Masters of the Market Infrastructure

To the Editor:
Kudos to Andy Serwer for his Aug. 27 cover story, “Citadel’s Ken Griffin on Markets, the Fed, and Building His Firm for the Next Century.” Articles like this one help readers better understand how the market infrastructure companies make money—and how they interact with other players. That enables us to decide which business models we want to invest in.

Dipti Ramaiya
On Barrons.com

The Best Strategy

To the Editor:
At some point, the market will crater. (“Fall Should Be Colorful. The Stock Market Outlook Calls for Bargain Buys and More Gains,” Aug. 29). The best strategy is to maintain a set allocation to equities. When that allocation exceeds your threshold, sell into the rally. If the market corrects 10%, look at your buy list; at 20% down, begin shopping. If the equities market drops 30%, it’s time to go all in.

Paul O’Neill
On Barrons.com

Bogle’s ‘Iron Rule’

To the Editor:
I doubt that mean reversion has lost its relevance to investing (“Why Does This Crazy Stock Market Keep Ignoring Jack Bogle’s ‘Iron Rule’?” Up & Down Wall Street, Aug. 29). Bond fund investors, for example, would have been well advised to revisit the concept when interest rates were at all-time lows a few years back. Certainly, the concept has limited relevance with respect to individual stocks, and cap-weighted indexes skew things as well. But there isn’t much regressing going on out there.

James Mehegan
On Barrons.com

Labor Market Talk

To the Editor:
Council of Economic Advisers Chair Stephen Miran’s statement that he expects “the labor market to improve markedly from here” sounds hawkish, not dovish (“Trump’s Pick for Fed Gov. Defends Tariffs and Blames Biden for Intel Stake,” Interview, Aug. 27).

At a time when Trump has proclaimed that interest rates are several hundred basis points too high, talk like that could get a guy fired before he is even appointed.

Matt Horne
Portland, Ore.

Remember Solyndra

To the Editor:
It would be a terrible mistake for the U.S. to have a sovereign-wealth fund (“Most Sovereign-Wealth Funds Are Poor Performers. The U.S. May Still Get One,” Aug. 26). It would result in politicians and influence peddlers picking winners and losers. The problems with doing this were clearly demonstrated by the Obama administration’s backing of Solyndra, the solar company that went bankrupt, costing the taxpayers many dollars.

Joseph S. Vonkaenel
On Barrons.com

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