kentucky Derby or the Preakness; they'll wait until the Belmont," Cobrun said. If you've got a horse, run him in all three."

On May 3, he became the fifth California-bred to win the Derby, the sport's most prestigious race, and the first since Decidedly in 1962. In the Preakness two weeks later, he became the fifth California-bred to win that race and the first since Snow Chief in 1986.

"As soon as he came out of the gate, I could tell he wasn't the same," Espinoza said.

In 2002, Espinoza pulled into the Belmont aboard War Emblem with a shot at the Triple Crown, but the colt stumbled at the start and finished eighth, well behind the record 70-1 shot Sarava.

Art Sherman, California Chrome's 77-year-old trainer, had conditioned multiple graded stakes winners but never a contender in a Triple Crown race. He declined to comment after the race, according to the New York Racing Association.

His son, the assistant trainer Alan Sherman, said of California Chrome: "He was wore out, I think. Victor seemed to think he handled the surface fine."

Tonalist returned $20.40 for a $2 wager to win. His winning time was 2 minutes, 28.52 seconds for the mile-and-a-half course.

"I'm a little bit upset about California Chrome," Rosario said. "If I was going to get beat, I wanted to just get beat by him."

10:27 P.M. Attendance, at Last

The attendance was finally announced in the press box. It was 102,199, which is a nice crowd for the Belmont Stakes, but far off the record of 120,139 (set in 2004, when Birdstone denied Smarty Jones a Triple Crown sweep).

The on-track handle of $19,105,877 and all-sources handle of $150,249,399 easily setting all-time New York Racing Association records.

Goodnight from the press box. See you next year.

7:17 P.M. Order of Finish

1. Tonalist
2. Commissioner
3. Medal Count
4. California Chrome (dead heat)
4. Wicked Strong (dead heat)
6. Samraat
7. General a Rod
8. Matterhorn
9. Commanding Curve
10. Matuszak
11. Ride On Curlin

— Jim Luttrell

6:55 P.M. And They're Off…

… in the Belmont Stakes. General A Rod and Commissioner battled for the early lead while California Chrome was shuffled back to third. Chrome is fourth off the turn. And Tonalist storms to the victory. Commissioner, after dueling for the early lead, holds on for second. Medal Count is third, while California Chrome and Wicked Strong finish in a dead heat for fourth. The buzz quickly leaves Belmont Park.

6:54 P.M. They're at the Gate

Chrome loads with little difficulty, and now he must wait for the nine others to join him.

— Jim Luttrell

6:45 P.M. The Horses Are on the Track

California Chrome received the largest ovation from the packed house. You cannot see an inch of blacktop on the apron, which is full of standing spectators. but all the horses seemed calm.

— Jim Luttrell

With less than 20 minutes to post, California Chrome's odds have risen from 3-5 on the morning line to a robust 4-5.

Wicked Strong is the clear second choice at 5-1, while Commanding Curve and Ride On Curlin are both 8-1. Tonalist is at 11-1. The rest of the field: Medal Count, 25-1; Matterhorn, 38-1; Matuszak, 32-1; Samraat, 19-1; Commissioner, 27-1; and General a Rod, 34-1.

— Jim Luttrell

O.K. I'll admit it, I just got goosebumps for the first time today. And I fully expect half the press box to shed a few tears if California Chrome does indeed win. Chrome's loquacious co-owner just entered the owner's box and stood up and tipped his cap to the crowd. It seemed as if the entire crowd turned around and started to chant, "Let's Go Chrome!"

Now Frank Sinatra Jr. is singing "New York, New York" as the horses make their way to the racetrack. The buzz is palpable.

6:39 P.M. Paddock Madness

The horses have reached the paddock to be saddled, and half the crowd went with them. It appears as if anyone who was lucky enough to secure a pass to gain access to the restricted area is putting it to good use.

6:31 P.M. Call of a LIfetime

Bill Kostroun/Associated Press

6:37 P.M. And Even More Chromies

Though several fans held signs for California Chrome, only the most dedicated dressed the part, too. Melissa Mendez, 44, and her 8-year-old son, Gabriel, wore shirts emblazoned with messages for the colt.

"Chrometastic," one read. "Got Chrome?" said the other.

A friend, Wind Larson, 39, wore a crown with three fake roses, held together by wire. Others in their group also had crowns. "It's Burger King, with chrome spray paint," she said. "The lady thought we were nuts when we asked for nine crowns."

— Matt Flegenheimer

6:18 P.M. Hoping for a Parting Gift

The jockey valet Mario Etchemendy will be working for California Chrome's jockey, Victor Espinoza, today. Asked if Espinoza had displayed any nerves the past few days, he said: "No that's one thing, he's not nervous. Even the jockeys, they say he's the same, it doesn't matter how many races he wins. He's always the same guy."

Because Espinoza rides primarily in Southern California and Etchemendy is a fixture in New York jockey's rooms, he was asked if he had offered him any tips. "No, no tips. He's very easy, no problems, never complains about anything." Whenever Espinoza comes to New York, Etchemendy takes care of him. For 17 years, he worked with his brother, Jose, who retired after a spill in August at Saratoga.

As for the Triple Crown possibilities, Etchemendy, 61, who will be retiring next month after 25 years at NYRA, offered one word: excitement. "It would be a nice retirement gift if he can win the Triple Crown," he said. "It was a very nice ride, I'll tell you. I will probably miss the game, but I had my fun here."

6:15 P.M. Let the People Bet!

With long lines of inexperienced bettors, some track veterans grew frustrated. Several were stranded in a line, unable to make their bets, beneath the clubhouse seats before the ninth race, as a parimutuel clerk struggled to input a series of wagers quickly enough.

"Get her out!" a man shouted, and a brief chant began. Fran Behrendt, 79, sighed beneath her sun hat from the middle of the pack. "There's no air," she said.

— Matt Flegenheimer

This week, the Metropolitan Transportation Authority said it had added enough trains to bring "up to 20,000 thoroughbred racing fans" to Belmont Park.

By shortly after 5 p.m., the authority said, more than 33,000 had boarded. The agency plans to add trains "as needed" after the race, but attendees should expect significant waits for the trip home. Before the race, the authority estimated wait times of up to two hours.

— Matt Flegenheimer

6:11 P.M. Going Back to Cali (With a Crown?)

Women in fancy dresses and big hats on chairs with sailors in dress whites, losing it to LL Cool J. This is your 2014 #BelmontStakes

— Jim Luttrell (@jimluttrell) 7 Jun 14

LL Cool J is in the house. He's stalking the DJ stand next to the winner's circle. Pretty sure California Chrome can hear the bass in his barn. You think he ever thought that he'd be the opening act for Frank Sinatra Jr.?

— Joe Drape

6:05 P.M. Dispatch from Los Alamitos

Our friend Orlando Gutierrez, the marketing and publicity director at Los Alamitos, California Chrome's home base, sent us this note: "It's a beautiful day here at Los Alamitos. Everyone is so happy and looking forward to the race. We already have 5,670 through the turnstile today. That's more than we had on Derby Day on May 3. We've never had a bigger crowd on Belmont Day than on Derby Day. Everyone is smiling and talking about The Chrome. This is a great sign of what's to come for our opening day of thoroughbred racing on July 3. KABC and Telemundo are here to catch the fan reaction of the Chromies. We posted some photos on out Twitter page at @losalracing."

6:04 P.M. Triple Crown Memories

Dr. Jim Hill, a former veterinarian who co-owned the Triple Crown winner Seattle Slew, was in the paddock Friday. Asked about California Chrome, he responded: "Oh boy, he's something special isn't he? They got him to beat, don't they? It would be great for racing; I'll root for him to win it, but I want him to be a great horse." Are you saying he's an ordinary horse? "We'll see, won't we."

His wife, Sally Hill, was sitting in the shade in the owners' boxes. Today she is sitting in a box with Secretariat's owner, Penny Chenery, and near Patrice Wolfson, the owner of Affirmed. Every year when there's a Triple Crown on the line, Wolfson makes the Triple Crown ladies corsages in their respective silk colors.

Asked about California Chrome, she said: "I think he has a real shot. I really, really do. My husband's been out the past two mornings, looking at him, and he says he looks even better in the flesh than he does on TV. They say he likes the track. I wish everybody good luck in the race, but in my heart, I think we need a Triple Crown winner. Patrice, Penny and I, have been there the last 12 times and somebody always says, "Wow, we still belong to a very small group."

The ladies presented the trophy in the seventh race today, the Ogden Phipps, which was won by Close Hatches.

"We're always happy to see each other," she said. "Penny was kind of a mentor to me in a lot of ways. When it looked like Slew was going to be a really nice horse, talked to me at length about mistakes not to make, she said, 'Have a great time and have your family and your friends, really enjoy every moment of it.' Which we did, in spades, as they say."

Sally Hill noted Chrome's charisma, and said Slew was the same way.

"Slew, every time he walked out of the stall in the morning at the barn, if he stepped out, and there were no cameras clicking, he just went about his business," she said. "If there were, he stopped and absolutely posed. I've heard Billy talk about that many times. He was a very unusual horse; he picked his own way to the track. If there was a goat, a rabbit, he would stop and wait for it to come out. He knew it was their barn. He would also stop and watch planes on approach to Kennedy."

She also noted the energy level at the racetrack when there's a Triple Crown on the line.

"There's an energy when that gate opens in the crowd that is so everybody's heart is just pounding," she said. "We were in the city yesterday, and people who really don't follow racing at all were talking about this: 'Hey are you going to watch the Belmont? Yeah, we're having a party at my house.' That's wonderful. This game needs this so badly, especially for the young people. We've got our fingers crossed."

5:47 P.M. Boys' Night Out

By 4 p.m., Jennifer Widay, 31, and her 8-month-old daughter Brinley had had enough. "It's kind of crazy," she said. "I just called a car."

Widay had attended the Belmont three years ago, when there was no Triple Crown contender, and recalled a low-stress day.

As Ms. Widay spoke, her husband, Kyle Widay, 32, returned with a can of Coors Light, which Brinley grabbed with both hands to cool off. Kyle would be staying for the Belmont, with some of the pair's friends from college, he said.

"I'm a good wife," Ms. Widay said. Her husband nodded.

— Matt Flegenheimer

5:37 P.M. Party in the Back Yard

By mid-afternoon, a crowd pocked with horse racing novices appeared to grow restless as they waited for the big race.

Near the paddock, hours of alcohol consumption, which no doubt aided in the morning's good cheer, seemed to exacerbate tensions. A man in a blue jacket and fedora berated his partner, who appeared unsure what she had done.

The stubby remainders of cigars littered the grounds, beside small heaps of losing tickets. In some corners, few flat surfaces were without a discarded beer can or six. Beneath a perpetual stampede in the food area, a paper sign, blown from across the track, read as something of a cruel joke. "Private Party," it said.

— Matt Flegenheimer

5:34 P.M. Savoring Secretariat

Lisa Foster was 4 years old when Secretariat swept to the Triple Crown in 1973. "I don't remember it," she said. At the same time, the resident of Cumberland, Maine, cannot forget it. She pulled out a credit card at a display table of Secretariat memorabilia and purchased items as a graduation gift for her daughter. Pointing to a DVD, she said, "I swear I've watched that movie a hundred times."

There were small shot glasses for $6, a wide-angle photo of the '73 Belmont Stakes finish for $250 and bags, T-shirts, glasses, mugs, caps, books, movies and jewelry in between.

As for the autograph signed earlier in the day by Penny Chenery, the horse's 92-year-old breeder and owner: priceless.

Archival photos of the 11 horses who won the Triple Crown: http://t.co/hNLDz0pw8m Photo: Barton Silverman/NYT http://t.co/JBiJZWL1OM

— NYT Sports (@NYTSports) 7 Jun 14

— Mike Tierney

5:26 P.M. Weather Fit for the Golden State

It's 82 degrees and sunny at Belmont Park right now, and the crowd, which appears to have reached the 100,000-plus mark that organizers were expecting, appears to be having a good time, despite 16 oz. cans of Heineken costing $15 and bottled water costing $5. There is lots of California Chrome memorabilia for sale, and nasal strips are a fashionable accessory. Also spotted: Rangers jerseys.

Want to know more about the field for the 146th running of the Belmont Stakes? We've got you covered. Here is a chart listed in order of post position with comments provided by Joe Drape and Melissa Hoppert. Both have also picked California Chrome to become the first Triple Crown winner since 1978.

Joe Drape's Picks: California Chrome, Wicked Strong, Matuszak

Melissa Hoppert's Picks: California Chrome, Tonalist, Wicked Strong

5:07 P.M. Get a Head Start

Shannon Stapleton/Reuters

4:58 P.M. Welcome to Belmont Park

Welcome to our coverage of the 146th running of the Belmont Stakes from Belmont Park, where the Kentucky Derby and Preakness Stakes winner California Chrome will be attempting to become the 12th Triple Crown winner and the first since Affirmed in 1978. There are 10 contenders standing in his way, including six of his opponents from the Derby, and two from both of the first two legs, Ride On Curlin (7th and 2nd) and General a Rod (11th and 4th).

Still, California Chrome is the overwhelming 3-5 morning-line favorite to claim the Crown. Post time is set for 6:52 p.m. Eastern. Can he do it? We hope to have insight and observations from others in the racing community and invite readers to join the conversation in the comments area below. Feel free to pass along your picks as well.

Palace Malice, the 2013 winner of the Belmont Stakes, edged out Goldencents, his former competitor in last year's Kentucky Derby, in the ninth race, the 121st running of the Metropolitan. Romansh finished third.

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DealBook: Overruled, Judge Still Left a Mark on S.E.C. Agenda

Updated, 8:36 p.m. | Jed S. Rakoff is a maverick jurist who picked a three-year fight to make the Securities and Exchange Commission tougher on a Wall Street bank.

While Judge Rakoff of Federal District Court in Manhattan lost that fight on Wednesday, he had already secured a victory of sorts, having set in motion a series of events that swayed public opinion and influenced the S.E.C.'s broader enforcement agenda.

A federal appeals court on Wednesday overturned Judge Rakoff's decision in 2011 to reject an S.E.C. settlement deal with Citigroup, undercutting the judge's concerns that the bank got off with little more than a slap on the wrist. In a long-awaited opinion, a three-judge panel of the United States Court of Appeals for the Second Circuit concluded that Judge Rakoff "abused" his discretion "by applying an incorrect legal standard" to the case. The court sent the case back to Judge Rakoff, who is expected to eventually approve the deal.

The panel's decision, which hands a win not only to Wall Street, but also to its federal regulator, will most likely rein in Judge Rakoff's criticisms of S.E.C. settlements. For the agency, which came under fire from Judge Rakoff and others for settling without demanding admissions of wrongdoing, it is a moment of validation.

"Trials are primarily about the truth," the appellate panel wrote in its opinion. "Consent decrees are primarily about pragmatism."

No judge likes a higher court rebuke. But Judge Rakoff's effort was not in vain.

His standoff with the S.E.C. inspired other judges to question a handful of securities cases. And to critics of Wall Street, the judge became something of a celebrity, a representative of the effort to crack down on Wall Street misdeeds. Rolling Stone declared him "a sort of legal hero of our time."

The S.E.C., under its chairwoman, Mary Jo White, has pursued a course change of its own after Judge Rakoff's decisions. Last year, the agency reversed its longstanding yet unofficial policy of allowing companies to neither "admit nor deny wrongdoing," signaling that it would force admissions in particularly egregious cases.

"The Second Circuit can't put the genie back in the lamp," said Jill E. Fisch, a professor at University of Pennsylvania Law School who specializes in corporate law. "This opinion is not going to turn back the clock."

Judge Rakoff was not alone in his concerns about the Citigroup case. In 2012, a federal jury rejected the S.E.C.'s case against a midlevel Citigroup employee, prompting the jury foreman to question "Why didn't they go after the higher-ups rather than a fall guy?"

Known for his quick wit and iconoclastic views, Judge Rakoff did not contain his criticism to the Citigroup case. He also rejected an earlier S.E.C. deal with Bank of America. And when he finally approved that deal — after the regulator agreed to raise the fine — he still called it "half-baked justice at best."

Outside the courtroom, the judge has been a thorn in the side of prosecutors. He recently wrote an article in The New York Review of Books that questioned why prosecutors never charged a top Wall Street executive over the financial crisis.

Lawyers who practice before Judge Rakoff, speaking on the condition of anonymity, noted that he was nothing if not lively. When taking the S.E.C. to task for filing an insider trading case against Rajat Gupta, a former Goldman Sachs director, in its own administrative court, a move criticized as forum-shopping, Judge Rakoff opened his ruling by remarking that "a funny thing happened on the way to this forum."

"He is a bit contrarian and that is a good thing," said Carl Tobias, a professor at the University of Richmond School of Law. "I think he relishes that to some extent."

The Citigroup case, which captured the attention of Wall Street and the white-collar bar, proved to be one of Judge Rakoff's biggest moments in the spotlight. As the financial industry faces a growing number of criminal and civil investigation, banks looked to that case as a barometer for the broader crackdown.

Unlike most judges who rubber-stamp settlements, Judge Rakoff rejected what he saw as a sweetheart deal for Citigroup, which the S.E.C. accused of duping investors into buying a complex mortgage deal during the waning days of the housing boom. The bank agreed to pay $285 million to settle the civil fraud case.

The judge, a former federal prosecutor and defense lawyer, called the fine "pocket change" for the bank.

Echoing broader concerns about the government's response to the financial crisis and its pursuit of financial crime, he also took aim at the S.E.C.'s decision to allow Citigroup to settle the case without admitting wrongdoing, saying the parties deprived the public "of ever knowing the truth in a matter of obvious public importance."

But the three-judge panel — Rosemary S. Pooler, Raymond J. Lohier Jr. and Susan L. Carney — concluded that it "is not within the district court's purview to demand 'cold, hard, solid facts.' " The appellate court instead outlined a checklist for judges to follow when weighing enforcement cases, saying they must "determine whether the proposed consent decree is fair and reasonable, with the additional requirement that the public interest would not be disserved."

The appellate ruling will have an immediate impact on another big case — the settlement of an insider trading lawsuit the S.E.C. filed against SAC Capital Advisors. Judge Victor Marrero, also a federal judge in Manhattan, raised concerns about the "neither admit nor deny" language contained in the settlement.

He approved the deal, but made his decision contingent on the outcome of the appeal in the Citigroup case.

The appellate court, while remanding the Citigroup case back to Judge Rakoff, did not require him to immediately approve the deal. The judge, the court ruled, may still pry loose additional disclosures from the S.E.C. and Citigroup.

"On remand, if the district court finds it necessary, it may ask the S.E.C. and Citigroup to provide additional information sufficient to allay any concerns the district court may have regarding improper collusion" between Citigroup and the S.E.C., the appellate court said in its ruling, written by Judge Pooler.

In a concurring opinion, Judge Lohier called Mr. Rakoff a "very able and distinguished" judge.

Judge Rakoff declined to comment on the ruling, as did Citigroup.

In a statement, the S.E.C.'s enforcement director, Andrew J. Ceresney, said he was "pleased with today's ruling." He added that "while the S.E.C. has and will continue to seek admissions in appropriate cases, settlements without admissions also enable regulatory agencies to serve the public interest."

The prospect of wide-scale admissions initially alarmed Wall Street and the white-collar bar.

At oral arguments before the Second Circuit last year, Brad S. Karp, a lawyer for Citigroup and the chairman of Paul Weiss, seized on concerns about judges suddenly requiring admissions of wrongdoing. The admissions, in theory, could open the floodgates to shareholder lawsuits.

"The federal regulatory enforcement regime would screech to a grinding halt," Mr. Karp said.

Judge Rakoff, who was appointed to the bench by President Clinton, is no stranger to bucking legal trends. In 2002, he ruled that the death penalty was unconstitutional. The judge — whose friends described him as a renaissance man, an Oxford graduate who spends his free time ballroom dancing — also questioned whether some of the government's tactics in combating terrorism encroached on civil liberties.

And Judge Rakoff, a die-hard Yankees fan, surprised some New Yorkers when he declined to delay suspensions of four Knicks players during the 1997 N.B.A. playoffs.

"This court is sufficiently parochial," he remarked at the time, "to wish that the Knicks be in every playoff in every round in every season."

Michael Corkery contributed reporting.

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