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cover of episode Good Conspiracy: ESG, Assemblies, HPS

Good Conspiracy: ESG, Assemblies, HPS

2024/12/6
logo of podcast Money Stuff: The Podcast

Money Stuff: The Podcast
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K
Katie
M
Matt
无足够信息构建一句话概述
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Katie认为德州等州对大型资产管理公司(BlackRock，Vanguard和State Street)提起的反垄断诉讼有一定的道理，因为这些公司通过ESG投资施压煤炭公司减产，从而导致价格上涨和卡特尔式利润。她认为，即使这些公司的意图是好的，但这仍然构成反垄断行为。她还讨论了指数基金的投票权问题，以及是否应该限制这些大型资产管理公司的投票权。她认为，Larry Fink等少数人控制如此多的股票投票权，这很奇怪。她还讨论了Oliver Hart、Luigi Zingales和Antara Dutta提出的通过股东大会来实施股东投票民主化的提案，认为这可能是一个可行的解决方案，但同时也存在一些实际操作上的困难。 Matt认为，这项诉讼的指控很奇怪，因为政客们通常批评ESG投资时，会说BlackRock没有为投资者争取最高回报，而是将自身的道德利益置于投资者之上。而这项诉讼却说ESG投资让BlackRock获得了卡特尔式利润。他认为，BlackRock等公司对煤炭公司的影响力可能被夸大了，因为股东投票往往具有象征意义，而非具有约束力。他认为，股价是公司业绩的最终衡量标准，而股东投票只是次要的衡量标准。他还讨论了John Coates的论文《十二的问题》，指出少数几家资产管理公司控制着美国大部分公司的投票权，并且缺乏关于如何行使这种权力的思考。他认为，这些大型资产管理公司应该有一些公共流程，让公民或投资者能够提供反馈，而不是自行做出不受约束的决策。

Deep Dive

Chapters
Texas and other states have sued BlackRock, Vanguard, and State Street, alleging an antitrust conspiracy related to ESG investing in coal companies. The lawsuit claims these firms pressured coal companies to cut production, leading to "cartel-like profits." This raises questions about whether ESG goals conflict with maximizing investor returns and the role of index funds in influencing corporate behavior.
  • Texas alleges major asset managers engaged in antitrust violations by pressuring coal companies to reduce production for ESG goals.
  • The lawsuit claims the coal companies subsequently made "cartel-like profits."
  • Critics argue that ESG investing prioritizes moral interests over financial returns for investors.
  • Index funds' influence on corporate behavior through shareholder voting and informal meetings is debated.

Shownotes Transcript

Katie and Matt discuss whether index funds are illegal, whether ESG investing leads to cartel-like profits, whether jury duty for index fund investors is a good idea and whether we are in a golden age for selling private credit firms.

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