To the Editor: None of the panelists mentioned the midstream sector in the U.S. (" Energy Roundtable: 11 Stocks to Play the Biggest Energy Supply Shock Ever," Cover Story, May 15). I have owned units in midstream energy infrastructure partnerships and shares of a midstream energy infrastructure corporation for many years, and I have received extremely safe, very high-yielding unit distributions and share dividends -- either all or mostly tax-deferred. In addition, the market values of those investments have increased greatly, as have the amounts of the payments.

Elliot Miller Naples, Fla.

When Models Fall Short

To the Editor: I've learned that valuation is often less about precision and more about discipline, cash flows, balance-sheet strength, and margin of safety (" Is the Stock Market Too Pricey? This Number Is a Warning," Streetwise, May 14). The equity risk premium can be a useful framework, but it becomes dangerous when investors treat it as a crystal ball instead of one tool in a large toolbox. Sometimes the best opportunities emerge precisely when fear distorts those expected returns beyond what the models can explain.

Brad Thomas Baltimore

Spread Your Bets

To the Editor: I found it interesting that Andy Serwer's Up & Down Wall Street column (" Microsoft Goes Beast Mode on AI. Hedge Funds Take Sides, " May 15) quoted the new head of Microsoft's commercial businesses, Judson Althoff, as saying, "Neither winning nor losing are statements in perpetuity." Like the tortoise and the hare, the leader in the beginning of a race isn't always the winner in the end.

In court, as Serwer notes, Elon Musk is attempting to wind OpenAI back to its nonprofit roots. Even if successful, is there a way to recapture and re-contain all of the "spirits" that have escaped Pandora's box in the form of information and technology sharing that has already occurred between OpenAI and Microsoft?

Simultaneously, in boardrooms, men like Bill Ackman and Chris Hohn have shifted their portfolios in ways and with levels of conviction that seem as if winners and losers in this race will be absolute. Whether at work or at home, the race will be decided by users, and as that is the case, isn't it more prudent to spread our bets until the picture develops a bit further?

Gregory J. Bavedas Shelton, Conn.

Warsh Is Right

To the Editor: Regarding " Kevin Warsh and the Return of Monetarism" (Other Voices, May 15): I'm all for reducing the Federal Reserve balance sheet. It should be close to zero unless there's an emergency situation, like the Covid pandemic, but afterward it should go back to zero, especially when the economy is doing well, as it is now.

John Bliss On Barrons.com

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May 22, 2026 22:19 ET (02:19 GMT)

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