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Report: time to rethink ESG index
construction. "Traditional index
construction not effective because it makes it
difficult for investors to assess source of
outperformance."
[COMMENTARY] This
interesting article discusses a study which
highlights the difficulty in pointing to ESG factors
as a standalone factor in ESG fund alpha. The report
suggests ESG funds need improved construction to
isolate all causes of outperformance.
Report: time to rethink ESG index construction,
by Joe McGrath, August 14, 2018, Expert Investor,
UK.
-------------------------------------------------------------
Companies with strong ESG scores outperform,
study finds. "Portfolios in large and
medium-sized groups in developed markets, excluding
the US, record best results."
[COMMENTARY] Actually,
the US portfolios did well too. Just not as well as
those in Europe, most particularly. Incidentally,
it's interesting to see how the EU and US
governments seem to be diverging on encouraging ESG
in funds' management.
The US Department of Labor recently issued a sort of
warning about pension funds using ESG analysis, while the EU
is going full steam encouraging ESG integration in
funds' management! I think the US
administration has too much of a rear view mirror
when it comes to understanding the present and
future economy.
Companies with strong ESG scores outperform, study
finds, by Jennifer Thompson, August 12, 2018,
FT, UK.
-------------------------------------------------------------
Majority of impact investors satisfied with
investment performance: survey. "The
majority of impact investors said their investments
have met their expectations for both impact (82 per
cent) and financial (76 per cent) performance since
inception, according to a report by the Global
Impact Investment Network."
[COMMENTARY] It's
great news that most impact investors are really
happy with their investment results. Such data will
inspire many more to invest similarly.
Majority of impact investors satisfied with
investment performance: survey, August 10, 2018,
Benefits Canada, Canada.
-------------------------------------------------------------
ESG adoption gaining among U.S. asset owners
– Callan survey. "More than 40% of U.S.
asset owners have incorporated environmental, social
and governance factors into their investment
decisions, up from 37% in 2017 and 22% in 2013, said
Callan's annual ESG survey report, released
Wednesday."
[COMMENTARY] Of
course, when a respondent says they've incorporated'
ESG into their investment decisions, it's difficult
to know if that's really the case.
For instance, for a fund manager evaluating
governance decisions of a company's management,
could suggest to them that they're already
incorporating ESG into their investment decisions!
However, the fact that this survey shows increasing
acceptance of ESG on a yearly basis perhaps argues
against this simplistic read of the survey results.
ESG adoption gaining among U.S. asset owners –
Callan survey, by Meaghan Kilroy, August 8,
2018, Pensions & Investments, USA.
-------------------------------------------------------------
Investors ask 500 companies to come clean on
treatment of workers. "More than 100
institutional investors, which together manage
$12trn in assets, have sent a survey to 500
companies demanding that they disclose detailed
information on how they manage their global
workforces."
[COMMENTARY] Finally,
this issue is receiving the attention of some of the
biggest investors on the planet. It'll be quite
interesting to see who responds and what the data
says.
Investors ask 500 companies to come clean on
treatment of workers, by Katie Burton, August 7,
2018, Ethical Corporation, UK.
-------------------------------------------------------------
Poll shows low adoption of smart beta ESG
funds. "Research among 85 clients of
Aberdeen Standard Investments and Sustainalytics
found that only 24% of the sample group were
actively using a dedicated smart beta ESG strategy
in their portfolio at present."
[COMMENTARY] At
24%, I don't think the adoption rate is too bad at
all. As Doug Morrow at Sustainalytics says, these
are relatively early days yet.
Poll shows low adoption of smart beta ESG funds,
by Joe McGrath, August 1, 2018, Expert Investor, UK.
-------------------------------------------------------------
Lack of market ‘plumbing’ holds back
sustainable investing. "We need
standards, benchmarks and derivatives to make this
sector take off."
[COMMENTARY] A
thoughtful article by the chairman of UBS on how
sustainable investing can become fully mainstream.
Also, it's terrific to see a leader such as Mr.
Weber participating in the process of advancing
sustainable investing.
Lack of market ‘plumbing’ holds back sustainable
investing, by Axel Weber (chairman of UBS), July
29, 2018, FT, UK.
-------------------------------------------------------------
Market Momentum: Impact Investing & High Net
Worth Canadians. "There is a high
potential market for impact investing amongst high
net worth individuals in Canada. One in three HNWIs
responded as a current impact investor, with almost
90% expressing interest of investors surveyed, over
52% are investing or intending to invest for impact
over the course of the upcoming year. There are some
key characteristics of current and prospective
impact investors."
[COMMENTARY] BMO,
Scotiabank, and Tides Canada are among the major
backers of this study. The study is of particular
interest to Canadian advisors with HNWI clients. In
general, it shows considerable and growing interest
among Canadian HNWIs in impact investing.
Market Momentum: Impact Investing & High Net Worth
Canadians, July 2018, MaRS and SVX, Canada.
-------------------------------------------------------------
Using ESG Ratings to Build a Sustainability
Investing Strategy. "Sustainability
investing continues to grow in popularity, but the
lack of standardization in sustainability reporting
poses a challenge for investors wishing to maximize
the social responsibility, and minimize the social
damage, of their investments. The authors, who
previously studied sustainability ratings issued by
the mass media, now turn their attention on rankings
used by the investing community itself.
The findings indicate that they may be a more
reliable barometer of a company’s commitment to
environmental, social, and governance impact;
nevertheless, further research into the long-term
link between sustainable practices and value
creation is needed."
[COMMENTARY] To
some extent, this research counters the impression
offered by the ACCF (see below, "Think tank takes
ESG rating agencies to task") that since ESG
ratings' methodologies are different among the
ratings' agencies that they'll offer widely
disparate outcomes. This CPA journal article throws
more light on that and comes to some interesting,
important, conclusions for ESG oriented investors.
Using ESG Ratings to Build a Sustainability
Investing Strategy, by Silvia Romero, Agatha E.
Jeffers, Beixin (Betsy) Lin, Frank Aquilino,
and Laurence DeGaetano, July 2018, The CPA Journal, USA.
-------------------------------------------------------------
For all the Hype, Almost No U.S. Plans
Factor in ESG. "Just 12 percent of U.S.
corporate and health care retirement plan
representatives said they had incorporated ESG
criteria into their manager selection processes.
When defined contribution plans were excluded, only
6 percent considered ESG. The survey included 69
plan sponsors overseeing 119 defined benefit and
defined contribution plans."
[COMMENTARY] Is
it laziness, being uninformed, disinterest or what,
that is preventing US corporate health and
retirement plans from including ESG criteria? It
seems to me a similar situation as with numerous
advisors who don't understand -- or even -- want to
understand, ESG options. Habits and remuneration
arrangements are often hard to change.
For all the Hype, Almost No U.S. Plans Factor in
ESG, by Amy Whyte, July 23, 2018, Institutional
Investor, USA.
-------------------------------------------------------------
Think tank takes ESG rating agencies to
task. "In
a report released Thursday, the Washington-based,
business-backed think tank argued individual
companies 'can carry vastly divergent (ESG) ratings
from different (ESG rating) agencies simultaneously,
due to differences in methodology, subjective
interpretation or an individual agency's agenda.'
...The major ESG ratings agencies analyzed in
the report are MSCI, Sustainalytics, RepRisk and
ISS...
Concerns raised by the ACCF over the agencies'
ESG rating methodologies included variances in
scoring systems among the agencies and the agencies'
not fully disclosing the indicators they evaluate or
the material impact of the indicators."
[COMMENTARY] Just
like there's often wide variability in analyst
opinions in the interpretation of financial
statements, so there should also be variability in
ESG opinions. However, setting competitive issues
aside, I do agree the rating
agencies could be more forthcoming in "disclosing
the indicators they evaluate or the material impact
of the indicators."
Think tank takes ESG rating agencies to task, by
Meaghan Kilroy, July 19, 2018, Pensions &
Investments, USA.
-------------------------------------------------------------
3 takeaways on trends in advisor investing.
"Advisors this year, for instance, were asked
about their use or recommendation of environmental,
social and governance funds. Replies indicate that
26 percent of respondent advisors currently use
and/or recommend ESG funds, and 20 percent plan to
increase their use/recommendation of them over the
next 12 months."
[COMMENTARY] Finally,
a significant number of US advisors are using and
recommending ESG investments to their clients!
(Research cited:
2018 Trends in Investing Survey, Journal of
Financial Planning and the FPA Research and Practice
Institute.)
3 takeaways on trends in advisor investing, by
Marlene Satter, July 16, 2018, Benefits Pro, USA.
-------------------------------------------------------------
When will “socially responsible investing”
become just “investing”? "It may be
hard to imagine, thinking back to the freewheeling
pre-crisis days, but one legacy of the crisis could
be a permanent shift in the finance industry’s moral
compass. Yes, really."
[COMMENTARY] Good
perspective on how the investment industry has
changed -- and adopted socially responsible and ethical investing --
since the financial crises ten years ago.
When will “socially responsible investing” become
just “investing”? By Eshe Nelson, July 9, 2018,
Quartz, USA.
-------------------------------------------------------------
Asset management roundup: Survey predicts
ESG-related ETF boom. "More than
four-fifths of professional investors expect
investment into environmental, social and corporate
governance (ESG) related exchange-traded funds
(ETFs) to grow over the next five years, research
from State Street Global Advisors (SSGA) has found."
[COMMENTARY] So
far, ESG screened ETFs have attracted a tiny amount
of assets. However, this could all soon change as
Vanguard, Fidelity, and other major players enter
and promote this space! Supporting this view are the
findings of the SSGA survey.
Asset management roundup: Survey predicts
ESG-related ETF boom, by Hugo Greenhalgh, June
29, 2018, IPE, UK.
-------------------------------------------------------------
Divesting sectors. The impact on returns.
Evidence that oil divestment may not impact returns.
"Grantham and colleagues have looked at the
S&P500, over the last 28 years, 60 years, and 90
years; excluding a major sub-component sector each
time. Grantham’s overall conclusion it that it
didn’t make much difference in return - although
some might argue at the max range of 50bps that
compounded over 28 years may be significant. Others
might suggest that the power of diversifcation and
time, also makes this conclusion unsurprising."
[COMMENTARY] This
study helps counter the argument that reducing the
number of investments inevitably leads to lower
returns. Thank you Grantham and colleagues, for
shedding some light on what is perhaps the number one
argument that ethical investors and advisors hear
from 'unbelievers!'
Divesting sectors. The impact on returns. Evidence
that oil divestment may not impact returns, June
22, 2018, ThenDoBetter, UK.
-------------------------------------------------------------
Advisers still think ESG strategies
underperform. "A study released Monday
by Cerulli Associates found that while more than 50%
of advisors have either used an ESG product in the
past 12 months or will use an ESG product in the
next 12 months, 35% of those who don't use ESG
investments cite concerns about lowering client
performance. The Cerulli survey also affirms
InvestmentNews research showing that just 19% of
advisers who use ESG cite performance as a reason
for doing so."
[COMMENTARY] Clearly
with over 50% advisors using or planning to use ESG
investment products, ESG is now mainstream! However,
it's also clear that many advisors aren't familiar
with the research literature that they can use to
inform their clients that suggests ESG based
investing can frequently offer better returns.
Advisers still think ESG strategies underperform,
by John Waggoner, June 25, 2018, InvestmentNews,
USA.
-------------------------------------------------------------
Investors Are Right To Consider ESG Risks,
Says New Report By Corporate Governance Association.
"Investors are right to consider environmental,
social and governance (ESG) risks because they can
impact the worth of intangible assets which make up
more than 80 percent of company value, said a new
report by the Society for Corporate Governance."
[COMMENTARY] Also,
the report cites concerns about the accuracy of many
ESG rating agencies' reports and that European asset
managers are the primary drivers of ESG factors in
investment analysis.
Investors Are Right To Consider ESG Risks, Says New
Report By Corporate Governance Association, by
Ted Knutson, June 22, 2018, Forbes, USA.
-------------------------------------------------------------
Another Way ESG Investing Can Boost
Portfolios. "Research, appearing in The
Atlantic magazine that the average holding time for
stocks fell from eight years in 1960 to eight months
in 2016 and that 80% of the CFOs say they would
sacrifice economic value of their firm to meet
quarterly expectations.
The results are high turnover in investments,
which involves trading costs that can reduce gains;
more share buybacks by corporations instead of
investments in capital equipment or employees; and
increased risks in those stocks, according to the
report [by Merrill Lynch Wealth Management]."
[COMMENTARY] Merrill
concludes companies focusing on long-term results
will likely outperform those with a short-term
focus. And ESG, by it's nature, has a long-term view.
Thus, investors with a long-term ESG perspective
could have better returns than those having a short-term
non-ESG orientation. Hopefully, market participants
will begin to understand this message and the mania
surrounding quarterly results will ebb!
Another Way ESG Investing Can Boost Portfolios,
by Bernice Napach, June 18, 2018, ThinkAdvisor, USA.
-------------------------------------------------------------
84% of investors apply, or are considering,
ESG – Morgan Stanley. "Among the 70% of
owners who already are incorporating environmental,
social and governance factors into their investment
decisions, 60% began doing so in the past four years
and 37% within the past two years."
[COMMENTARY] Another
survey indicating that ESG analysis is now
mainstream. It seems that most investors now realize
there can even be some alpha with ESG. I've waited
several decades for this era.
84% of investors apply, or are considering, ESG –
Morgan Stanley, by Meaghan Kilroy, June 18,
2018, Pensions & Investments, USA.
-------------------------------------------------------------
Do Investors and Advisors Have a Failure to
Communicate? "Interestingly, the top
sustainable holdings differ by generation. Younger
millennials invest in banking and finance (banks
helping communities), housing and water
preservation, whereas boomers hold clean technology,
health care and pharmaceutical sustainable
investments."
[COMMENTARY] This
survey for Oppenheimer Funds is important reading for
all advisors. It details the investment priorities
of investors and what advisors think investors want.
There are many misalignments.
Do Investors and Advisors Have a Failure to
Communicate? By Ginger Szala, June 15, 2018,
ThinkAdvisor, USA.
-------------------------------------------------------------
FTSE Russell Study Highlights Investment
Opportunities in Green Economy. "Over
the last five years, green companies generated
higher returns than the broader stock market."
[COMMENTARY] The
study suggests the growth of the green economy could
see green stocks continuing to increase their
capitalization faster than the economy as a whole.
President Trump should take note.
FTSE Russell Study Highlights Investment
Opportunities in Green Economy, by Leila Mead,
June 8, 2018, International Institute for
Sustainable Development, USA.
-------------------------------------------------------------
Why a Tobacco Company Made the 2018 100 Best
Corporate Citizens List. "We do have a
qualitative screen to catch companies that have had
reputation concerns or behave as bad actors in the
relevant calendar year. This past year we used the
UN Global Compact as such a screen. Twelve wonderful
companies got red or amber signals, flagging
negative issues, and we published that information
as well.
But Altria didn’t happen to get a warning flag
in 2017—what gives? They weren’t a party to any
serious flagged issues in the calendar year of the
ranking. If our flag
included products that are associated with health
concerns, most food, beverage, CPG, entertainment,
transportation and product manufacturing companies
would be caught." (Underlining added for
emphasis).
[COMMENTARY] Most
retail investors don't know or understand that
almost all ESG-ethical-responsible-sustainable
company ratings and rankings don't consider the
social, environmental, or health aspects, etc., of a
company's products! However, a few indices veer in
that direction, usually measuring the percent of
company revenues considered 'green' or
similar. The
FTSE Russell Green Revenues Index Series is one
such index.
(Incidentally, investors can learn how to deal with
these issues in my
DIY Ethical-Sustainable Investing Pays Tutorial.)
Why a Tobacco Company Made the 2018 100 Best
Corporate Citizens List, by Jen Boynton, June
13, 2018, TriplePundit, USA.
-------------------------------------------------------------
The 2018 Best 50 Corporate Citizens in
Canada ranking. "Corporate Knights has
decided once again, with sponsorship support from
the Canadian Industry Partnership for Energy
Conservation (CIPEC), to carry forward the annual
Best 50 Corporate Citizens in Canada ranking into
its 17th year. CIPEC helps organizations increase
profits by improving energy efficiency and reducing
greenhouse gas emissions."
[COMMENTARY] Always
a terrific ranking. It's admirable that Corporate
Knights continues, year after year, with this
uniquely valuable endeavour for investors.
The 2018 Best 50 Corporate Citizens in Canada
ranking, June 7, 2018, Corporate Knights,
Canada.
-------------------------------------------------------------
(1) How Advisors View Socially Responsible
Investing & (2) SRI: Where Are the Clients?
"A lot of financial advisors say their clients
just aren’t interested... That’s partly the
conclusion of the 2018 Wealthmanagement.com survey
on SRI investing, where lack of client demand, even
more so than a perceived negative impact on
portfolio returns, was cited as the primary factor
keeping advisors from using these types of
investment funds.
Dan Goldie, president of the
high-net-worth-focused, $875 million AUM Dan Goldie
Financial Services in Palo Alto, Cal., [says], “I
have a few, maybe 1 percent of my clients, who are
interested in investing that way,' he says. 'I think
it’s admirable, but I also think it’s ineffective in
having an impact on companies. Individual investors
are too small to have any influence on what a
company does.'”
[COMMENTARY] These
two posts on WealthManagement.com and the survey
(see
slides) cited in them provide good insight into
the psychology of most advisors. It seems that very
few advisors ask their clients about personal values
in relation to investing. Also, though we know that
SRI funds can produce highly competitive returns,
advisors themselves seem unaware of that. Again, a
negative advisor bias and lack of knowledge about
SRI (and possibly ESG-ethical investing) demonstrate
itself in this survey.
How Advisors View Socially Responsible Investing
and
SRI: Where Are the Clients? June 8, 2018,
WealthManagement.com, USA.
-------------------------------------------------------------
Green economy now ‘approximately same size
as fossil fuel sector.’ "The global
green economy now represents a total market share
similar to that of the fossil fuel sector. That’s
according to FTSE Russell, which says it makes up 6%
of global markets and is worth approximately $54
trillion (£40.3tn). The stock indices organisation
says the sustainable economy is growing, compared to
the shrinking fossil fuel market."
[COMMENTARY] I
wonder if President Trump and his administration
truly realize how really fast the fossil fuel horse
they're backing is aging.
Green economy now ‘approximately same size as fossil
fuel sector,’ by Jonny Bairstow, June 4, 2018,
Energy Live News, UK.
-------------------------------------------------------------
Responsible
Investment Association Australasia (RIAA) reports
big gains in funds interested in ESG.
"81% of Australia’s largest super funds are
committed to responsible investment (up from 70% in
2016), and 62% report annually on activity,
highlighting how deeply responsible investing has
become part of Australian investment markets."
[COMMENTARY] The
media release linked to below demonstrates that
responsible investing is growing fast in
Australasia.
Aussie super funds take up the gauntlet to improve
company behaviour, media release, May 30, 2018,
Responsible Investment Association Australasia
(RIAA), Australia.
-------------------------------------------------------------
Millennials are
leading an investment revolution — here's what makes
their generation different. "Some 92%
of millennials agreed with the statement 'I care
more about having a positive impact on society than
doing well financially' compared to 52% of
nonmillennials."
[COMMENTARY] This
survey by Nuveen illustrates the sharp differences
between the way millennials and non-millennials
think about their lives, work, consumption, and
investing. Again, as in so many other surveys, it's
noteworthy how millennials are so much more likely
to be ESG-based investors.
Millennials are leading an investment revolution —
here's what makes their generation different, by
Kara Chin, Jacqui Frank and Sara Silverstein, May
29, 2018, Business Insider, USA.
-------------------------------------------------------------
Ethical funds reach
record high in the UK. "Investors
bought £138m in ethical funds in March 2018 compared
to just £32m at the same point last year, according
to the most recent data from the Investment
Association. Ethical funds still make up a small
proportion of the total at 1.3 per cent. But the
number is growing, from 1 per cent in 2015."
[COMMENTARY] In
most developed economies, ESG-ethical funds are
gaining ground. And we can rejoice in that. However,
everywhere, they still represent a tiny fraction of
the retail fund space. Only when advisors really
apply their 'know thy client' rule to also consider
the personal investing values of their clients will
things change rapidly.
Ethical funds reach record high in the UK, by
Kate Beioley, May 23, 2018, FT, UK.
-------------------------------------------------------------
[US government's] GAO
Urges Removal Of Roadblocks To ESG Investing In
Retirement Plans. "ESG (Environmental,
Social and Governance) investing roadblocks in
retirement plans should be removed, the Government
Accountability Office (GAO), the investigative arm
of Congress, urged in a report today. 'Asset
managers and state and municipal plans using ESG
strategies report enhanced risk management and other
benefits,' the report said."
[COMMENTARY] Good
to see other arms of the US government are proposing
that the recent US Department of Labor's guidance on
ESG use in pension funds is not only potentially
harmful but even likely injurious to long-term fund
returns.
[US
government's] GAO Urges Removal Of Roadblocks To ESG
Investing In Retirement Plans, by Ted Knutson,
May 22, 2018, Forbes, USA.
-------------------------------------------------------------
A New Measure
Captures a Company’s “Total Social Investment.”
"In its report 'What
Counts: The ‘S’ in ESG, New Conclusions,' CECP,
with support from Cisco, introduces an aggregated
calculation called 'Total Social Investment (TSI).'
The calculation is a forward-looking reflection of
the innovative ways companies invest in society. TSI
offers a high-level and comparable snapshot for use
by investors and other stakeholders to determine the
value created by the 'S' efforts in Environmental,
Social, and Governance (ESG) measures."
[COMMENTARY] An
insightful, new perspective on evaluating the 'S' in
ESG. Hopefully, many companies and investors will
adopt this measure.
A New Measure Captures a Company’s “Total Social
Investment," by CECP, May 16, 2018, USA.
-------------------------------------------------------------
In Sight of the Clean
Trillion. "The Ceres Clean Trillion
highlights the need for an additional $1 trillion
per year in clean energy investment to avoid the
worst impacts of climate change. Now that clean
energy has gone mainstream, this 'Clean Trillion'
goal is eminently feasible. This report, In Sight of
the Clean Trillion, points to significant
opportunities for investors to scale up their clean
energy investments while simultaneously meeting
their risk-return requirements."
[COMMENTARY] Investors
should download the
full report to get expert guidance on clean
energy investment opportunities. Ceres is doing a
terrific job!
In Sight of the Clean Trillion, press release,
May 10, 2018, Ceres, USA.
-------------------------------------------------------------
Corporate
Responsibility Magazine Announces 2018 100 Best
Corporate Citizens. "'CR Magazine is
proud to present the only ESG ranking list that
doesn't rely on self-reporting,' said Dave Armon,
publisher of CR Magazine. 'Each year, the 100 Best
Corporate Citizens ranking measures the success of
the Brands Taking Stands movement by celebrating the
most successful, most transparent companies that
report on their responsible practices. We
congratulate those honored on this year's list for
their commitment to corporate responsibility.'"
[COMMENTARY] The
top five 2018 winners are Microsoft Corporation,
Accenture plc, Owens Corning, Intel Corp., and
Hasbro, Inc. See the full list at the link below.
Corporate Responsibility Magazine Announces 2018 100
Best Corporate Citizens, press release, May 7,
2018, USA.
-------------------------------------------------------------
Mercer touts ESG
integration, SDGs. "We have seen good
progress with asset managers since we started
assessing ESG integration at the strategy level. In
2010, less than 9 per cent of investment strategies
with an ESG rating were ESG1 or ESG2. At the
beginning of 2018, more than 15 per cent of active
investment strategies achieved a high rating. This
highlights that there is still much room for
improvement across the market."
[COMMENTARY] A
good overview of the state of ESG integration in
financial analysis and the need for it, among asset
managers.
Mercer touts ESG integration, SDGs, by Sarika
Goel, May 7, 2018, Top 1000 Funds, Australia.
-------------------------------------------------------------
Advisors Stand In Way
Of ESG Investing. "When it comes to
impact investing, advisors often say their clients
do not ask for it. But many clients do not know
enough to ask about the possibilities of ESG
investing, according to Marlo Stil, managing partner
and financial advisor at the Wealth Consulting Group
in Nevada...
When clients learn they
can invest in a way that promotes their personal
goals, '78 percent want to know more,' Stil said
during a discussion of environmental, social and
governance (ESG) investing at the Invest In Women
conference, which is being sponsored by Financial
Advisor and Private Wealth magazines and held in
Houston."
[COMMENTARY] Regular
readers of this column know that I believe the
biggest barrier at the retail level to ESG-ethical
investing are advisors. I was happy to see two
different financial articles in advisor related
publications on this subject today, and I thought to
post this one. I'm delighted that this discussion is
now occurring among advisors.
I could never understand that since the 'know thy
client rule' was central to advisors conduct with
their clients, that it was rarely, truly, applied.
It's as if the client's personal values really
didn't matter.
Advisors Stand In Way Of ESG Investing, by Karen
Demasters, May 2, 2018, Financial Advisor, USA.
-------------------------------------------------------------
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