Environnement Social et Gouvernance (ESG). Je pense que souvent @Sophie nous parle indirectement de ESG investing, mais j'ai récemment écouté un podcast intéressant qui m'a fait réfléchir sur ce sujet.
J'aime la plus part des podcast de Invest-Like-the-Best, mais celui-ci était particulier.
Je me suis relue un peu et c'est vrai que je parle souvent d'éléments de ESG investing ou qui s'en rapprochent. Ce n'est pas par pur altruisme, je pense que c'est WIN-WIN, qu'à long terme il y a du profit à faire et que ça diminue le risque.
L'année où j'ai acheté mes premières actions c'était Valeant la grosse mode, ils parlaient du prix du titre qui montait à chaque jour dans les nouvelles financières. J'ai jamais été tentée d'en acheter ou de lire leurs États Financiers!
When "Power Vests" Fight Back
Picture, if you will, a millennial man about town. He's wearing a buttoned-up shirt, a pair of chinos, casual loafers, and socks. And the final piece to finish off his outfit is a fleece Patagonia vest with his employer's — probably a financial firm — logo embroidered on it.
The vest — the Patagonia vest — is the thing. It's such a ubiquitous piece of clothing for men in business and finance that the Instagram account @midtownuniform was created — and it has over 100,000 followers — to make fun of the herds of Brads and Chads roaming the sidewalks, hunting for Starbucks and sweet stocks.
But why a vest, and why is it everywhere? Well, like with most bad things, we can blame 2008 and millennials. The midtown uniform came into fashion during 2008, when people who worked on Wall Street were suddenly not getting awesome bonuses. Instead, like any other industry that can't pay more money, they tried to satisfy employees in another easy, cheap way by letting them dress down a bit. So the traditional sports coats and wool slacks became vests and chinos.
And thus the cult of the Patagonia vest was born — but gasp! Oh, no! Bad news for bros everywhere. A few weeks ago, the Wall Street Journalreported, "Patagonia Triggers a Market Panic Over New Rules on Its Power Vests."
Patagonia, a company known for its environmental responsibility, announced that it won't let companies custom-brand their vests — basically, embroider their logos on them and buy tons of them for their employees — unless the firm is mission driven and prioritizes the planet.
The Wall Street Journal reports that Patagonia's new rule surfaced when the financial communications firm Vested placed an order for vests with the name of a private equity firm, which was a Vested client. The request was denied, which caught Vested by surprise, and then they complained about it on Twitter. So, yes, a company named Vested was denied vests.
One certified Patagonia seller said the decision was not meant to leave any bros out in the cold; however, being a mission-driven organization that's nice to the environment means that oil companies, mine operators, and other outfits deemed ecologically damaging are going to have to find another way to stay warm in iffy spring weather.
Are purpose-driven decisions good for business?
Let's look back at a purpose-led decision that received a ton of criticism in 2014, when CVS decided to stop selling tobacco products. At the time, tobacco accounted for $2 billion in sales at CVS. It's out of $139 billion, but it's still a decent chunk of change. So they banned tobacco, and what happened?
Well, a lot for the greater good:
So what about the "sweet Benjamins" for CVS? What was the impact there?
While prescription sales continued to rise, general merchandise sales tumbled 8% on a same-store basis after the ban. But the stock actually rose from 2014, peaking in mid-2015. It's been on the decline ever since. That's probably Amazon's fault? I mean, if you can't blame 2008 or millennials, then you have to blame Amazon, right?
So CVS is kind of a muddy example, considering that a lot of factors affect a company's growth. Then, again, the general research on whether being purpose driven and making purpose-driven decisions has a positive or negative impact on your business is sort of muddy.
We know that being purpose driven has a few benefits. If your employees find the purpose motivating, they're going to work harder. And if your customers find that purpose motivating, they're going to shop harder.
Survey says ...
A 2015 Harvard Business School study of more than 2,300 firms found that companies that commit to and invest in strategic sustainability efforts have higher risk-adjusted stock performance sales growth and margins, and that these sustainability activities drive business value.But there are also studies that say being purpose driven really doesn't have that much of an impact on your financials. George Serafeim, a professor at Harvard Business School who covers ESG investing, said, "Even if you do not believe that ESG factors will improve your performance, I don't see any recent evidence that integrating material information about ESG will hurt performance."
So, Patagonia, go ahead and decide which bros are worthy enough to don your vest and, more importantly, keep making great in-vest-ments in the business to create the must-have gear for the most purpose-driven business-y people who business in the future.
How to put your money where your mouth is
Here at the Fool, John Rotonti and Alyce Lomax are heading up a new initiative focused on ESG investing — which stands for environmental, social, and governance issues.
So far, they’ve shared a primer on ESG investing as well as their framework for finding great companies — a "compounder checklist" to help you build a strategy to buy ethical companies that can also deliver strong returns. Next, they’re analyzing specific companies to see whether they pass the test — they’ve already put Accenture through the framework, and more companies are coming soon. See for yourself at our new ESG hub:
Je trouve que l’idée d’une version alternative des états financiers avec un coût carbone interne était bonne. Et j’ai toujours pensé qu’il y avait un biais sur les CA en ayant juste des gens financiers, qui ne sont pas représentatifs du monde multi-dimensionnels dans lequel on vit. Je suis une bibitte étrange qui pense aussi que faire du profit uniquement ce n’est pas une fin en soi...
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Si l'être humain peut utiliser son intelligence pour innover tout en ne détruisant pas les ressources comme présentement, on va aller dans la bonne direction...