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To the Editor:
Available recent water is certainly one of Earth’s rarest commodities (“Beyond the Drought,” Cowl Story, Aug. 26). Practically 97% of Earth’s water is tied up in its oceans. Of the little greater than the three% remaining, practically 69% is tied up in continental and Alpine glaciers. That is recent water and represents little greater than 2% of Earth’s whole provide. Of the remaining 1% of Earth’s recent water, lower than that’s tied up in aquifers, lakes, and rivers.
Erik H. Schot, Lauderdale-By-The-Sea, Fla.
To the Editor:
Arizona is among the Southwestern areas thought of to have a critical drought drawback. In line with Lauren Foster, Intel is “properly conscious” of the depth of its water utilization, so why would it not select to affix with Brookfield Asset Administration to construct yet one more semiconductor manufacturing facility in Arizona? (“As Intel Shares Slide, CEO Gelsinger Doubles Down,” Inside Scoop, Aug. 26). Perhaps it will be much better to construct in Washington state or someplace the place there’s fairly common rainfall.
Philip Becker, Glendale, Calif.
Table of Contents
Water ETFs
To the Editor:
In “Danaher and 5 Other Stocks for the Water Crisis” (Aug. 26), Al Root identifies shares throughout a variety of companies, from utilities to industrial merchandise to some tech-oriented options. I’ve discovered it difficult to choose winners in sectors which are present process change with compelling market tailwinds and that, consequently, have already attracted vital investor curiosity, bidding them as much as wealthy worth/earnings multiples, relative to the S&P 500. An exchange-traded fund akin to Invesco World Water could be a risk-averse manner for retail traders to climb aboard the rising water market with out the necessity to choose outperformers. Though a combined metaphor, on condition that the water provide is dropping, a “rising tide lifts all boats,” and ETFs, somewhat than particular person shares, often is the more sensible choice on this state of affairs.
Frank Walker, New York
Growth-Bust Cycle
To the Editor:
Over the previous 4 months, the terminal charge as recommended by the federal-funds futures contract has been fairly constant, within the vary of three.375% to three.875% (“The Stock Market Finally Heard Powell’s Message Loud and Clear. It Wasn’t Pretty,” The Dealer, Aug. 26). Now, it’s again to the upper finish of the vary.
That is the most effective indicator in relation to future Federal Reserve coverage, definitely higher than the vagaries of the inventory market, and possibly even higher than Chairman Jerome Powell’s personal phrases. At present, the contract is pricing in a 25-basis-point reduce later subsequent yr, suggesting when there will likely be apparent indicators that the economic system is in bother. Total, we’re within the midst of a basic boom-bust cycle, which we are going to get by way of after an unlucky enhance to the worth stage.
One lasting legacy of the Covid pandemic and associated shutdowns, nevertheless, would be the $5 trillion of additional debt that may exacerbate the already regarding stage of U.S. political strife, as coverage decisions change into extra constrained.
Paul Matten, Naples, Fla.
Purchase American
To the Editor:
Despite the fact that the inventory is affordable, being a dollar-based investor in a French safety like TotalEnergies is not sensible (“This Income-Focused Money Manager Sees Bargains in Europe. ‘Mass Fear Is an Opportunity,’ ” Interview, Aug. 25). First, there’s a very sturdy unfavorable overseas foreign money impact as your funding is repatriated from depreciating euros into appreciating U.S. {dollars}. Second, France robotically deducts 26.5% from every dividend fee—cash you’ll by no means see except you’re a large mutual fund firm or exchange-traded fund that employs non-public corporations to recuperate taxes paid to overseas governments.
When all is alleged and executed, TotalEnergies made you 11.6% for the reason that first of the yr, whereas a comparable U.S.-based firm like Chevron made you 43.1%. Or, in case you just like the refining/advertising area, take into account an organization like Valero, up 66.9%.
Mike Meehan, Bradenton, Fla.
The Fed’s Downside
To the Editor:
The issue with central bankers is that they’re extremely educated (“Powell’s Point: Inflation Must Be Beat, and It Won’t Be Pretty,” The Economic system, Aug. 26). There’s a distinction between being extremely educated being versus road good or having hands-on expertise.
Few, if any, on the Federal Reserve have ever run a enterprise—massive or small—or needed to deal instantly with workers, clients, or authorities regulators, and but they benefit from the consolation of being immune from the outcomes of their actions or errors as they have an effect on others worldwide. Central bankers are protected against actuality.
Economists can solely look backward. Nobody, with out exception, can predict the longer term. Attempting to micromanage an economic system endemic with unknown variables is a recipe for failure.
B.J. Khalifah, Grosse Pointe Park, Mich.
Alan Abelson
To the Editor:
I agree with Eric J. Savitz about his mentor Alan Abelson, who sprinkled his column with probing skepticism and biting wit (Up & Down Wall Street, Aug. 26).
Too many scams and bubbles have been allowed to develop to grotesque measurement since Abelson put down his pen, hurting traders immeasurably.
When the watchdogs of the Securities and Alternate Fee had been typically asleep on the swap, Abelson by no means was, at all times alert and able to shield his readers.
Albert Nyberg, On Barrons.com
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