Barron's - USA (2020-08-03)

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August 3, 2020 BARRON’S 35


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address, and phone number. Letters are subject to editing.


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Truck Maker


Start-Ups vs.


The Majors


To the Editor:


I think the last paragraph in the article is the most im-


portant (“Electric-Truck Stocks Like Nikola and Work-


horse Are Hot Right Now. Don’t Get Burned,” Cover


Story, July 24). Cummins, Volvo, Caterpillar, etc., aren’t


just sitting around basking in diesel exhaust. The start-


ups mentioned in the article (including beloved Tesla)


have no choice but to reveal their timelines because


that’s how they’re raising capital. The established truck


makers can quietly develop technology that will be re-


vealed when it’s actually ready to be put into service.


Thomas Corya


On Barrons.com


To the Editor:


I’ve decided that I’m just sprinkling some money into a


handful of these companies and then letting it all sit


until a major action happens. These stories will take


years to play out, so better to buy some shares and


buckle up for the ride.


Alex Reeves


On Barrons.com


Coverage for Congress


To the Editor:


Randall W. Forsyth writes, “A drop


in the stock market has shown that it


has the ability to concentrate politi-


cians’ minds, if only to cover their


rear ends” (“If the ‘Big Five’ Tech


Stocks Falter, They’ll Take the Rest


of the Stock Market Down With


Them” (Up & Down Wall Street, July


24). Based on the approval ratings


of Congress and its recent perfor-


mance, Forsyth could have correctly


added “and simultaneously covered


their heads.”


Bill Pohlman


Chapel Hill, N.C.


Profiting From Vaccines


To the Editor:


If anyone thinks that the big pharma-


ceutical companies that produce a


vaccine to prevent the coronavirus


will not profit, that’s a joke (“How


Much Will Drugmakers Charge for


Covid-19 Vaccines? Questions About


Pricing Arise,” July 24).


The federal government is spend-


ing billions of dollars to get our coun-


try back to normal, and there is no


reason that these drug companies


won’t take advantage, just as they


did in the past.


Martin Blumberg


Melville, N.Y.


Private Equity in 401(k)s


To the Editor:


While the premise of “Main Street


Deserves Access to Private Equity,


Too” sounds good, what actually


should be done about 401(k)s is to


make them easier to understand by


all concerned (Other Voices, July 24).


The starting point would be to


determine how many participants in


401(k)s are in cash-only positions.


Those are the folks that need to be


contacted and educated.


Businesses and government


should work together to get these


folks off the sidelines by one-on-one


education seminars to illustrate the


types of investments and how they


work.


Bringing another investment vehi-


cle into the already confusing world


of 401(k)s is fine, but more emphasis


on working directly with employees


is paramount.


Ted Fisk


Naperville, Ill.


To the Editor:


The hoopla over the ability to invest


in private equity in one’s 401(k) plan


is a classic example of selling the


sizzle over the steak. There is really


not much to get excited about.


The author’s claim of higher po-


tential returns is disingenuous, and


his claim of improved diversification


is inaccurate. Presuming that it will


hasten future retirement is also a


baseless assumption.


Furthermore, adding more op-


tions for the average 401(k) partici-


pant is likely to be just a distraction


from what is actually important:


focusing on maxing out one’s contri-


butions and having a prudent mix of


stocks and bonds based on the partic-


ipant’s goals.


I’m a fan of private equity as an


asset class in general. However, the


only clear winner in this situation is


the private-equity industry itself,


which now has access to an addi-


tional $6 trillion pool of assets.


Jonathan I. Shenkman


West Hempstead, N.Y.


To the Editor:


The Department of Labor’s stance on


private equity is a sound one. That


said, I couldn’t help but think about


this policy position alongside the


DOL’s approach to environmental,


social, and corporate governance, or


ESG, investment criteria. Recently,


the DOL proposed a rule that gener-


ally discourages applying ESG filters


to drive investment decisions. One


could argue that these are important,


but separate, issues. Here, it’s worth


noting that major pension funds are


tilting toward private assets while


simultaneously incorporating ESG


factors. Such a point of view sees


ESG integration as aligning with


long-term value creation and


preservation.


A fiduciary’s focus is clear, but the


debate on how to view ESG through


this lens will continue.


Gray Schweitzer


Brooklyn, N.Y.


Manual for Older Men


To the Editor:


Ken Dychtwald’s article “How the


New Longevity Is Changing Father-


hood,” Other Voices, July 15) is some-


thing that I and many others can use


for the rest of our lives. It was


thought-provoking and relevant not


only to older fathers in the age of


Covid-19 but also, I think, to any


older man who may wonder what


he’ll leave for a future generation.


I will be keeping this article in my


desk for quick reference.


Jeff Schworm


Altamont, N.Y.


“Cummins, Volvo, Caterpillar, etc.,


aren’t just sitting around basking


in diesel exhaust.”


Thomas Corya, on Barrons.com


Last week’s Up & Down Wall Street


column stated incorrectly that the $1


trillion in corporate debt issued in the


first half of this year beat the full-year


record set in 2017. Issuers were on


pace to beat that record, $1.7 trillion.


CORRECTIONS & AMPLIFICATIONS

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