August 3, 2020 BARRON’S 35
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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