All Long Term Matters articles – Page 5
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Opinion Pieces
Tipping point for ESG?
Over 16 months, a trust-building initiative between major private equity limited partners (LPs), private equity associations, and general partners (GPs) has delivered a ground-breaking environmental, social and governance (ESG) disclosure framework that could provide the transparency that LPs say they want. The framework shows that asset owners care about extra-financial risks and opportunities and can send aligned signals. Could this exciting guideline be a tipping point? Five challenges will define its success.
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Opinion Pieces
End s-factor blindness
Sustainable capitalism is now in vogue. This is very welcome but advocates would have more credibility and impact if they paid greater attention to the ‘s’ (social) of ESG.
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Opinion Pieces
Put the bee back in beta
What is the price of a bee? And more generally, where does the extinction of bee populations – and with bees much of agriculture as we know it – fit into discounted cash flow and other investment/risk decision-making tools?
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Opinion Pieces
A dozen reasons to be hopeful
The Chinese word for crisis has two characters – ‘danger’ and ‘opportunity’. Holding apparently contradictory ideas together is not easy. So here are 12 reasons to be hopeful in 2013.
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Opinion Pieces
Let’s measure advisers
Investment consultants are so easy to blame. But on ESG matters, they are now doing some very important work – perhaps a result of prodding in earlier years. Now it’s time to reward consultants for faster progress and help them become the powerful facilitator for sustainable investing that they could be, and also help their leaders deal with the immunity to change that they face.
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Opinion Pieces
Long Term Matters: A preventable surprise
The world has been hit recently by a tsunami of corporate disaster. Then came the LIBOR scandal.
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Opinion Pieces
Can PE save the world?
When private equity players come together to discuss how to be more responsible, that is noteworthy.
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Opinion Pieces
Long-term Matters: Kay - make your voice heard
The Kay review is the best thing we’ve had on short-termism for decades
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Opinion Pieces
Long-term Matters: Hedge fund concerns
Hedge funds have, without doubt, delivered ‘loadsamoney’, especially for their staff and their richest and smartest customers over the past few decades. And there is also no doubt that short-selling can send a useful signal to the market about hidden risks.
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Opinion Pieces
Long-term Matters: Starting in their back yards
Foundations often exist to do public good. Their mission should be both to invest and provide grants. Protecting capital should be a priority; foundations do not need to be liability driven, have no reason to herd, and could use their long-term nature as a source of competitive advantage.
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Opinion Pieces
Long-term Matters: Shareholder Spring?
The recent AGM votes on executive pay at UBS, Barclays, Aviva and Citi are obvious signs of fundamental change, no?
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Opinion Pieces
Long-term Matters: RI talk wastes time
The time and money spent on long-term, responsible investing has not been very productive. Don’t get me wrong – we’ve made important progress and our common-sense approach to change was the right (only?) place to start. But if we can learn from experience, we could be making much deeper, faster progress.
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Opinion Pieces
Long-term Matters: Climate a major beta risk
Last week in Istanbul, I heard the International Energy Authority’s chief economist say the world’s on track for six degrees warming by 2100. This “catastrophe for all of us” is the mother of all preventable surprises.
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Opinion Pieces
Long-term Matters: Stop enabling corruption
My invitation to Prague last November had one drawback. The seminar was about corporate and political corruption. How depressing. Still, invited by the liberal Brookings Institution and the conservative American Enterprise Institute and convened by a leading US ambassador, how could I refuse?
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Opinion Pieces
Long-term Matters: Learning from bailouts
Why do bankers still not get their part in, to use Ken Rogoff’s phrase, the ‘Great Recession’? And what have institutional investors learned from these bailouts? An interesting CFA Institute blog shows that bailouts today are more frequent and more destructive than ever before. Unsurprisingly, the ‘why’ is deeply contested. Here’s my diagnosis to balance orthodoxy.
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Opinion Pieces
Long-Term Matters: Executive Pay
Why should investment professionals care about the ‘#Occupy’ protests? The majority of the public – ie, our customers – share some of the protesters’ views, even if they are not on the streets. One potent driver is the huge growth in income inequality over recent decades. With this comes disgust with politicians for being the primary ‘enablers’.
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Opinion Pieces
Long-term Matters: Musical chairs
In recent years, environmental, social and governance (ESG) teams have tried to get closer -– both intellectually and in seating arrangements – to the company’s active equity portfolio managers. And for good reason: these were the company’s stars. All this led, quite naturally, to a heavy focus on ESG alpha. ...
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