Smoke-Free Zone
[6] In my personal portfolio, the only industry I won't invest in is tobacco. Tobacco causes disease and suffering when used as intended, whereas most of the others cause problems only when they are abused.
[7] Client portfolios are a different matter. When you are managing other people's money, your job is to maximize performance. We don't have any tobacco stocks at Dorfman Investments, but I'm on the stock selection committee for a money management firm, Dreman Value Management, that has tobacco holdings.
[8] As for performance, the 80 "socially responsible" mutual funds tracked by Morningstar Inc., the Chicago research company, returned 15 percent a year on average in the five years through October. That compares to an 18 percent return for all U. S. stock funds, and 26 percent for the Standard & Poor's 500 Index during the same period.
[9] At my firm, and many others, clients with their own separate accounts can specify whatever ethical restrictions they want. One of my clients doesn't want to own weapons stocks. For her, I won't buy stocks such as Lockheed Martin Corp., Litton Industries Inc., Cordant Technologies Inc. or Kaman Corp. But stocks of that type will be in many other clients' portfolios.
无烟区:
在我个人的投资组合中,我唯一不碰的是烟草业。当你有意常吸烟草时,它会带来疾病和痛苦,而其它的大多只有在滥用时才会带来麻烦。
顾客的投资组合就是另一回事了。当你为别人理财时,你的任务就是要取得最好的业绩。多尔夫曼投资公司中没有烟草股,但我是德雷曼价值管理公司——一个理财公司——选股委员会的委员,该公司却持有烟草股。
据芝加哥的一家调研公司——晨星股份有限公司的跟踪调查,就业绩来讲,80家“对社会负责”的共同基金在直至10月份的过去5年的年平均收益是15%。与之相比,同阶段美国所有的证券基金的平均收益是18%,标准普尔500指数的平均收益是26%。
在我的公司和许多其他公司中,客户有他们自己各自的考虑,他们能明确指定他们的道德禁忌。我的一位客户就不愿持有武器股,所以我不会为她买进诸如洛克希德·马丁公司、利顿工业公司、考顿科技公司或卡曼公司的股票,但这类股票会出现在许多其他客户的投资组合中。
上一篇: 英语短文:道德与投资 3
下一篇: 英语短文:道德与投资 4
国内英语资讯:Xi and his unremitting call for global health cooperation
国内英语资讯:Wuhan lifts outbound travel restrictions, ending months-long lockdown
五个英语句子说:“这不合我的口味!”
国内英语资讯:Chinese mainland reports no increase in domestic COVID-19 cases
国际英语资讯:Spotlight: Egypts anti-coronavirus efforts face more difficulties as confirmed cases top 1
英雄新传:武汉重启,致敬战“疫”中闪光的你!
巴黎将禁止居民上午10点至晚上7点出门锻炼
The Meaning of Exams 考试的意义
国际英语资讯:COVID-19 deaths in Europe continue to rise as Frances top 10,000
习近平在缅甸媒体发表署名文章(双语全文)
体坛英语资讯:Chinese table tennis team still undecided on where to set up pre-Olympic camp
美文赏析:我是如此热爱生活
王毅在第56届慕尼黑安全会议上的演讲(双语全文)
国内英语资讯:China to further smooth tax exemptions for some imports from U.S.
体坛英语资讯:Leipzig whitewash Schalke 5-0 to stay second in Bundesliga
习近平在二十国集团领导人特别峰会上的重要讲话(双语全文)
国内英语资讯:China opposes all forms of discrimination, prejudice: spokesperson
国际英语资讯:British PM in intensive care after coronavirus symptoms worsen
在家不知吃什么好?这些美食电影能给你带来灵感(上)
国内英语资讯:Virus-hit Hubei Province to boost employment for poor residents
国内英语资讯:Vice premier stresses facilitating employment of college graduates in Hubei
疫情之下美国汽车影院迎来“第二春” 收入不减反增
国际英语资讯:New York state reports deadliest day yet of COVID-19 outbreak: governor
体坛英语资讯:Chiles Garin progresses to Rio Open semifinals
国内英语资讯:Chinese NGO sets up hand wash stations to help Nepalis fight COVID-19
在家不知吃什么好?这些美食电影能给你带来灵感(下)
体坛英语资讯:Marseille lose to Nantes, Lille move up to third place
国际英语资讯:British PM spending second night in intensive care: spokesman
体坛英语资讯:Three players to join Chinese womens football team via Thailand for Olympic qualifier
国际英语资讯:Italy counts 135,586 COVID-19 cases, daily recoveries exceed new infections