(Bloomberg) -- One of the most contentious investing strategies on Wall Street might be a lot less beleaguered right now if its defenders had shown a bit...
-- One of the most contentious investing strategies on Wall Street might be a lot less beleaguered right now if its defenders had shown a bit more moderation from the get-go, according to Kyle Bass .As Rural Hospitals Shutter Maternity Wards, Urban Ones Follow
Protest organizers have galvanized enthusiasm using slogans like “Hot People Hate Wall Street” and “Eat the Rich.” So far, dialogue has been limited and neither side has made any concessions of note. “Skirting hydrocarbons is like bringing politics into investing,” Bass said. “If you’re willing to give up returns for that, then so be it. But I think that’s naive and it’s a breach of fiduciary duty.”
Meanwhile in Europe, which is home to the world’s biggest ESG investing rulebook, regulators are adjusting their stance. There’s now an extensive review underway of existing regulations with a view to allowing a less absolutist stance on fossil fuels. In essence, investors who can show they’re helping a company with a big carbon footprint transition toward a greener future will likely be able to call that an ESG strategy.
Bass, who shot to fame after successfully betting against US subprime home loans during the financial crisis of 2008, says there are clear opportunities to make money from nature conservation. In fact, he says he’s seeing enough external investor demand to allow him to expand his strategy. Ultimately, Texan support for fossil-fuel producers has “only made it better” for investment strategies like his that are linked to selling offsets, Bass said.Justice Ketanji Brown Jackson is hitting the road to promote her new memoir, 'Lovely One'
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