A thought on @matt_levine’s discussion of social purpose bonds (such as Pfizer’s, which offer slightly less interest than you’d expect for a 10 year Pfizer bond but promise to fund projects that... match general expenditures of Pfizer):
Some investors have mandates.
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And the people who imposed the mandate will sleep the sleep of the righteous, and collect the returns from owning Google, less 1.25% annually to continue employing someone who will tell them they’re still righteous.
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Incidentally after you know this is descriptively accurate as to the operations of CSR/etc funds, does that change your understanding of where the impetus for CSR is coming from? Grassroots demand, product innovation in asset management industry to sustain fees, or both?
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Another lens on this which I’ve always enjoyed: if you think the S&P 500 is some composition of beta plus sin, and anti-enjoy sin, you should be willing to sell the sin to someone specializing in sin. Since plausibly you do not agree with 100% of people on values, can sin swap.
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“I want to be long S&P 500 short groundhog suffering.” “I want to be long S&P 500 short the color blue.” “What really?” “Ah, a bluist. Oh well, we can still use each other.”
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(I am using absurd examples here out of deference to the opinions of people who have strongly held beliefs that I might or might not share who would be unhappy if I used their strongly held belief as the named example.)
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End of conversation
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