packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.” The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.

new book, “Noise: A Flaw in Human Judgment,” the Princeton psychology professor and Nobel laureate Daniel Kahneman, along with co-authors Olivier Sibony and Cass Sunstein, argue that these inconsistencies have enormous and avoidable consequences. Kahneman spoke to DealBook about how to hone judgment and reduce noise.

DealBook: What is “noise” in this context?

Kahneman: It’s unwanted and unpredictable variability in judgments about the same situations. Some decisions and solutions are better than others and there are situations where everyone should be aiming at the same target.

Can you give some examples?

A basic example is the criminal justice system, which is essentially a machine for producing sentences for people convicted of crimes. The punishments should not be too different for the same crime yet sentencing turns out to depend on the judge and their mood and characteristics. Similarly, doctors looking at the same X-ray should not be reaching completely different conclusions.

How do individuals or institutions detect this noise?

You detect noise in a set of measurements and can run an experiment. Present underwriters with the same policy to evaluate and see what they say. You don’t want a price so high that you don’t get the business or one so low that it represents a risk. Noise costs institutions. One underwriter’s decision about one policy will not tell you about variability. But many underwriters’ decisions about the same cases will reveal noise.

WSJ)

  • An arm of Goldman Sachs has raised $3 billion from clients to invest in later-stage start-ups. (WSJ)

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    Apollo Co-Founder Exits After Clash Over Epstein Ties: Live Updates

    give up day-to-day duties at the private equity giant, after clashing with his fellow founders over the departure of Leon Black as the firm’s chief executive.

    The departure of Mr. Harris, 56, comes months after he argued that Mr. Black should step down immediately following Apollo’s investigation into his ties to Jeffrey Epstein, the late financier and registered sex offender. Mr. Harris was overruled by the other two members of Apollo’s executive committee, the firm’s other founders, Mr. Black and Marc Rowan.

    Mr. Harris served as one of Apollo’s most visible and hands-on managers, but instead of succeeding Mr. Black as chief executive, he lost out to Mr. Rowan, who had announced last year that he was taking a “semi-sabbatical” from the firm.

    In March, however, Mr. Black — who had agreed to step down as chief executive in July, while remaining chairman — unexpectedly gave up all his duties. Mr. Black, at the time, cited health reasons and continuing media coverage of his dealings with Mr. Epstein.

    But by then, Mr. Harris was seen as having less of a leadership role at the firm. It was Mr. Rowan who engineered Apollo’s takeover of Athene, a big insurance and lending affiliate that is expected to bolster the firm’s investing power.

    Mr. Harris was not on Apollo’s quarterly earnings call with analysts earlier this month, an absence noted by a participant on the call, which fueled speculation that his role at Apollo had diminished since Mr. Rowan’s ascension.

    Mr. Harris had wanted Mr. Black to make a complete break with Apollo after a law firm hired by Apollo’s board had found Mr. Black paid $158 million in fees to Mr. Epstein and lent him another $30 million in recent years. Mr. Harris was concerned that institutional investors in Apollo funds might be troubled by the law firm’s findings, even though the report concluded Mr. Black had paid Mr. Epstein for legitimate tax planning advice and had done nothing improper.

    Apollo’s stock, which had lagged its competitors while the law firm investigated the matter, has risen about 20 percent since Mr. Black said he was resigning as chairman.

    The board of Apollo hired the outside law firm to conduct review following a report in October in The New York Times of Mr. Black’s business and social dealings with Mr. Epstein, who died in federal custody in August 2019 while awaiting trial on sex trafficking charges.

    Mr. Harris will officially step down after Apollo completes the Athene deal, which is expected to be completed early next year. He will remain a member of the firm’s board and its executive committee. Mr. Harris, like Mr. Black, is one of Apollo’s largest shareholders.

    He is expected to focus on an array of other business interests, including his co-ownership of several professional sports franchises — including the Philadelphia 76ers basketball team and the New Jersey Devils hockey team — and his family office. He is also expected to focus more on philanthropy.

    “I have become increasingly involved in these areas and knew that one day they would become my primary pursuit,” Mr. Harris wrote in an internal memorandum reviewed by The Times.

    Mr. Harris, whose net worth is estimated at just of $5 billion, recently bought a $32 million mansion in Miami.

    Stocks on Wall Street edged higher on Thursday, rebounding slightly from three consecutive days of selling.

    The S&P 500 rose 0.3 percent in early trading. The index had dropped 1.4 percent through the close on Wednesday, after falling by the same amount the week before.

    Concerns about rapid economic growth fueling inflation, as well as rising coronavirus cases in some parts of the world, have undermined recent optimism about the global economic recovery from the pandemic.

    On Wednesday, minutes of the latest Federal Reserve policy meeting showed several officials thought that “at some point in upcoming meetings” they could begin to discuss tapering the bank’s bond-buying program. Investors have speculated the central bank would have to do so as price increases accelerated. The same day, data showed Britain’s annual inflation rate doubled to 1.5 percent in April.

    European stock indexes were higher on Thursday. The Stoxx Europe 600 rose 0.8 percent as gains in health care and industrial stocks outweighed a fall in energy company shares. The FTSE 100 in Britain rose about half a percent.

    Initial claims for state jobless benefits fell again last week, continuing a fairly steady decline since the start of the year, the Labor Department reported Thursday.

    The weekly figure was slightly under 455,000, a decline of 37,000 from the previous week and the lowest weekly total since before the pandemic. New claims for Pandemic Unemployment Assistance, a federally funded program for jobless freelancers, gig workers and others who do not ordinarily qualify for state benefits, totaled 95,000. The figures are not seasonally adjusted.

    New state claims remain high by historical levels but are less than half the level recorded as recently as early January. The benefit filings, something of a proxy for layoffs, have receded as business return to fuller operations, particularly in hard-hit industries like leisure and hospitality.

    More than 20 Republican-led states have said they will abandon federally funded emergency benefit programs in June or early July, saying the income is deterring recipients from seeking work as some employers complain of trouble filling jobs. Those programs include not only Pandemic Unemployment Assistance but also extended benefits for the long-term unemployed.

    Ford’s new electric F-150, called the Lightning, is expected to go on sale next spring.
    Credit…Ford

    Ford unveiled an electric version of its popular F-150 pickup truck on Wednesday called the Lightning, signaling a shift in the auto industry’s electric vehicle push, which so far has been aimed at niche markets.

    With an electric motor mounted on each of its axles, the vehicle will offer more torque — in effect, faster acceleration — than any previous F-150 and will be capable of towing up to 10,000 pounds, Neal E. Boudette reports for The New York Times. Its battery pack can put out 9.6 kilowatts of energy, making it able to power a home for about three days during an outage, according to Ford.

    For contractors and other commercial truck users, the Lightning will be able to power electric saws, tools and lighting, potentially replacing or reducing the need for generators at work sites. It has up to 11 power outlets.

    The truck is expected to go on sale next spring, with a starting price of $39,974 for a model that can travel 230 miles on a full charge. A version with a range of 300 miles starts at $59,974.

    The truck’s base price is a few thousand dollars less than that of a Tesla Model 3 and even that of the company’s own Mustang Mach-E sport-utility vehicle. The total cost is lower still because buyers of Ford’s electric vehicles still qualify for the $7,500 federal tax credit available for the purchase of E.V.s. Some states such as California, New Jersey and New York offer additional rebates worth as much as $5,000.

    Adam Aron, chief executive of AMC, said on the most recent earnings call that the chain had been “within months or weeks of running out of cash” multiple times during the pandemic.
    Credit…Philip Cheung for The New York Times

    The Alamo Drafthouse theater chain furloughed its 3,100 employees during the pandemic, declared bankruptcy in December, shut down three theaters as part of its restructuring plan and halted a planned project in Orlando. AMC Entertainment’s chief executive, Adam Aron, said this month that the chain had been “within months or weeks of running out of cash five different times between April 2020 and January 2021.”

    Now, theaters are trying to assure people that the troubles are over, Nicole Sperling reports for The New York Times. That movies are coming back, with a vengeance, and moviegoing should soon return to normal.

    “It’s magic, what we do,” Tim League, Alamo’s founder, said in a phone interview. He acknowledged that his company got dangerously close to running out of money in December before filing for Chapter 11 bankruptcy protection. “We’re in the business of creating the best possible viewing experience — to get lost in an amazing story and have heightened emotions around it. It’s amazing when it’s done right, and we’re in the business of doing it right. I know that people are craving a return to any kind of out-of-home experience, being with people and having a sense of rejoining the community.”

    Some 70 percent of moviegoers are comfortable to returning to the theater, according to the exhibition research firm National Research Group. The box office for April hit $190 million, up 300 percent since February. That’s a welcome relief to the South African director Neill Blomkamp, whose new horror film “Demonic” from the indie outfit IFC will debut only in theaters at the end of August.

    “This brings me joy,” he said in a video message. “I want people to be terrified in a darkened theater.”

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    Bill Gates Had Reputation for Questionable Behavior Before Divorce

    By the time Melinda French Gates decided to end her 27-year marriage, her husband was known globally as a software pioneer, a billionaire and a leading philanthropist.

    But in some circles, Bill Gates had also developed a reputation for questionable conduct in work-related settings. That is attracting new scrutiny amid the breakup of one of the world’s richest, most powerful couples.

    In 2018, Ms. French Gates wasn’t satisfied with her husband’s handling of a previously undisclosed sexual harassment claim against his longtime money manager, according to two people familiar with the matter. After Mr. Gates moved to settle the matter confidentially, Ms. French Gates insisted on an outside investigation. The money manager, Michael Larson, remains in his job.

    On at least a few occasions, Mr. Gates pursued women who worked for him at Microsoft and the Bill and Melinda Gates Foundation, according to people with direct knowledge of his overtures. In meetings at the foundation, he was at times dismissive toward his wife, witnesses said.

    public view, Ms. French Gates was unhappy. She hired divorce lawyers, setting in motion a process that culminated this month with the announcement that their marriage was ending.

    a public appearance in 2016.

    Long after they married in 1994, Mr. Gates would on occasion pursue women in the office.

    In 2006, for example, he attended a presentation by a female Microsoft employee. Mr. Gates, who at the time was the company’s chairman, left the meeting and immediately emailed the woman to ask her out to dinner, according to two people familiar with the exchange.

    “If this makes you uncomfortable, pretend it never happened,” Mr. Gates wrote in an email, according to a person who read it to The New York Times.

    in a column in Time magazine announcing the pledge.

    money manager, earning solid returns on the Gateses’ and the foundation’s combined $174 billion investment portfolio through a secretive operation called Cascade Investment. Cascade owned assets like stocks, bonds, hotels and vast tracts of farmland, and it also put the Gateses’ money in other investment vehicles. One was a venture capital firm called Rally Capital, which is in the same building that Cascade occupies in Kirkland, Wash.

    Rally Capital had an ownership stake in a nearby bicycle shop. In 2017, the woman who managed the bike shop hired a lawyer, who wrote a letter to Mr. Gates and Ms. French Gates.

    The letter said that Mr. Larson had been sexually harassing the manager of the bike shop, according to three people familiar with the claim. The letter said the woman had tried to handle the situation on her own, without success, and she asked the Gateses for help. If they didn’t resolve the situation, the letter said, she might pursue legal action.

    The woman reached a settlement in 2018 in which she signed a nondisclosure agreement in exchange for a payment, the three people said.

    While Mr. Gates thought that brought the matter to an end, Ms. French Gates was not satisfied with the outcome, two of the people said. She called for a law firm to conduct an independent review of the woman’s allegations, and of Cascade’s culture. Mr. Larson was put on leave while the investigation was underway, but he was eventually reinstated. (It is unclear whether the investigation exonerated Mr. Larson.) He remains in charge of Cascade.

    published an article detailing Mr. Gates’s relationship with Mr. Epstein. The article reported that the two men had spent time together on multiple occasions, flying on Mr. Epstein’s private jet and attending a late-night gathering at his Manhattan townhouse. “His lifestyle is very different and kind of intriguing although it would not work for me,” Mr. Gates emailed colleagues in 2011, after he first met Mr. Epstein.

    (Ms. Arnold, the spokeswoman for Mr. Gates, said at the time that he regretted the relationship with Mr. Epstein. She said that Mr. Gates had been unaware that the plane belonged to Mr. Epstein and that Mr. Gates had been referring to the unique décor of Mr. Epstein’s home.)

    The Times article included details about Mr. Gates’s interactions with Mr. Epstein that Ms. French Gates had not previously known, according to people familiar with the matter. Soon after its publication she began consulting with divorce lawyers and other advisers who would help the couple divide their assets, one of the people said. The Wall Street Journal previously reported the timing of her lawyers’ hiring.

    The revelations in The Times were especially upsetting to Ms. French Gates because she had previously voiced her discomfort with her husband associating with Mr. Epstein, who died by suicide in federal custody in 2019, shortly after being charged with sex trafficking of girls. Ms. French Gates expressed her unease in the fall of 2013 after she and Mr. Gates had dinner with Mr. Epstein at his townhouse, according to people briefed on the dinner and its aftermath. (The incident was reported earlier by The Daily Beast.)

    For years, Mr. Gates continued to go to dinners and meetings at Mr. Epstein’s home, where Mr. Epstein usually surrounded himself with young and attractive women, said two people who were there and two others who were told about the gatherings.

    Ms. Arnold said Mr. Gates never socialized or attended parties with Mr. Epstein, and she denied that young and attractive women participated at their meetings. “Bill only met with Epstein to discuss philanthropy,” Ms. Arnold said.

    On at least one occasion, Mr. Gates remarked in Mr. Epstein’s presence that he was unhappy in his marriage, according to people who heard the comments.

    Leon Black, the head of Apollo Investments who had a multifaceted business and personal relationship with Mr. Epstein, according to two people familiar with the meeting. The meeting was held at Apollo’s New York offices.

    It is unclear whether Ms. French Gates was aware of the latest meetings with Mr. Epstein. A person who recently spoke to her said that “she decided that it was best for her to leave her marriage as she moved into the next phase of her life.”

    Steve Eder and Jodi Kantor contributed reporting.

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    Verizon Sells AOL and Yahoo to Apollo for $5 Billion

    Yahoo and AOL, kings of the early internet, saw their fortunes decline as Silicon Valley raced ahead to create new digital platforms. Google replaced Yahoo. AOL was supplanted by cable giants.

    Now they will become the property of private equity. Verizon, their current owner, agreed to sell them to Apollo Global Management in a deal worth $5 billion, the companies announced Monday.

    The business housing the two brands, Verizon Media, is to be renamed (yet again) to Yahoo (sans the brand’s stylized exclamation point), and the sale will also include its advertising technology business. Verizon will retain a 10 percent stake in the newly formed media group, the company said in a statement.

    Guru Gowrappan, the head of Verizon’s media business, who will continue to lead the new Yahoo, was optimistic in a note to employees Monday morning. “This next evolution of Yahoo will be the most thrilling yet,” he said in the memo, which was obtained by The New York Times.

    championed the deal as part of its “strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium experience.”

    Tim Armstrong, the head of AOL, was part of the package, and he soon persuaded Verizon’s executives to add to its media holdings. Mr. Armstrong orchestrated the 2017 purchase of Yahoo for $4.5 billion — a prize he had been pursuing for years.

    In the statement announcing the deal at the time, Mr. Armstrong said, “We’re building the future of brands.”

    It was all in the pursuit of almighty “scale,” a business term of art that has almost become a religious mantra in Silicon Valley. The goal was to build a bigger audience to sell more advertising. But the internet’s economics had already shifted years before, and content that users provided free, whether in the form of Facebook posts or YouTube videos, drove much online activity. AOL and Yahoo, despite their big audiences, had become distant also-rans.

    Verizon still saw value in Yahoo and AOL. The idea was to give Verizon customers content they couldn’t get elsewhere at a time when all cellphone service offerings were essentially the same. And AOL’s giant ad-tech business could give Verizon a better way to sell advertising on its phones.

    departure of Mr. Armstrong and began a restructuring of the media unit. In early 2019, it laid off about 800 workers, about 7 percent of the staff. Last year, Verizon began to dismantle the media group with the sale of HuffPost to BuzzFeed.

    Mr. Vestberg called the Apollo transaction “a bittersweet moment” in a companywide memo Monday morning, but he added that the sale “is a big step forward” for the media group.

    “I believe this move is right for all of our stakeholders, including the Media employees,” he said. “Our purpose is to create the networks that move the world forward, and this will help us better focus all our energy and resources on our core competencies.”

    Verizon has had to spend big to improve its mobile business. In March, it agreed to pay nearly $53 billion to license wireless airwaves that will help the company expand its 5G infrastructure. It also plans to spend $10 billion over the next few years to wire more cell towers and upgrade its systems. The company’s total debt now exceeds $180 billion, and its net debt is more than three times its annual pretax profits. Typically, the industry prefers to keep that ratio closer to 2.5.

    For Apollo, the purchase is an opportunity to further invest in the digital media space — an industry it has already put money into, with deals for the photo printing business Shutterfly, the web-hosting company Rackspace and Cox Media Group, which owns TV and radio stations throughout the country. Apollo also has plenty of experience with the complex process of buying businesses spun out from larger companies, which generally requires separation of interwoven financials, systems and, often, key executives.

    And Yahoo and AOL still generate plenty of revenue. Verizon’s media division recorded $1.9 billion in sales in the first three months of 2021, a 10 percent gain over the prior year.

    regulatory scrutiny of some of the biggest players, like Google. And as digital ads rebound postpandemic, Apollo expects the overall industry to grow.

    “Does most of that go to Google and Facebook and Snap and Twitter? Of course,” said Reed Rayman, a partner at Apollo. “But is there still a role for others in the digital media space to benefit from the rising tide, like Yahoo and the other properties? Absolutely.”

    Apollo has been on a buying spree in the past few months, announcing deals to acquire Michaels, the chain of crafting stores, and the Venetian Resort in Las Vegas. It has also had a shake-up in its senior ranks, with its co-founder Leon Black stepping down as chairman in March after the revelation he had paid more than $150 million to the convicted sex offender Jeffrey Epstein.

    View Source

    Verizon Near Deal to Sell Yahoo and AOL

    The private equity firm has been on a buying spree in the past few months, announcing deals to acquire the crafts retailer Michaels and the Venetian resort in Las Vegas. It has also had a shake-up in its senior ranks, with its co-founder, Leon Black, announcing in late March that he was stepping down as chairman after the revelation he had paid more than $150 million to the disgraced financier Jeffrey Epstein.

    Apollo declined to comment. Verizon didn’t respond to requests for comment. Bloomberg, which first reported the expected deal, said Verizon would maintain a stake in the media arm.

    The deal would signal the unraveling of a strategy Verizon heralded in 2015 when it acquired the faded internet giant AOL for $4.4 billion. The purchase was meant to give Verizon a pathway into mobile, with the goal of using AOL’s advertising technology to sell ads against digital content. Verizon doubled down on that strategy in 2017 with its $4.48 billion acquisition of Yahoo, which it combined with AOL under the umbrella Oath.

    But Google and Facebook have proved to be formidable competitors in the digital advertising market. Verizon acknowledged their might in 2018 when it wrote down the value of Oath by $4.6 billion, attributing the move in part to “increased competitive and market pressures” that had resulted in “lower-than-expected revenues and earnings.”

    Under its chief executive, Hans Vestberg, the company has instead emphasized improving the technology around its mobile business. In March, it agreed to pay nearly $53 billion to license wireless airwaves that will help the company expand its next-generation 5G infrastructure. It also plans to spend $10 billion over the next few years to wire more cell towers and upgrade its systems. The company’s total debt now exceeds $180 billion.

    The media business was originally meant to differentiate Verizon from its rivals by giving it unique content offerings, but it didn’t work out that way. The phone carrier instead reached an agreement in 2019 with Disney to offer its new streaming service Disney+ free to its customers. (AT&T, by contrast, spent $85 billion to buy Time Warner in 2018 to create its own streaming platform, HBO Max.)

    In 2018, Verizon announced the departure of Mr. Armstrong. The group was restructured and in January 2019, it laid off about 800 workers, or about 7 percent of the staff.

    Last year, Verizon began to dismantle the media group with the sale of HuffPost to BuzzFeed.

    View Source

    Prince Philip’s Death Adds Urgency to Royal Family’s Transition

    LONDON — Queen Elizabeth II turned 95 last week, four days after burying her husband, Prince Philip, and with him the partnership that guided Britain’s royal family for nearly 70 years. Now, as the queen faces the future alone, her son and heir, Prince Charles, is reshaping the family to carry on after her.

    Philip’s death has given new urgency to a transition already underway in the House of Windsor. With the queen’s reign in its twilight, Charles has moved to streamline the royal family and reallocate its duties — a downsizing forced by the loss of stalwart figures like Philip, as well as by the rancorous departure of Prince Harry and his wife, Meghan, and the messy internal exile of Prince Andrew.

    Buckingham Palace is conducting an after-action report on Philip’s funeral ceremony, people with knowledge of the palace said, applying lessons from it to Operation London Bridge, the long-in-the-works, minute-by-minute blueprint for what will transpire in the days and weeks after the queen dies.

    By all accounts, Elizabeth is in good health, bothered only by stiffness in her knees, which makes it hard for her to climb stairs. Royal watchers point out that her mother lived until 101. Buckingham Palace is busy planning her platinum jubilee, a four-day celebration in June 2022 to mark the 70 years since her accession to the throne.

    poignant image of an aging, isolated queen, grieving alone in a choir stall at St. George’s chapel during the funeral because of social distancing restrictions, drove home to many a sense of her vulnerability and fragility. It also raised questions about how active she will be, even after the pandemic ebbs.

    reconciling the family’s workload with its reduced ranks. He has long favored a slimmed-down monarchy, built around him and his wife, Camilla; Prince William and his wife, Kate; and Harry and his wife, Meghan. Princess Anne, his younger sister, also remains a full-time royal.

    But the decision of Harry and Meghan to withdraw from their duties and move to California blew a hole in those plans. There was no sign of a change of heart from Harry, or even much hope for a reconciliation with William, when Harry attended his grandfather’s funeral. The brothers chatted briefly as they left the service, but Harry flew home before the queen’s birthday on Wednesday.

    There is also little prospect that Andrew will ever return to the fold. If anything, the palace is girding itself for further embarrassing disclosures this July when his friend Ghislaine Maxwell goes on trial in New York on charges that she trafficked underage girls on behalf of her employer, Mr. Epstein. Andrew has been accused of sexual misconduct by one of Mr. Epstein’s victims, an accusation that he denies.

    showcased by the troops at Philip’s funeral — and its diplomatic responsibilities, he predicted that the family would scale back its charity work.

    But that would raise a separate set of problems. The modern royal family, experts said, has defined itself and justified its taxpayer support largely through its public works. Philip, the Duke of Edinburgh, maintained ties to hundreds of charities until he retired from official duties at the age of 96.

    “The key development of the monarchy in the 20th century is the development of the welfare monarchy, without which it won’t survive,” said Vernon Bogdanor, a professor of government at King’s College London who has written about the role of the monarchy in Britain’s constitutional system.

    The short-term fix for the workload problem, people with ties to the palace said, is to elevate another royal couple, Prince Edward and his wife, Sophie, also known as the Earl and Countess of Wessex. Edward, 57, the queen’s youngest son, and his wife emerged as prominent figures after Philip’s death, speaking about his legacy and how the family was dealing with its grief.

    Super League, which would have pulled in several of the top clubs in Britain.

    “There is a difference between the way Charles envisages things and William envisages things,” said Valentine Low, the royal correspondent of The Times of London. But he added, “Charles acknowledges and even welcomes that William should have a role in these conversations.”

    View Source

    Prince Philip’s Death Adds New Urgency to U.K. Monarchy’s Transition Plans

    LONDON — Queen Elizabeth II turned 95 last week, four days after burying her husband, Prince Philip, and with him the partnership that guided Britain’s royal family for nearly 70 years. Now, as the queen faces the future alone, her son and heir, Prince Charles, is reshaping the family to carry on after her.

    Philip’s death has given new urgency to a transition already underway in the House of Windsor. With the queen’s reign in its twilight, Charles has moved to streamline the royal family and reallocate its duties — a downsizing forced by the loss of stalwart figures like Philip, as well as by the rancorous departure of Prince Harry and his wife, Meghan, and the messy internal exile of Prince Andrew.

    Buckingham Palace is conducting an after-action report on Philip’s funeral ceremony, people with knowledge of the palace said, applying lessons from it to Operation London Bridge, the long-in-the-works, minute-by-minute blueprint for what will transpire in the days and weeks after the queen dies.

    By all accounts, Elizabeth is in good health, bothered only by stiffness in her knees, which makes it hard for her to climb stairs. Royal watchers point out that her mother lived until 101. Buckingham Palace is busy planning her platinum jubilee, a four-day celebration in June 2022 to mark the 70 years since her accession to the throne.

    poignant image of an aging, isolated queen, grieving alone in a choir stall at St. George’s chapel during the funeral because of social distancing restrictions, drove home to many a sense of her vulnerability and fragility. It also raised questions about how active she will be, even after the pandemic ebbs.

    reconciling the family’s workload with its reduced ranks. He has long favored a slimmed-down monarchy, built around him and his wife, Camilla; Prince William and his wife, Kate; and Harry and his wife, Meghan. Princess Anne, his younger sister, also remains a full-time royal.

    But the decision of Harry and Meghan to withdraw from their duties and move to California blew a hole in those plans. There was no sign of a change of heart from Harry, or even much hope for a reconciliation with William, when Harry attended his grandfather’s funeral. The brothers chatted briefly as they left the service, but Harry flew home before the queen’s birthday on Wednesday.

    There is also little prospect that Andrew will ever return to the fold. If anything, the palace is girding itself for further embarrassing disclosures this July when his friend Ghislaine Maxwell goes on trial in New York on charges that she trafficked underage girls on behalf of her employer, Mr. Epstein. Andrew has been accused of sexual misconduct by one of Mr. Epstein’s victims, an accusation that he denies.

    showcased by the troops at Philip’s funeral — and its diplomatic responsibilities, he predicted that the family would scale back its charity work.

    But that would raise a separate set of problems. The modern royal family, experts said, has defined itself and justified its taxpayer support largely through its public works. Philip, the Duke of Edinburgh, maintained ties to hundreds of charities until he retired from official duties at the age of 96.

    “The key development of the monarchy in the 20th century is the development of the welfare monarchy, without which it won’t survive,” said Vernon Bogdanor, a professor of government at King’s College London who has written about the role of the monarchy in Britain’s constitutional system.

    The short-term fix for the workload problem, people with ties to the palace said, is to elevate another royal couple, Prince Edward and his wife, Sophie, also known as the Earl and Countess of Wessex. Edward, 57, the queen’s youngest son, and his wife emerged as prominent figures after Philip’s death, speaking about his legacy and how the family was dealing with its grief.

    Super League, which would have pulled in several of the top clubs in Britain.

    “There is a difference between the way Charles envisages things and William envisages things,” said Valentine Low, the royal correspondent of The Times of London. But he added, “Charles acknowledges and even welcomes that William should have a role in these conversations.”

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    Prince Philip Is Laid to Rest in a Somber 50-Minute Ceremony

    LONDON — His coffin borne on a military green Land Rover that he had helped design, Prince Philip was laid to rest on Saturday at Windsor Castle in an austere, meticulously choreographed funeral that captured his steely role in Britain’s royal family and offered a solemn glimpse of its uncertain future.

    Queen Elizabeth II bade farewell to Philip, her husband, who died on April 9, two months shy of his 100th birthday, from solitude inside St. George’s Chapel. She was clad in a mask and kept at a distance from her children and grandchildren by pandemic social distancing requirements, which limited attendance to 30 people.

    Her grandsons Prince William and Prince Harry were separated as well, by one of their cousins, as they walked behind Philip’s coffin. This quirk of royal protocol dramatized the rift between the brothers that opened after Harry’s marriage to an American former actress, Meghan Markle.

    That wedding was held nearly three years ago in the same Gothic chapel on a similarly crystalline Saturday. It was both a joyful contrast and a poignant reminder of the turbulence that has enveloped the House of Windsor since its patriarch faded into retirement and a new generation of royals seized the limelight.

    gospel choir and an African-American preacher, Philip’s funeral was a throwback to the monarchy’s traditions. There was no eulogy, despite some reports that Prince Charles would pay tribute to his father.

    The archbishop of Canterbury, the Most Rev. Justin Welby, and the dean of Windsor, the Right Rev. David Conner, recited the readings, rather than family members. A choir of four, its numbers cut by the pandemic and standing apart on a stone floor, sang hymns selected by Philip, their voices echoing in the chapel’s empty nave.

    The royal family listened silently, separated into family bubbles, their faces softly lighted by lamps. Harry sat alone, his head bowed during a hymn.

    drew more than 100,000 complaints last week when the BBC pre-empted popular shows to dissect every aspect of Philip’s life. Some likened the wall-to-wall approach to North Korea’s.

    the funeral of Queen Elizabeth, the queen mother, in 2002, which drew more than a million people to watch her cortege pass from Westminster Abbey to Windsor Castle.

    “There’s an enormous, almost subconscious, feeling about the monarchy in Britain that is not appreciated by the metropolitan media,” said Vernon Bogdanor, a research professor in British politics and government at King’s College London. “It’s inarticulate, but it comes out at these crucial moments.”

    Philip’s funeral, however, did not draw the crowds of other royal ceremonies. Because of the pandemic, Buckingham Palace urged people not to come to Windsor, the town west of London that the castle overlooks. On a quiet Saturday, it seemed as though most people had heeded that advice.

    The restrictions meant that Philip’s converted Land Rover made a trip of only a few hundred yards, rather than the 22 miles from Buckingham Palace to Windsor. Rather than crowds lining the route, troops from the Royal Navy, Marines, the Highlanders and the knights of Windsor stood at attention as he passed.

    Queen Elizabeth, who turns 95 next week, followed the procession in her gleaming aubergine Bentley, not at the head of it, which would have been customary for a sovereign. Charles, her heir, headed the procession, joined by his sister, Princess Anne.

    erupted after an interview that Andrew gave to the BBC in 2019, set off a tumultuous period for the royal family. Two months later, Harry and Meghan announced their plans to step back from official duties and leave Britain.

    They settled in Southern California, resurfacing last month for an extraordinary interview with Oprah Winfrey, in which Meghan said that a member or members of the royal family had raised qualms about the skin color of the couple’s unborn baby.

    Philip retired from his duties in 2017, moving to a cottage on the grounds of one of the queen’s estates, Sandringham, where he painted in oils and pursued his hobby of driving carriages.

    There was a quiet nod to Philip’s hobby at the funeral: As his coffin traveled through the quadrangle at Windsor, it passed a polished dark-green carriage with his two beloved ponies, Balmoral Nevis and Notlaw Storm.

    Stephen Castle contributed reporting.

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    From William and Harry, Loving but Separate Tributes to Prince Philip

    Prince William and Prince Harry joined other members of the royal family in releasing statements honoring their grandfather, Prince Philip, who died at Windsor Castle three days ago, as a man of service and a fun and loving relative.

    The princes paid tribute on Monday to the Duke of Edinburgh’s devotion to his wife, Queen Elizabeth II, but also nodded to their private memories of a grandfather they described warmly as sharp-witted, mischievous and affectionate to their children.

    “My grandfather’s century of life was defined by service — to his country and Commonwealth, to his wife and Queen, and to our family,” William said in his statement. “I feel lucky to have not just had his example to guide me, but his enduring presence well into my own adult life — both through good times and the hardest days.”

    “I will never take for granted the special memories my children will always have of their great-grandpa coming to collect them in his carriage and seeing for themselves his infectious sense of adventure as well as his mischievous sense of humor!” William said in his statement, adding that he would continue to support the Queen in the years ahead.

    Harry said in his statement. “But to me, like many of you who have lost a loved one or grandparent over the pain of this past year, he was my grandpa: master of the barbecue, legend of banter, and cheeky right ’til the end.”

    Harry said his grandfather would be sorely missed and thanked him for his service, his dedication to “Granny” and for always being himself.

    He signed off his statement, “Per Mare, Per Terram” a Latin phrase meaning “by sea, by land” and the motto of the Royal Marines, hinting at he and his grandfather’s shared connection as they had both held the force’s ceremonial position of Captain General.

    mending a monthslong rift that has emerged between the two brothers that Harry most recently talked about in an interview with Oprah Winfrey last month.

    Harry, who has been living in California with his wife, Meghan, the Duchess of Sussex, since spring last year, has returned to Britain to join the royal family in mourning and in anticipation of Philip’s funeral on Saturday. Meghan, who is pregnant, stayed in California after her doctor recommended that she should not travel.

    Since Philip’s death on Friday at age 99, other members of the royal family have released their own personal tributes.

    Prince Charles, the first in line to the throne, said that his father was a “much loved and appreciated figure” who over the last 70 years had “given the most remarkable, devoted service to the Queen, to my family and to the country, but also to the whole of the Commonwealth.”

    After Prince Philip’s death, Britain entered eight days of national mourning, during which flags are being flown at half-staff.

    Britain has only just started lifting coronavirus restrictions after its third national lockdown, and the ceremonial royal funeral of Philip, set to be held in St. George’s Chapel in the grounds of Windsor Castle on Saturday, will be in line with the government’s rules on social distancing.

    announced on Friday.

    Prince Andrew, the Queen and Philip’s third child who stepped back from public life in 2019 over his ties to the disgraced financier Jeffrey Epstein, said, “We are all feeling a great sense of loss.” He said the Queen is an “incredibly stoic person” and told news media that the monarch had described Philip’s death as having “left a huge void in her life.”

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