Letters to the Editor-in-Chief of Barron’s


For the publisher:
I stay a long time


(“AT&T was punished for its dividend cut. It’s time to buy the stock,” May 21 cover). Even if CEO John Stankey does not increase the inventory, I believe Discovery will prove to be a winner. Here’s why: 1) spectacular content, unlike other services; 2) John Malone endorsed this deal, and I don’t think he would have if he hadn’t felt the deal added tremendous value; and 3) possibly, Discovery may be acquired by





All three companies will spend billions of dollars to control streaming in the future. I expect to


be the first to be sold, once controlling shareholder Shari Redstone realizes that there is no chance of going it alone. Let’s see what will happen over the next five to ten years.

Dan Buffettman, on Barrons.com

For the publisher:
Whether or not AT&T / Discovery’s move made financial sense, AT&T has seriously damaged its reputation and that of its executives. News regarding the future dividend policy was buried on page 5 of the announcement release, just above the deal masterpiece.

As a retired investor relations professional, I can say it’s like putting out bad news on a Friday, hoping to lessen the impact. Which investor relations professional, CFO or – really – CEO could sign a press release that buried one of the main reasons investors bought and stuck to this stock, given all the recent assurances about the continuation of the dividend?

Confidence takes years to build. In my opinion, AT&T destroyed a lot of it. And they knew that was exactly what was going to happen.

Charles A. Nekvasil, Columbus, Ohio

The future of oil

For the publisher:
Regarding “Big Oil’s transition to cleaner energy is risky. How can investors prepare ”(Barron’s Guide to Wealth, May 21): While it is true that “the demand for oil will not rise to the sky”, there are other factors at work that will prevent oil from becoming a “depreciating asset” .

Consider the concept of depletion, which means that the production of oil wells naturally decreases by an average of 5% per year. The destruction of oil demand caused by the pandemic effectively masked (no pun intended) the drop in supply due to natural depletion, as well as the flight of capital and labor away from it. exploration and production since 2015.

We are in a rude awakening when energy consumption rebounds and the gap between supply and demand cannot be bridged by renewables.

Mark Huhndorff, Dallas

Good questions

For the publisher:
Regarding the Leslie P. Norton round table (“12 investment choices of our ESG round table professionals”,Barron’s Guide to Wealth, May 21), it is perhaps Katherine Collins’ point on the ESG framework that opens up new lines of questioning from CEOs that has inspired me the most. That’s because that’s what I do regularly at annual meetings as a long-term, impact-focused ESG investor.

According to Collins: “It’s so rare that the CEO of a large corporation is asked a candid, open-ended question on a matter of vital importance. The dialogue that can ensue is incredible. ”

Let’s go Barron’s readers. The first step in change is to be heard. The second presents a new vision.

John Norwood, West Des Moines, Iowa

Distortion powered

For the publisher:
Column by Randall W. Forsyth, “The Fed could start acting sooner to avoid housing boom and collapse. What could happen ”(Up & Down Wall Street, May 21) is excellent, but he is too diplomatic when it comes to the Federal Reserve continuing to buy mortgages. Specifically, I would rewrite two sentences.

1) “There seems little justification for stimulating housing demand ”should be:“ There it’s no justification for stimulating demand for housing; “And 2)” The Fed could be exacerbating these problems ”should be,“ The Fed is exacerbating these problems. “

With the Fed’s post-crisis mortgage portfolio at $ 2.3 trillion (plus a lot of unamortized premiums) and heading higher, its distorting effects as the world’s biggest loan and savings are evident .

Alex J. Pollock

R Street Institute

Washington DC

Valuing cryptos

For the publisher:
Investors support innovations that can improve a company’s productivity and are rewarded for contributing to positive change (“Bitcoin and other cryptocurrencies have had another crazy week. Here’s what could happen next,” May 21) .

Electric vehicles, artificial intelligence and cloud computing could be the latest examples – if we step in when the valuation seems reasonable. What improvements have cryptocurrencies made to society as a whole? I think blockchains have great potential to improve productivity in many areas, but that could be completely separated from cryptos.

It is obvious to me that Tesla’s decision on the Bitcoin payment is less an environmental issue than the result of the Chinese government’s upcoming crackdown; the timing speaks volumes.

Xiying Yang, on Barrons.com

The Phaeacians of Py

For the publisher:
I was surprised that Pierre Py named his new funds after the Phaeacian Sailors (“The Next Generation of Potential Buffets – and the Stock They Buy Now,” May 21). Angry with the Pheacians for helping his enemy Ulysses, the god Poseidon punishes them by turning their ship to stone as it enters the port of Scheria.

Obviously, Poseidon’s anger doesn’t worry Py. At least he didn’t name his fund after Cassandra.

Robert Ray, Irvine, California.

Send letters to: [email protected] To be considered for publication, correspondence must bear the author’s name, address and telephone number. Letters are subject to change.

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