Morning Brew Daily Private Equity Weasels Into Your 401(k)? & Coal is Making a Comeback
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Mar 31, 2026 A new plan could let retirement accounts tap private equity, private credit, and crypto. Rising tensions abroad are helping coal roar back into the energy mix. Big music stars are swapping giant world tours for longer residencies. Plus, baseball’s robot ball-strike challenge system is turning ump calls into must-watch drama.
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How Allbirds Went From Hype to Fire Sale
- Allbirds fell from a $4 billion brand to a $39 million asset sale after losing its cool-factor edge.
- Toby Howell says it overexpanded from wool sneakers into leggings and puffer jackets, while its tech-bro image hurt demand.
Why Private Assets in 401Ks Worry Critics
- Opening 401(k)s to private equity and private credit could give savers costlier, riskier assets without access to top-tier funds.
- Neil Freeman notes employers already can do this; the proposal mainly gives them a legal safe harbor against lawsuits.
Why War Is Driving Coal Back Into Favor
- The Iran war is reviving coal because damaged Middle East gas supplies make dependable dirty power more attractive than scarce LNG.
- Japan, South Korea, Thailand, Indonesia, and India are restarting or expanding coal as energy security suddenly outweighs climate plans.