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"Almost three-quarters of investors (74 percent) would be more likely to work with an advisor who could give them competitive investment returns from investments that also made a positive impact on society and 65 percent of investors would be more likely to stay with an advisor who could discuss responsible investing with them."
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Commentaries by Ron Robins  E-mail us your feedback

Links may only be valid for a limited time   March 20, 2018

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Are asset managers delivering on their ESG claims? "Lane Clark & Peacock's (LCP) biennial investment survey of 120 major UK-based investment management firms finds a disappointingly small number have put in place comprehensive approaches to responsible investment, particularly when it comes to managing climate-related risks.

While the survey found some increased consideration of ESG issues and improvement in attitudes compared to the survey two years ago, only 8% of the 120 investment managers received the top score compared to 20% awarded the lowest.

Some 78% of respondents said they were PRI signatories - a substantial improvement on the 66% recorded in the 2015 survey. "

[COMMENTARY] And it is the UK and Europe that lead in the adoption of ESG. So, what is likely the situation in North America? It's clear that while the adoption of ESG issues is growing, it's still not a high priority for investment managers.
Are asset managers delivering on their ESG claims? By Victoria Ticha, March 16, 2018, Professional Pensions, UK.

The Harris Poll On Corporate Reputation: Americans Favor "Main Street" Companies Over Traditional Corporate America; Praise Companies Bringing Innovation To Help Solve Societal Challenges. "'This year, the RQ® study revealed that socially conscious companies are thriving off of the division and dysfunction in government, and what we're seeing is a new vanguard of corporate leaders taking an active role to solve societal challenges that government can't or won't,' said The Harris Poll CEO, John Gerzema. 'We're calling this a movement of Big Ideals, where companies are rising above politics to focus on a pressing social challenge whether it be healthcare, transportation, or education.'"

[COMMENTARY] The top three of the 100 companies covered: Amazon, Wegmans, and Tesla Motors. Among those In the bottom ten are: Goldman Sachs, Monsanto, and Equifax. Ethical investors take note.
The Harris Poll On Corporate Reputation, press release, March 13, 2018, The Harris Poll, USA.

Investing ethically? Buy shares, not funds! - A guide. "Ron Robins, founder of the ethical-ESG investing website, 'Investing for the Soul', speaks exclusively to What Investment about why he thinks investing in shares - as opposed to funds - is the best route to ethical ESG investments."

[COMMENTARY] This article I wrote, my tutorials, and other similar articles are for investors who can spend the time and have the confidence to engage in do-it-yourself investing. And they are a minority! I sincerely believe that investment/financial advisors perform valuable services for most investors including helping them maintain savings plans and keeping their emotions in check in volatile times -- so vitally important in today's markets!
Investing ethically? Buy shares, not funds! - A guide, by Ron Robins, March 8, 2018, What Investment, UK.

The story of ESG. "Despite growing focus on the value of Environmental, Social and Governance (ESG) data in our marketplace, we are only at the beginning of the beginning of how this traditionally “non-financial” data will matter. At the end of this process, it will cease to exist as something separate from financial reporting, and we will look back on the journey and wonder at the flat-earth nature of where we were. Here is how I see the timeline."

[COMMENTARY] Mr. Nixon provides an excellent perspective on the future development, role, and importance of ESG.
The story of ESG, by Timothy Nixon, March 5, 2018, The Economist, UK.

TURNING POINT: Corporate Progress on the Ceres Roadmap for Sustainability. "Using data provided by Vigeo Eiris, the report offers valuable insight for companies, investors, and advocates into how more than 600 of the largest publicly traded companies in the United States are positioned to address critical sustainability issues such as climate change, water pollution and scarcity and human rights abuses."

[COMMENTARY] This report offers great ESG/CSR insight into corporate America.
TURNING POINT: Corporate Progress on the Ceres Roadmap for Sustainability, February 28, 2018, Ceres, USA.

It's official: Sustainability strategies boost revenue. "The survey found the potential to expand revenues was the most important factor when deciding to implement sustainability strategies, with 39 percent of respondents citing revenue growth as a priority. Cutting costs was identified as the main driver for sustainability initiatives by 35 percent of respondents, while 30 percent said they primarily were seeking to boost brand reputation."

[COMMENTARY] The survey by ING shows that companies are finally understanding the benefits of sustainable strategies. It's good news for the global economy and for ethical investors.
It's official: Sustainability strategies boost revenue, by Madeleine Cuff, February 22, 2018, GreenBiz, USA.

Every CFO Should Know This: 'The Future Of Banking' Ties Verified ESG Performance To Cheaper Capital. "Danone’s third-party-verified ESG performance will be 'directly impacting, upwards or downwards, the margin payable to the banks over the entire duration of the facility.'”

[COMMENTARY] This is great news and provides even more encouragement for companies to engage in ESG activities. Independent studies had verified that companies with high ESG ratings generally have a lower cost of capital. However, this is possibly the first time that it's been directly linked to credit facilities!
Every CFO Should Know This: 'The Future Of Banking' Ties Verified ESG Performance To Cheaper Capital, by Jay Coen Gilbert, February 20, 2018, Forbes, USA.

Banking on a Low-Carbon Future: Are the World’s Largest Banks Stepping Up to the Risks & Opportunities of Climate Change? "Banks are exposed to climate-related risks through their lending and financial service activities, including project finance, equity and debt underwriting. These risks are real and wide-ranging. A recent study estimates that the value at risk for investors from climate change, under a business-as-usual scenario, may be equivalent to a permanent reduction of up to 20% in portfolio value in just over a decade."

[COMMENTARY] Great analysis of the state of global banking with respect to their financial risks and opportunities concerning fossil fuels.
Banking on a Low-Carbon Future: Are the World’s Largest Banks Stepping Up to the Risks & Opportunities of Climate Change? February 2018, Boston Common Asset Management, USA.

Carbon Clean 200--2018 Q1. "We are happy to present the 2018 Q1 Clean200™ list of publicly traded companies that are leading the way with solutions for the transition to a clean energy future."

[COMMENTARY] This is a terrific list by two of the most respected organizations in the ESG space. And unlike most other ESG related rated rankings, this list is updated quarterly!
Carbon Clean 200--2018 Q1, February 16, 2018, As You Sow and Corporate Knights, Canada.

Ethisphere Institute Announces 135 Companies Honored as World’s Most Ethical Companies. "Ethisphere’s notion that financial value and ethics are inexorably tied together has been borne out through long-term tracking of how the stock prices of publicly traded honorees compare to the U.S. Large Cap Index. The research found that listed World’s Most Ethical Companies outperformed the large cap sector over five years by 10.72 percent and over three years by 4.88 percent. Ethisphere refers to this as the Ethics Premium."

[COMMENTARY] Ethisphere's report is the absolute opposite of ReRisk's report below! Here we have the most ethical companies -- according to their methodology. It's a good idea to read Ethisphere's and RepRisk's reports together.
Ethisphere Institute Announces 135 Companies Honored as World’s Most Ethical Companies, press release, February 12, 2018, Ethisphere, USA.

RepRisk Releases the Most Controversial Companies 2017 Report. "Eight of Ten Companies Included Were Exposed to Severe Governance Issues, in Particular Bribery and Corruption."

[COMMENTARY] Interestingly, RepRisk believes 2017 could be a landmark year when 'when the tide started to turn against corporate corruption.' This RepRisk report is useful reading for ethical investors. See it here.
RepRisk Releases the Most Controversial Companies 2017 Report, press release, February 13, 2018, RepRisk, Switzerland.

Ethics in the markets. Some real concerns!

(1) Insider trading has been rife on Wall Street, academics conclude--The Economist,
"INSIDER-TRADING prosecutions have netted plenty of small fry. But many grumble that the big fish swim off unharmed. That nagging fear has some new academic backing, from three studies. One argues that well-connected insiders profited even from the financial crisis. The others go further still, suggesting the entire share-trading system is rigged."
Insider trading has been rife on Wall Street, academics conclude--The Economist, February 10, 2018, The Economist, UK.

(2) Does CEO Pay Structure Incentivize Actions that Destroy Long-Term Value? "The research finds that a high amount of equity vesting will increase the likelihood that a company will revise guidance upward; reduce research and development and capital expenditures; buy-back shares or increase the amount of its share buy-back; and even enter into merger and acquisition activity. It paints a clear and bold portrait of short-termism with concern for long-term value creation faded into the background."
Does CEO Pay Structure Incentivize Actions that Destroy Long-Term Value? Press release, February 12, 2018, IRRC Institute, USA. (They're offering a webinar on this subject on February 14. Sign up on the web page.)

[COMMENTARY] The above studies should alarm most investors. Why haven’t the regulators -- including the US SEC and numerous other watchdog agencies -- conducted their own research on these issues as they pertain to their activities? Are they told to look the other way? I believe we're heading for a mammoth crisis of confidence if such issues aren't properly addressed.

One-third of [UK] investors deem social impact just as important as returns. "The survey findings also show that 65% of Londoners are looking to make more environmental investments, and that they are twice as likely to prefer investing in SMEs, rather than stocks and shares, than people from other regions."

[COMMENTARY] Here we have another survey showing UK investors becoming more interested in socially and environmentally responsible investing.
One-third of [UK] investors deem social impact just as important as returns, by Chris Seekings, February 9, 2-018, The Actuary, UK.

When ethical investment desires equal a demand for returns. "There has been a significant shift in UK investor behaviour, with 60 per cent of investors looking to make more social investments in 2018, according IW Capital's latest nationally representative data, which surveyed 2,004 national respondents."

[COMMENTARY] Another good survey showing how investors are increasingly interested in ethical investing. Given the recent huge increase in market volatility, it'll be fascinating to see at the end of 2018 how real were the survey's predictions.
When ethical investment desires equal a demand for return, by Ingrid Smith, February 7, 2018, What Investment, UK.

Yahoo Finance Expands Offerings as Only Free Provider of Sustainability Scores, across Desktop and Mobile Web. "Conscientious investors will be able to track the Environment, Social and Governance (ESG) scores of more than 2,000 publicly traded companies, only on Yahoo Finance."

[COMMENTARY] More wonderful news for the retail investor interesting in obtaining free corporate ESG ratings! Sustainalytics is demonstrating that it wants its quality ESG research freely available to all investors. Thank you Sustainalytics!
Yahoo Finance Expands Offerings as Only Free Provider of Sustainability Scores, across Desktop and Mobile Web, press release, February 1, 2018, Sustainalytics, USA.

Barron’s 100 Most Sustainable Companies. "Barron’s offers our first ranking of the most sustainable companies in the U.S. We have always aimed to provide information about what keenly interests investors—and what affects investment risk and performance.

The term 'sustainability' doesn’t have a single definition, but for years now, European investors have looked at environmental, social, and governance factors—qualitative measures that people believe promote a company’s long-term health and growth prospects."

[COMMENTARY] Now we know that sustainability and ESG have arrived in America! One of the founders of ESG investing in the US, Calvert Research and Management, did the research. As such, it's methodology looks good. However, surprisingly, their list differs from many others in not including Google, Facebook or Amazon!
Barron’s 100 Most Sustainable Companies, by Leslie P. Norton, February 3, 2018, Barron's, USA.

Strong ESG policies are no protection against scandal. "Companies that aim to do good for society by adhering to environmental, social and governance policies are more likely to encounter lawsuits and regulatory actions, says BlackRock."

[COMMENTARY] At first glance this is a surprising finding. However, high performing ESG companies are held to high standards, so when they don't meet those standards there's perhaps greater disappointment and backlash against them. Nonetheless, it's important to know the facts!
Strong ESG policies are no protection against scandal, by Chris Flood, February 2, 2018, Financial Times, UK.

CUNY, Harvard scientists team with UBS Asset Management on sustainable investing framework. "The team leveraged recent advances in several scientific disciplines, including earth observation and modeling, epidemiology, and public health, and linked these data to corporate operational and financial data to show how products and services can contribute to more sustainable environmental and human systems.

The research suggests a new way to assess the sustainability of corporations for investors, who are increasingly interested in this investment approach. A key is to provide systematic, transparent, and verifiable metrics of success based on well-accepted scientific approaches, in contrast to the self-disclosure of beneficial actions that are claimed typically by companies themselves."

[COMMENTARY] This is truly ground-breaking work and particularly important for ethical investors. I just wonder if their research will be proprietary or available freely to all investors? This project has the potential to significantly enhance corporate ESG and financial analysis!
CUNY, Harvard scientists team with UBS Asset Management on sustainable investing framework, press release, February 1, 2018, Advanced Science Research Center, GC/CUNY, USA.

Utilities may suffer 'significant losses' from carbon taxes. "A new paper from Trucost, part of S&P Dow Jones Indices, suggests major companies across the electric utility, chemicals and automaker industries could suffer 'significant losses' from new carbon pricing policies or carbon taxes introduced as part of nations' climate efforts."

[COMMENTARY] It seems that some defensive stock plays might not be so reliably defensive after all. Many investors and fund managers might want to re-evaluate their premises and holdings after reading Trucost's report.
Utilities may suffer 'significant losses' from carbon taxes, by Madeleine Cuff, January 26, 2018, BusinessGreen, USA.

Just out, Corporate Knight's 2018 Global 100. "Companies from 22 different countries made the 2018 list, with the U.S., France and U.K. leading the pack. European companies dominated the rankings, accounting for 69 per cent of listed companies, while North America and Asia accounted for 22 and 12 per cent respectively."

[COMMENTARY] This is a ranking I always look forward to. And European companies continue to lead in a considerable fashion. Register to download the full report.
Corporate Knight's 2018 Global 100, January 2018, Corporate Knights, Canada.

Sustainable Fund Assets Under Management Achieved Limited Gains in 2017 But Poised to Increase Traction. "During a year when a number of high profile environmental, social and governance (ESG) related events unfolded, sustainable fund assets under management in the US, including mutual funds, exchange-traded funds (ETFs) and exchange-traded notes (ETNs) achieved limited gains. Estimated net inflows, including new 2017 fund launches, were $2.9 billion or 1.5%."

[COMMENTARY] It's an old story. Despite retail investors saying they're making ESG investments, the numbers continue to show only modest growth in these assets. According to many surveys, there seems to be much better ESG take-up in pension, endowment, and other institutional funds.
Sustainable Fund Assets Under Management Achieved Limited Gains in 2017 But Poised to Increase Traction, press release, January 22, 2018, Sustainable Research and Analysis, USA.

Chinese index ranking companies by social value commitment aims to help ethical investors. "China Alliance of Social Value Investment says its Social Value 99 index outperformed traditional benchmark stock indices in a simulation."

[COMMENTARY] It demonstrates that ESG investing is gaining ground in China. Actual index information can be found here. Hopefully, an English version of the page will be up at some point.
Chinese index ranking companies by social value commitment aims to help ethical investors, by Karen Yeung, January 19, 2018, South China Morning Post, China.

Millennial Investors Want Perks and ESG Investing. "The latest Spectrem Group report, 'Millennial and Generation X Investors,' suggests these two generations are significantly more attuned to socially responsible investing than their older counterparts.

In fact, survey results show more than half of Millennial investors (52%) see the social responsibility of their investments as an important selection criteria, compared with less than 30% of WWII-era investors and 42% of Gen X investors.

The study also reveals that almost a third of Millennial investors (29%) expect their financial adviser to reward them with gifts or other favors in exchange for their recurring business."

[COMMENTARY] It's fascinating the degree to which millennial investors want perks from their advisors! The rest of the survey's findings continue to reinforce the fact that millennials are much more interested in ESG investing than other generations.
Millennial Investors Want Perks and ESG Investing, by John Manganaro, January 18, 2018, Plan Advisor, USA.

Larger Plans Continue to Outpace Smaller Plans in Incorporating ESG Factors. "While the top-line percentage was unchanged, plans with more than $20 billion in assets increased incorporation of ESG factors by 136% from 2013 to 2017, according to the findings. The authors note that these plans now have the highest rate of incorporation at 78%, compared to only 30% for the smallest funds. ESG adoption across all plan sizes has increased 68% since the firm’s first such survey in 2013."

[COMMENTARY] I wonder if one reason larger plans outpace smaller plans in utilizing ESG criteria has to do with staffing and resources of the plan managers?
Larger Plans Continue to Outpace Smaller Plans in Incorporating ESG Factors, by Ted Godbout, NAPA, USA.

State of Green Business Report 2018, by GreenBiz/Trucost. "The report looks at 10 key trends and dozens of metrics assessing how, and how much, companies are moving the needle on the world’s most pressing environmental challenges. The report is produced in partnership with Trucost, part of S&P Global, a world leader in helping companies, investors, governments, academics and thought leaders to understand the economic consequences of natural capital dependency."

[COMMENTARY] The report is well worth reading for any ethical investor.
State of Green Business Report 2018, January 2018, GreenBiz/Trucost, USA.

Demystifying negative screens: the full implications of ESG exclusions. "In this paper we explore the role of screening, the activities typically targeted, the different ways that exclusions are defined, and their effects on investment strategies. Our aim is to help both those investors with exclusion policies already in place and those considering them to understand the options available and the full implications of their choices."

[COMMENTARY] Shroders quantifies the effects of various negative investment screens in a variety of investment strategies such as growth, value, and income. It's a pioneering work in this area and something that anyone interested in ESG screening might want to read.
Demystifying negative screens: the full implications of ESG exclusions, January 10, 2018, Sustainable Investment Team, Shroders, UK.

MSCI links ESG with stronger asset growth. "For calendar 2016 the managers that scored the highest under MSCI's responsible investment assessment recorded an average compound annual growth rate of 3.7% in institutional assets under management, vs. a 1.8% decline for those with the lowest scores. Over the two years, the CAGR is 2.6% for the leaders vs. 1.6% for the lowest scorers; and for the three-year period, those with higher responsible investment scores saw 3.6% growth in AUM, vs. 0.3% growth."

[COMMENTARY] This is the first study of its kind that I'm aware of. The results could give an impetus to fund managers presently minimally or unengaged with ESG to take it more seriously.
MSCI links ESG with stronger asset growth, by Sophie Baker, January 8, 2018, Pensions & Investments, USA.

Sexual Harassment Screens Making It Into ETF ESG World. "Impact Shares, is launching the first ETF focused on women empowerment that will screen for sexual harassment. The fund will contain around 200 to 300 stocks and will track the Equileap North American Women's Empowerment Index. The index applies 19 screening criteria, which cover gender balance in leadership and workforce, equal pay, flexible work options, safety at work and freedom from violence, abuse and sexual harassment."

[COMMENTARY] I suspect this will not be the only fund to advance the cause. We'll probably hear from many ESG oriented funds and managers that they'll similarly screen for sexual harassment issues in their stock analysis.
Sexual Harassment Screens Making It Into ETF ESG World, by Marie Beerens, January 5, 2018, Investor's Business Daily/Nasdaq, USA.

Why managers need to wake up to ESG threat. “'It will get to a point where, if a fund group doesn’t have fully-implemented ESG integration, and had it in place for sometime, we won’t be able to use them anymore,' she [Teresa Platan, who specialises in selecting emerging markets and Japan equity funds for Aktia, a Finnish bank] says. 'The shift has been so fast in the past year with the clients suddenly asking so much about ESG. It’s difficult to say exactly how long before we’re there. Maybe only in a year or two.'”

[COMMENTARY] The article's headline seems to imply a backlash against ESG integration. However, as the quote implies, it's really cautioning those investment industry players not already on the ESG train to get on-board now or lose business!
Why managers need to wake up to ESG threat, by Dylan Emery, January 5, 2018, Portfolio Advisor, UK.

Why activists are cheerleaders for corporate social responsibility. "Profits, not ethics, are behind big-name investors’ interest in ESG issues."

[COMMENTARY] Now we know ESG has 'arrived' and why it's fast becoming integral to financial analysis. Investors everywhere are realizing it pays to incorporate ESG criteria in selecting investments no matter their moral compass. However, I'd still prefer that the new ESG oriented investors regard ethics as crucial to their own decision making and behaviour.
Why activists are cheerleaders for corporate social responsibility, by Lindsay Fortado, December 26, 2017, FT, UK.

CalPERS’ Ongoing Push Into ESG Drives a Healthy Debate. "The debate started when the American Council for Capital Formation published a sharply written report alleging that, as the group puts it, 'CalPERS has prioritized relatively poor performing environmental, social and governance [ESG] investments at the expense of other investments more likely to optimize returns.'"

[COMMENTARY] This is an interesting debate--but I believe CalPERS is right to be ESG focused and they make a good argument for that.
CalPERS’ Ongoing Push Into ESG Drives a Healthy Debate, by John Manganaro, December 21, 2017, PLANSPONSOR, USA.

2017 Engaged Tracking Carbon Rankings. "A transparent, public and standardised ranking of the world's largest companies and their carbon emissions."

[COMMENTARY] Engaged Tracking created its carbon tracking methodology with the help of the prestigious UK university, Imperial College. So, it has a great pedigree. Registration--which is free--is advised.
2017 Engaged Tracking Carbon Rankings, December 2017, Engaged Tracking, UK.

Influential investors urge 100 carbon-intensive companies to step up climate action. "Today, as many as 225 influential global investors with more than $26.3 trillion in assets under management pledged to engage with 100 corporates estimated to be responsible for around 85 percent of total global greenhouse gas emissions, so as to step up their ambition on climate action."

[COMMENTARY] This could greatly influence the direction of numerous companies responsible for global greenhouse gas emissions towards environmental sustainability. It came out in parallel with this week's Emmanuel Macron's One Planet Summit.
Influential investors urge 100 carbon-intensive companies to step up climate action, by Michael Holder, December 13, 2017, GreenBiz, USA.

Rediscovering our Moral Compass: JUST Capital’s 2017 List of America’s Most JUST Companies. "Today, JUST Capital, in partnership with Forbes, has released the 2017 list of America’s Most JUST Companies, our annual ranking of the largest publicly-traded U.S. corporations."

[COMMENTARY] With Forbes behind it, JUST Capital is getting much attention--and justifiably so. The 2017 'just' American companies' list is undoubtedly a key ranking for ESG-ethical investors to review. My concern with the list is its leaders are absolutely dominated by tech companies. Hence, it makes me a little leery as to its methodology.
Rediscovering our Moral Compass: JUST Capital’s 2017 List of America’s Most JUST Companies, December 2017, JUST Capital, USA.

Index Managers Taking Note as ESG Surges: Morningstar. "Morningstar finds biggest index managers have expanded their stewardship or corporate-governance teams."

[COMMENTARY] Morningstar's research findings are consistent with other similar research.
Index Managers Taking Note as ESG Surges: Morningstar, by Michael S. Fischer, December 8, 2017, ThinkAdvisor, USA.

More Advisers Expect Increased ESG Demand. "More than one-third, 35%, of asset managers have made the introduction of environmental, social and governance (ESG) investing a high priority, and another 57% say they are placing a moderate level of priority on the task. Together, this makes for a full 92% of asset managers on the path to or considering offering ESG investing options, according to the December issue of The Cerulli Edge – U.S. Edition."

[COMMENTARY] Finally, advisors are getting the message. Although I haven't seen other surveys suggesting this level of interest among advisors in ESG that Cerulli has found. We'll just have to wait for that. Nonetheless, this survey is good news for responsible-ethical investors and investments.
More Advisers Expect Increased ESG Demand, by Lee Barney, December 8, 2017, Plan Advisor, USA.

Can Index Funds Be a Force for Sustainable Capitalism? "According to my estimates for every dollar actively managed, either through high turnover diversified portfolios or through low turnover concentrated portfolios, there are three dollars in indexing or quasi-indexing. In such a market there will be tremendous rewards for market participants that can provide a differentiated service."

[COMMENTARY] This is a great piece by Harvard's Professor Serafeim on the way forward for ethical-ESG investing.
Can Index Funds Be a Force for Sustainable Capitalism? By George Serafeim, Harvard Business Review, December 7, 2017, USA.

DB advisers could be sued over climate change risk. "A report by environmental law firm ClientEarth states that trustees are legally required to respond to climate change risk that may have a material impact on the scheme."

[COMMENTARY] This will come as a shocker to the many pension fund trustees who've argued against the inclusion of ESG criteria in pension fund management. It appears that both the EU and UK are seriously desiring to include it in some way in their pension fund management directives. It will not be long before much of the rest of the world does the same.
DB advisers could be sued over climate change risk, by Alex Warnakulasuriya, December 1, 2017, Pensions Expert, UK.

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Disclaimer: This website does not make investment recommendations. Nothing in this site should be interpreted as a recommendation or solicitation to buy/sell any securities or investments. Investing for the Soul is a source of general information and resources for ethical investing and socially responsible investing (SRI). Investors should consider their actions thoroughly and consult their financial advisers and other professionals, prior to taking any investment action. This website does not necessarily agree with the opinions expressed in articles on its pages or offered on the web pages to which it might be linked. Such opinions are the responsibility of the writers themselves. Furthermore, this site does not offer or provide any warranties, representations, guarantees, implied or otherwise, as to the accuracy, legality, copyright compliance, timeliness or usefulness of the information, materials or services on this, or other sites, to which it is linked. Also, Mr. Ron Robins is not an investment advisor, nor is he licensed with any professional investment related body, and thus is not able to, nor does he make, any investment recommendations.


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