\
  The most prestigious law school admissions discussion board in the world.
BackRefresh Options Favorite

WSJ writer pens epic globcap screed

https://www.wsj.com/articles/stocks-werent-made-for-social-c...
Arrogant Milk
  01/22/18
Copypasta
Laughsome church water buffalo
  01/22/18
...
Cerebral roast beef fortuitous meteor
  01/22/18
Wall Street considers it a truism that money sloshes aroun...
Sinister area shitlib
  01/22/18
ALWAYS. A. JEW.
180 abnormal space
  01/22/18
epic penis glob
Khaki boltzmann
  01/22/18
(((Andy Kessler)))
Peach Passionate Rehab
  01/22/18
Hes not wrong, but that doesnt mean we have to like it.
Cerebral roast beef fortuitous meteor
  01/22/18
cr. tbf, i don't actually have a problem at all with this ...
hairless very tactful codepig pozpig
  01/22/18
i don't see anything wrong with this article he's calling...
Chestnut aphrodisiac knife selfie
  01/22/18
exactly, this is actually a great opinion.
hairless very tactful codepig pozpig
  01/22/18
...
Naked school
  01/22/18
Correct. Corporatist shitlibs look for corps to push their ...
Alcoholic Plum Tank
  01/22/18
"Profits are the best measure of a business’s value to ...
Sexy Really Tough Guy People Who Are Hurt
  01/22/18
MFCR Shareholder “ ((profits))” can be manipulated via tr...
Cerebral roast beef fortuitous meteor
  01/22/18
"The industrial revolution and its consequences have be...
wonderful range
  01/22/18
...
Arrogant Milk
  01/22/18
So investors who don't want to profit as much don't profit a...
disgusting racy library
  01/22/18
...
Naked school
  01/22/18


Poast new message in this thread



Reply Favorite

Date: January 22nd, 2018 11:38 AM
Author: Arrogant Milk

https://www.wsj.com/articles/stocks-werent-made-for-social-climbing-1516565984

should mention hes FOR being sucked and fucked by GC, not against

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209250)



Reply Favorite

Date: January 22nd, 2018 11:38 AM
Author: Laughsome church water buffalo

Copypasta

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209253)



Reply Favorite

Date: January 22nd, 2018 11:39 AM
Author: Cerebral roast beef fortuitous meteor



(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209254)



Reply Favorite

Date: January 22nd, 2018 11:40 AM
Author: Sinister area shitlib

Wall Street considers it a truism that money sloshes around the globe seeking the highest return. But there are countless investors, believe it or not, who are willing to accept lower returns. P.T. Barnum supposedly said there’s a sucker born every minute. Many of them go into so-called socially responsible investing. Laurence Fink of BlackRock , which manages $6 trillion in assets, is only the latest to evangelize this fad. But the basic idea is to throw money away. In reality there is no trade-off of Vice vs. Nice. There are only returns.

“Corporate social responsibility” fails under the same halo. Reread Milton Friedman’s 1970 article “The Social Responsibility of Business Is to Increase Its Profits.” For stockholders to push their view of social responsibility, Friedman wrote, is simply to force others “to contribute against their will to ‘social’ causes favored by the activists.”

Profits are the best measure of a business’s value to consumers—and to society. No one holds a gun to the customer’s head. If the buyer weren’t glad to pay the free-market price, he would make the product or perform the service himself. Yet this idea is questioned all the time.

A case in point is Amazon, currently worth $625 billion based on expectations for Amazon-size profits to come. A Seattle Times headline in 2012 lamented that the company was “a virtual no-show in hometown philanthropy.” Sally Jewell of the retailer REI told the newspaper: “I’m not aware of what Amazon does in the community.” Really? Besides offer low prices, huge variety and quick delivery, along with jobs not only in Seattle but around the world, as manufacturers leverage Amazon’s platform to reach global customers? But the company didn’t sponsor concerts in the park! Gimme a break.

A counterexample is Etsy , which for years proudly touted that it was a “B Corp,” one “certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance.” Sounds a bit wishy-washy, but maybe it was supposed to attract social-impact investors. How’s it going? After Etsy went public in 2015, it opened at $31 a share, bottomed out in 2016 around $7, and now trades at $19. That’s worse than dead money, given that the overall market is up a third since Etsy’s IPO. Little surprise, Etsy is no longer interested in being a B Corp.

In 2016 the Rockefeller Family Fund decided to “divest from fossil fuels.” Whether or not that improved the family’s social standing in New York, it couldn’t have been good for the bottom line: Brent crude was $40 a barrel then, and it’s now pushing $70.

California’s $350 billion state pension system, Calpers, has its own set of confusing divestment initiatives. Last month the American Council for Capital Formation warned that Calpers “has demonstrated a troubling pattern of investments in social and political causes that are truly jeopardizing the retirement fund.” Of the system’s nine worst-performing funds, the report says that four focused on renewable energy.

Individual investors can put their own money into hundreds of “sustainable,” “responsible” and “impact” funds, with names like Domini Social Equity and the Neuberger Berman Socially Responsive. Returns are all over the place. But of about 175 that had full-year returns in 2017, 75% underperformed the market. That’s a steep price to pay.

Don’t be fooled by the word “sustainable.” Al Gore and Goldman Sachs alum David Blood set up Generation Investment Management to pair sustainability research with traditional investing rigor. A few leaks of Generation’s returns have shown pretty good numbers. But it depends on what the meaning of “sustainable” is.

Think of Google, which made Al Gore a fortune thanks to his pre-public stock options. Google seems to be sustainable in the business sense, but in the climate-change sense? The company has data centers all over the place that use gobs of electricity. Perhaps Blood and Gore—I know, that would have been a much better company name—are simply deniers, since reports from the Securities and Exchange Commission show that their fund owns not just Google but also electricity hogs Facebook and Amazon.

Master investor Charlie Munger summed it up last year: “Gore hired a staff to find people who didn’t put CO2 in the air, and of course that put him into services. Microsoft , and all these service companies were just ideally located, and this value investor picked the best service companies, so all of a sudden the clients are making hundreds of millions of dollars . . . and he’s an idiot.”

The bottom line is this: Do whatever you want with your money. Feel virtuous. But if you think you’re being charitable for “responsible” investing, you are, but not in the way you think. If you don’t put your money where the returns are, someone else will. By passing up gains, you’re just making guys like George Soros and Steven Cohen richer so they can buy more bad art. Let the money slosh.

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209265)



Reply Favorite

Date: January 22nd, 2018 11:49 AM
Author: 180 abnormal space

ALWAYS. A. JEW.

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209334)



Reply Favorite

Date: January 22nd, 2018 11:50 AM
Author: Khaki boltzmann

epic penis glob

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209342)



Reply Favorite

Date: January 22nd, 2018 11:51 AM
Author: Peach Passionate Rehab

(((Andy Kessler)))

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209350)



Reply Favorite

Date: January 22nd, 2018 11:53 AM
Author: Cerebral roast beef fortuitous meteor

Hes not wrong, but that doesnt mean we have to like it.

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209367)



Reply Favorite

Date: January 22nd, 2018 12:04 PM
Author: hairless very tactful codepig pozpig

cr. tbf, i don't actually have a problem at all with this opinion. am i missing something?

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209482)



Reply Favorite

Date: January 22nd, 2018 12:10 PM
Author: Chestnut aphrodisiac knife selfie

i don't see anything wrong with this article

he's calling out corporate virtue signaling for being the stupid, useless shit that it is, that benefits literally no one

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209524)



Reply Favorite

Date: January 22nd, 2018 12:10 PM
Author: hairless very tactful codepig pozpig

exactly, this is actually a great opinion.

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209530)



Reply Favorite

Date: January 22nd, 2018 12:12 PM
Author: Naked school



(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209539)



Reply Favorite

Date: January 22nd, 2018 12:18 PM
Author: Alcoholic Plum Tank

Correct. Corporatist shitlibs look for corps to push their shitlib agenda (multiculturalism, diversity, etc.).

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35209578)



Reply Favorite

Date: January 22nd, 2018 1:17 PM
Author: Sexy Really Tough Guy People Who Are Hurt

"Profits are the best measure of a business’s value to consumers—and to society."

No. Consumer surplus is.

There are lots of shady ways to generate and pump up profits (e.g., fraud).

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35210138)



Reply Favorite

Date: January 22nd, 2018 1:25 PM
Author: Cerebral roast beef fortuitous meteor

MFCR

Shareholder “ ((profits))” can be manipulated via tricks and number shuffling.

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35210186)



Reply Favorite

Date: January 22nd, 2018 1:24 PM
Author: wonderful range

"The industrial revolution and its consequences have been a disaster for the human race, creating spiritual emptiness, a decline in healthy and life affirming values, and a general feeling of unease and loss."

"Really? Besides offer low prices, huge variety and quick delivery, along with jobs not only in Seattle but around the world, as manufacturers leverage Amazon’s platform to reach global customers?"

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35210169)



Reply Favorite

Date: January 22nd, 2018 3:20 PM
Author: Arrogant Milk



(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35211094)



Reply Favorite

Date: January 22nd, 2018 2:35 PM
Author: disgusting racy library

So investors who don't want to profit as much don't profit as much? Groundbreaking stuff!

(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35210704)



Reply Favorite

Date: January 22nd, 2018 2:59 PM
Author: Naked school



(http://www.autoadmit.com/thread.php?thread_id=3867262&forum_id=2#35210901)