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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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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Is there significant differentiation between CSR and ESG? The latter is the term I see the most from finance industry.
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So on net, CSR does not affect capital allocation and lines the pockets of intermediaries? My previous exposure (student body demanding that the college divests fossil fuel investments) suggests there is a good deal of ignorance/value signaling as well though.
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