Berkshire and Buffett Have 5 Words For Sellers Who Want Their Money: ‘Take it or leave it’

As fans flock this weekend to Omaha, Neb. for Berkshire Hathaway’s annual shareholders meeting hosted by Chairman and CEO Warren Buffett, you may be wondering what all the fuss is about.

The answer: unique mystique.  Buffett and Berkshire BRK.A, -2.94% BRK.B, -2.55% are distinct in the corporate world for a combination of unusual practices and styles that no rival matches.

Nor should any rival expect to match the Berkshire/Buffett model, which is a product of inimitable personality and circumstance. But being a “cafeteria Buffett” is possible: picking the best practices that suit.  Many companies have emulated parts of the Berkshire model well and there are plenty of executives as talented as Buffett when it comes to investment savvy or managerial insight.

Two of my favorite Berkshire/Buffett oddities concern how they find acquisitions and how they approach price.

To generate acquisition opportunities, they rely on their professional network. They put the word out that they are always open to acquisition opportunities within specific parameters and then look for business relationships to tee them up.

On price, they almost never haggle over but rather put their first-and-best offer up front. They know what things are worth and know what they are willing to pay.  They are also perfectly happy to walk away from any opportunity and part friends.

A favorite story concerned a company called Tech Data, which reached out to Berkshire during its go-shop period for another merger. Berkshire made a proposal, Tech Data countered for more, Berkshire said no and walked, and the company was ultimately acquired by its initial pursuer.

For my book, Berkshire Beyond Buffett: The Enduring Value of Values, I collated the sources and pricing of Berkshire Hathaway acquisitions and present updated versions through the most recent acquisition, of Alleghany, in the charts below. Think about this the next time you read about another Berkshire buy.

Seller overture (in a pure sense; if it was the owner’s idea but prompted by other links, the deal is listed under those links):

Fechheimer Bros.; Helzberg’s Diamond Shops (walking down the street in New York City); Ben Bridge (Ed Bridge called, after talking with Barnett Helzberg); MiTek (subsidiary chief executive officer sent package in mail with parent company’s permission);

Larson-Juhl (call from owner); Forest River; Business Wire (actually from CEO; suggesting owner would approve); ISCAR; Richline owner heard Buffett speak at a Ben Bridge lunch); Star Furniture (through intermediary: endorsed by Blumkins and Child; contacted Denham), Willey (through intermediary: Child asked Irv Blumkin).

Business relationship

Gen Re (Ronald Ferguson); U.S. Liability (Ferguson); Applied Underwriters (Ajit Jain did deal with owners); Dairy Queen (banker introduced a year before Rudy Luther died; then done quickly); Benjamin Moore (Robert Mundheim); NetJets (customer; Richard Santulli called); Shaw Industries (after discussing aborted insurance deal); McLane (Byron Trott, Goldman Sachs); The Marmon Group (seeds date to 1954 when Buffett met Jay Pritzker), Alleghany (Joe Brandon)

Friend/relative

NICO (Jack Ringwalt); Central States (Bill Kizer); Kansas Bankers Surety (at niece’s birthday party); H. H. Brown Shoe (John Loomis golfing with Frank Rooney); XTRA (Julian Robertson); TTI (John Roach, friendship seemed to arise with Justin), MidAmerican (Walter Scott, Jr.)

Berkshire overture

Scott Fetzer (wrote CEO amid waning takeover contest); Jordan’s Furniture (implicitly, asking Blumkins, Bill Child, and Melvyn Wolff); Johns Manville (announced deal broke off; Berkshire stepped up); Fruit of the Loom (made offer in bankruptcy), Precision Castparts (was an investor and reached out in the course of Precision’s regular investor outreach activities)

Stranger

CORT (acquaintance sent fax); FlightSafety International (shareholder of both wrote Robert Denham), Justin (someone faxed about co-investing proposal).
Pricing of Berkshire Hathaway acquisitions
Alleghany Berkshire offered price. Seller asked for an increase. Berkshire said no.
Benjamin Moore  Berkshire offered price. No counter.
BNSF Berkshire offered price. Seller asked for more. Berkshire said no.
Clayton Homes Berkshire offered price. Board had CEO ask for more. Berkshire said no.
CTB Berkshire offered price, and actually went down a quarter-point for adviser fees. Berkshire said that’s it.
Dairy Queen  Berkshire offered price. No further discussion.
Fruit of the Loom Berkshire offered single bid in bankruptcy at end of auction process and won.
Garan Seller sought price above $60 a share. Berkshire offered $60 and that was that.
Gen Re Buffett proposed the exchange ratio and Gen Re went along.
Johns Manville Berkshire offered price. Board tried to get more. Berkshire said no.
Justin Berkshire offered price. Another bidder dropped out. No further discussion.
Lubrizol Berkshire offered price. Seller tried to get more. Berkshire said no.
Precision Castparts Berkshire offered price. Seller asked for an increase. Berkshire said no.
Shaw Industries Berkshire offered price. Board/banker asked for more. Berkshire said that’s our best price.
XTRA Berkshire offered $59 a share. Seller asked “Is that your best offer?” Berkshire said it was.

Source: Opinion: Berkshire and Buffett have 5 words for sellers who want their money: ‘Take it or leave it’ – MarketWatch.

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Berkshire Hathaway Chairman and CEO Warren Buffett is known as the Oracle of Omaha, and each year, investors gather to hear his wisdom at the company’s annual shareholder meeting.

Buffett took control of Berkshire, which was then a failing textile company, in the mid-1960s. Under his leadership, Berkshire has grown into one of the world’s largest conglomerates. As a result, he and other longtime shareholders have become extremely wealthy.

Berkshire Hathaway has in some ways set the standard for lavish annual meetings. The daylong, carnival-like atmosphere features comedy skits, disco balls, music, celebrities like Bill Gates, and even dancing characters from the various companies in the BH portfolio, including the GEICO gecko. Live online coverage of the proceedings provides real-time updates for those unable to attend.

All it takes is a single share to be considered a stockholder and join the party. You can own either the company’s Class A shares (BRK-A), which traded at $519,799.90 per share as of April 13, 2022, or the more affordable Class B shares (BRK-B), which ended the week on the same date at $346.22.

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Two Friends Who Met On Twitter In High School Are Latest Under-30 Billionaires

Brex’s two twenty-something founders are now billionaires, thanks to a lofty new funding round announced this week that nearly doubled the valuation of their five-year-old fintech firm.

The San Francisco-based startup—which is aiming to overhaul the corporate credit card—confirmed on Tuesday that it has raised $300 million in a funding round led by investment firms Greenoaks Capital and Technology Crossover Ventures (TCV), giving it a $12.3 billion valuation—a sizable jump from the $7.4 billion valuation it fetched just nine months ago.

Cofounders (and co-CEOs) Henrique Dubugras, 26, and Pedro Franceschi, 25, each hold a 14% stake in Brex, Forbes estimates, worth about $1.5 billion apiece. (Forbes discounts the value of privately held companies.) The pair declined to comment on Forbes’ estimates but Dubugras did speak with Forbes about his startup’s path to success.

The young fintech has made a name for itself with a corporate credit card tailored to the needs of startups. It remains Brex’s marquee product, and the interchange fees merchants pay when employees swipe Brex’s cards constitute nearly all of the company’s revenue.

In recent years, Brex has also launched new software offerings like an expense management product and a business bill pay feature: “If you get an invoice in your email, you can just forward it to us and boom, it gets paid,” Dubugras tells Forbes on a Zoom call from his home office in Los Angeles. In May, the company rolled out one of the first crypto rewards programs for corporations.

Brex is not the only business attempting to disrupt the stodgy, spreadsheet-centric world of B2B payments. Today, its rivals include startup Ramp (founded in 2019 and valued at almost $4 billion after an August funding round) and publicly traded Bill.com (valued at some $21 billion), which bought expense reporting software fintech Divvy for $2.5 billion last spring.

But Brex has been able to attract a deluge of venture capital by offering a suite of products that extend beyond the corporate credit card. Dubugras maintains that he’s not too worried about competition.  “The market is pretty big, and I think that there’s space for a lot of people,” he says. “Most B2B payments are still paper- and check-based.”

The 1,000-person startup can credit its existence to a lively Twitter exchange in December 2012 between Dubugras and Franceschi about the nuances of coding tools. At the time, they were high school seniors living in Sao Paulo and Rio de Janeiro, Brazil, respectively. The 140-character tweet cap hindered the debate, so the two teens hopped on Skype to discuss further.

“On Skype, we couldn’t fight that much and became best friends,” says Dubugras.

In 2013, the pals launched a startup called Pagar.me that allowed Brazilian merchants to accept online payments. It was a 150-person outfit by the time they sold it three years later to a larger Brazil-based payments fintech called Stone. Dubugras won’t share the pair’s take, but says it was enough to pay for college—he and Franceschi are both Stanford computer science dropouts—and stow away some savings.

For their next act, the pair initially wanted to build bank accounts for U.S.-based startups, but settled on corporate credit cards as a more attainable route. (“What business would trust their money to these random 22-year-old Brazilians?” chuckles Dubugras. “With corporate cards…

We were giving them money instead of asking for their own money.”) Dubugras and Franceschi founded Brex in 2017 after quitting Stanford in the spring of their freshman year and, two years later, both earned spots on Forbes’ 30 Under 30 Finance list. By then, Brex had raised $213 million and was valued at $1.1 billion. In 2019, Brex also rolled out its take on the business bank accounts that had enthralled its founders from the start.

(Brex is not a chartered bank itself, so it partners with LendingClub or JPMorgan Chase for the accounts.) All told, the duo has secured more than $1.1 billion in venture money from the likes of Tiger Global Management, Peter Thiel and Affirm founder Max Levchin.

The company says its revenue more than doubled over the past 12 months, though it won’t share specifics or comment on profitability; private markets data provider PitchBook estimates Brex generated about $320 million in revenue for 2021. Dubugras says that Brex counts “tens of thousands” of corporate customers today, including the likes of Carta and Classpass.

The startup wants to keep the ball rolling in the new year. With $300 million in fresh funding, Brex aims to increase its headcount by at least 50% while also keeping cash in the coffers in case there’s a market downturn. Brex originally set out to serve startups, but Dubugras says mid-market firms account for more than 60% of its customer base today. In 2022, he hopes to reel in large corporations as well.

“I think it’s easy for people to think that we’re already successful,” he says. “We are, and we aren’t. We’re obviously happy about what we’ve achieved, but there’s so much more to come.”

I’m a reporter on Forbes’ wealth team covering the world’s richest people and tracking their fortunes. I was previously an assistant editor for Forbes’ Money & Markets section…

Source: Two Friends Who Met On Twitter In High School Are Latest Under-30 Billionaires

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Critics on BREX:

Brex is a financial technology company that primarily offers a corporate credit card to early-stage companies. Furthermore, business owners can also create a bank account (called Brex Cash) and utilize the company’s various expense management tools for their business.

Brex makes money through a monthly account subscription, interchange fees, referral fees from cashback rewards, interest on loans, as well as interest on cash held in its customer accounts.

When you think of the most rewarding small-business credit cards, you might assume that you’ll need to shell out a sizable fee each year for the ability to rack up bonus points. The Brex Card, however, proves that assumption incorrect.

The Brex Card doesn’t charge an annual fee, and no personal guarantees or credit checks are required to be approved. Plus, new cardholders can earn 50,000 signup bonus points after spending $9,000+ in the first 30 days.

The Brex Card still packs a generous reward structure, which can be tailored to pay out more based on the type of business you run. Here’s a look at a standard rundown of earning potential:

  • 8x on ride-sharing spending
  • 5x on travel booked through the Brex portal
  • 4x at restaurants
  • 3x on eligible Apple purchases made through the Brex portal
  • 1.5x on advertising
  • 1x on all other purchases

There are a few key caveats to the rewards structure. Let’s start with the most important piece of the puzzle: You have to use the Brex Card exclusively to get in on all those bonus opportunities. After two months, you have to “ensure card exclusivity,” which I assume you do by linking your other bank accounts.

If you’re using other small-business credit cards, your rewards dip to a measly 1 point per dollar, plus 3x for eligible Apple purchases — a rewards structure not worth celebrating. So, this credit card is only for business owners who aren’t afraid of a serious commitment and who are willing to break up with their other cards.

Read more: The best small-business crypto cards in 2021

Now, if you can make it your exclusive card, Brex offers some additional options to make the card more rewarding based on your spending routine. For example, if your company calls itself a tech company, you’ll earn 3x on recurring software purchases. If your company works in the life sciences, your highest payout — 8x — comes on conference tickets. So, if five of your employees are registering for that big annual meeting on biomedicine with a fee of $2,000 per ticket, that payout can come in handy. You’ll also learn 2x on lab supplies.

Another big differentiator is that Brex rewards you more if you pay your bill on a daily basis, similar to a debit card. To do that, you deposit money into a Brex cash account, and each day, your bill is automatically paid from those funds. If you pay your bill on a monthly basis, your rewards are a bit less: The highest payout is 7x.

And finally, Brex can claim a first in the business credit card space: You can redeem your rewards in cryptocurrency. The company recently announced that cardholders can enjoy redemption conversions in Bitcoin and Ethereum, which sets it apart from every other business credit card offer you’ll find right now. If you’re looking to dabble in crypto (and you aren’t afraid of Elon Musk’s Twitter account impacting the value of your points), this is a low-risk way to do it. 

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 This Surprising Investing Strategy Crushes The Stock Market Without Examining a Single Financial Metric

I am not a professional stock picker, but over the past decade my portfolio has beaten the stock market by a factor of three to one.

Unlike Peter Lynch, who advocated investing in the makers of products you love and who, in my estimation, stands out as one of the greatest of all stock pickers, I did not examine a single financial metric to build my portfolio. Instead, I simply ranked competitors in each industry based on customer love and then bet on the winner.

My portfolio has performed so well because the market undervalues the economic power of customer love. When customers feel loved, they come back for more and refer their friends. This is the economic flywheel that drives sustainable prosperity, and companies built on it generate surprising levels of profitable growth.

To measure customer love, I used the Net Promoter Score (NPS) that I created 20 years ago. It captures how likely a customer is to recommend a product or service to a friend or colleague. I relied on the market to incorporate all financial insights into the current stock price.

My buy-and-hold investing portfolio started with the 11 public NPS leaders profiled in my 2010 book, “The Ultimate Question 2.0“: Amazon AMZN, +0.68%, Meta Platforms (formerly Facebook) FB, -0.33%, Apple AAPL, -0.65%, Costco Wholesale COST, -0.91%, Google parent Alphabet GOOG, -1.41% GOOGL, -1.88%, Southwest Airlines LUV, +0.33%, American Express AXP, -1.83%, JetBlue Airways JBLU, +2.20%, Verizon Communications VZ, +0.80%, T-Mobile US TMUS, -0.64%, NortonLifeLock NLOK, +0.78% and Metro PCS Communications (which merged with T-Mobile in 2013).

In hindsight some of those stocks look like no-brainers, but back when the book was written they were anything but. Amazon had a market cap below eBay’s. T-Mobile was considered by many to be the weakest player in mobile telephony.

In the years since, however, this group’s extraordinary customer focus has paid off. From Jan. 1, 2011 to Dec. 31, 2020 these stocks outperformed Vanguard’s Total Stock Market Index exchange-traded fund VTI, -0.46% by a factor of 2.8 to 1. (This performance is market-cap weighted and rebalanced quarterly akin to VTI’s rebalancing).

Since then, Bain & Co., where I have worked since 1977, has applied NPS to a long list of industries, and created NPS Prism, a data benchmarking service that ranks competitor NPS on an apples-to-apples basis. As we X-ray more industries, we continue to uncover new NPS leaders, among them Texas Roadhouse TXRH, +1.63%, Discover Financial DFS, -1.39%, Tesla TSLA, +0.61%, Chewy CHWY, +2.55% and FirstService FSV, +0.79%.

I serve on the board of directors at FirstService, a real-estate services company whose social media handle #FirstServeOthers provides a hint about its corporate philosophy. Over the 25 years since the IPO, its annual total shareholder return has been just under 22%, a better record than all but seven of the 2,800 firms with revenues of at least $100 million at the time of their NASDAQ listing.

For a long time, like many great customer-focused organizations, it remained below investors’ radar screens. One reason: GAAP accounting is woefully lacking at measuring customer centricity. It doesn’t even require organizations to report the number of customers they serve, let alone how many are returning, increasing purchases, or referring friends and family.

Investing Insights with Global Context

Understand how today’s global business practices, market dynamics, economic policies and more impact you with real-time news and analysis from MarketWatch.

This makes it hard to find comparable data. I first discovered online pet supply retailer Chewy when its self-reported NPS appeared in its IPO documents. Chewy does a tremendous job tapping into the special emotional tie between owner and pet, with things like the hand-painted pet portraits the company mails as surprise thank-yous to customers, who, delighted, then post them, along with glowing testimonials, across social media.

By our calculations Chewy’s NPS beats Amazon’s by 24 points in its category — an extraordinary performance. Chewy’s own numbers are slightly different from ours, however, and the inconsistency of self-reported numbers is one reason we developed a new metric called earned growth rate.

It measures the revenue growth generated by returning customers and their referrals by combining net revenue retention (NRR), the back-for-more battle-tested statistic used in the software-as-a-service (SaaS) industry among others, with earned new customers (ENC), measuring how much new customer spending is earned through referrals rather than bought through promotional channels.

NPS exemplar First Republic Bank FRC, -2.56% has in the past earned 82% of its deposit growth, with 50% coming from existing customers and another 32% from referrals. Warby Parker WRBY, +4.28%, the direct-to-consumer pioneer in prescription eyeglasses, earns almost 90% of its new customers through referrals.

You can use this calculator to estimate your company’s earned growth rate. In addition to these metrics, it’s also possible to spot NPS leaders by their common features.

  1. They apply the Golden Rule – love thy neighbor as thyself. This often means eschewing bad profits. Discover Card, for example, never sells receivables to collection agencies.
  2. They empower their front-line employees to serve customers in creative ways. Companies like Chewy that give employees the freedom to serve customers with empathy and creativity engender trust in and loyalty to their companies.
  3. They integrate in-store and online customer feedback. Technology-rich companies like Warby Parker augment direct feedback with digital signals from customers and front-line employees to guide decision-making—crucial in helping companies respond to holiday shopping trends this season.
  4. They make customers their primary purpose. By going the extra mile to provide a customer with an experience that’s not just good, but remarkable, companies can play a part in enriching their lives beyond the product they offer.

I have spent most of my 44-year career focused on understanding the role that loyalty plays in building great organizations and helping leaders inspire their teams to embrace a mission of purposeful service enriching the lives of customers and colleagues. That is the right way—and the best way—to win in business and the stock market.

Fred Reichheld is the creator of the Net Promoter system of management and the author of “Winning on Purpose: The Unbeatable Strategy of Loving Customers” (together with Darci Darnell and Maureen Burns), among other books.

Source: Opinion: This surprising investing strategy crushes the stock market without examining a single financial metric – MarketWatch

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Invest For Progress: Which Type Of Sustainable Investor Are You?

In 2020, inflows into sustainable funds increased to $360 billion, up from just $30 billion in 20161—and this trend is showing no signs of slowing. “We’re starting to see an evolution in how investors think about sustainability,” says Sarah Kjellberg, head of U.S. sustainable ETFs at BlackRock. “It’s gone from niche to necessary, and we’re seeing growing interest from investors around the world.

[According to] our 2020 Global Sustainable Investing Survey, 50% of respondents—across 425 clients with $25 trillion in assets—plan to double their sustainable assets under management in the next five years.”

Sustainable investing combines traditional investment approaches with environmental, social and governance (ESG) insights. And one of the simplest ways to create a more sustainable portfolio is through exchange-traded funds, or ETFs, which are more accessible than ever.

“Sustainable investing used to cater to larger investors and was often considered to have high fees with high minimums, and be only values-focused and indifferent to performance,” says Kjellberg. “But ETFs are helping to upend these perceptions by delivering choice, value and access to all investors—and at a fraction of the cost of traditional mutual funds.”

Why invest sustainably? Consider performance—three in four sustainable equity funds beat their Morningstar category average in 2020.2 And the ability to meet sustainable objectives. Just consider that $1 million invested in iShares ESG Aware MSCI USA ETF implies an annual reduction of carbon emissions equivalent to 43,441 miles driven by an average passenger car.3

SOURCES:

1. BlackRock Sustainable Investing, with data from Broadridge and Simfund. January 1, 2016–September 30, 2020.

2. Morningstar, “Sustainable Equity Funds Outperform Traditional Peers in 2020.” Based on an analysis of 200 U.S. mutual funds and exchange-traded funds. Morningstar, as of December 31, 2020. Comparison of sustainable equity ETFs and mutual funds versus their respective Morningstar categories using rankings based on total return.

Morningstar defines sustainable funds as those that emphasize the use of environmental, social and governance criteria to generate financial return and broader societal impact. Past performance does not guarantee future results.

3. iShares ESG Aware MSCI USA ETF (ESGU) Impact Report. Source for carbon emissions: MSCI ESG Fund Ratings provided by MSCI ESG Research LLC as of July 19, 2021, based on holdings as of May 31, 2021. The carbon emissions reduction for ESGU (98.71% carbon coverage by MSCI ESG Fund Ratings) is calculated relative to the carbon emissions of its parent index, the MSCI USA Index (99.84% carbon coverage by MSCI ESG Research). ESGU’s total carbon emissions are 33.61 tons CO2 per million dollars invested; MSCI USA’s total carbon emissions are 51.11 tons CO2 per million dollars invested.

Total emissions reduction is 17.51 tons CO2 per million dollars invested. Source for equivalents: MSCI ESG Fund Ratings with data from U.S. EPA’s Greenhouse Gas Equivalencies Calculator for CO2 and energy measures. Carbon coverage is the percentage of a portfolio’s market value with Carbon Intensity data. Please refer to the MSCI ESG Fund Ratings Methodology for more information. There may be material differences between the fund’s index and the parent index including without limitation holdings, index provider, methodology and performance.

4. The business involvement screens are based on revenue or percentage of revenue thresholds for certain categories and categorical exclusions for others. Please read the definition for each screen here.

5. Screens are based on revenue or percentage of revenue thresholds for certain categories (e.g., $500 million or 50%) and categorical exclusions for others (e.g., nuclear weapons). MSCI, the fund’s index provider, screens companies with involvement in fossil fuels by excluding any company in the energy sector as per GICS methodology and all companies with an industry tie to fossil fuels such as thermal coal, oil and gas—in particular, reserve ownership, related revenues and power generation.

Companies that meet the fossil fuel involvement screen but that derive more than 50% of revenues from alternative energy and do not have an industry tie to thermal coal or oil sands or have fossil fuel reserves used most likely for energy applications, as determined by MSCI, will be added back.

IMPORTANT INFORMATION: 

Carefully consider the Funds’ investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds’ prospectuses or, if available, the summary prospectuses, which may be obtained by visiting http://www.iShares.com or http://www.blackrock.com. Read the prospectus carefully before investing.

Investing involves risk, including possible loss of principal.

A fund’s environmental, social and governance (“ESG”) investment strategy limits the types and number of investment opportunities available to the fund and, as a result, the fund may underperform other funds that do not have an ESG focus. A fund’s ESG investment strategy may result in the fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds screened for ESG standards. In addition, companies selected by the index provider may not exhibit positive or favorable ESG characteristics.

International investing involves risks, including risks related to foreign currency, limited liquidity, less government regulation and the possibility of substantial volatility due to adverse political, economic or other developments. These risks often are heightened for investments in emerging/developing markets and in concentrations of single countries.

Fixed income risks include interest-rate and credit risk. Typically, when interest rates rise, there is a corresponding decline in bond values. Credit risk refers to the possibility that the bond issuer will not be able to make principal and interest payments. The iShares Global Green Bond fund’s green bond investment strategy limits the types and number of investment opportunities available to the Fund and, as a result, the Fund may underperform other funds that do not have a green bond focus.

The Fund’s green bond investment strategy may result in the Fund investing in securities or industry sectors that underperform the market as a whole or underperform other funds with a green bond focus. In addition, projects funded by green bonds may not result in direct environmental benefits. 

When comparing stocks or bonds and ETFs, it should be remembered that management fees associated with fund investments are not borne by investors in individual stocks or bonds. Buying and selling shares of ETFs may result in brokerage commissions. Diversification and asset allocation may not protect against market risk or loss of principal.

Funds that concentrate investments in specific industries, sectors, markets or asset classes may underperform or be more volatile than other industries, sectors, markets or asset classes and than the general securities market.

The strategies discussed are strictly for illustrative and educational purposes and are not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. There is no guarantee that any strategies discussed will be effective. The information presented does not take into consideration commissions, tax implications, or other transaction costs, which may significantly affect the economic consequences of a given strategy or investment decision.

This material contains general information only and does not take into account an individual’s financial circumstances. This information should not be relied upon as a primary basis for an investment decision. Rather, an assessment should be made as to whether the information is appropriate in individual circumstances and consideration should be given to talking to a financial advisor before making an investment decision.

Prepared by BlackRock Investments, LLC, member FINRA.

Certain information ©2021 MSCI ESG Research LLC. Reproduced by permission; no further distribution. Certain information contained herein (the “Information”) has been provided by MSCI ESG Research LLC, a RIA under the Investment Advisers Act of 1940, and may include data from its affiliates (including MSCI Inc. and its subsidiaries (“MSCI”)), or third party suppliers (each an “Information Provider”), and it may not be reproduced or disseminated in whole or in part without prior written permission.

The Information has not been submitted to, nor received approval from, the US SEC or any other regulatory body. The Information may not be used to create any derivative works, or in connection with, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product or trading strategy, nor should it be taken as an indication or guarantee of any future performance, analysis, forecast or prediction. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures.

MSCI has established an information barrier between equity index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user of the Information assumes the entire risk of any use it may make or permit to be made of the Information.

Neither MSCI ESG Research nor any Information Party makes any representations or express or implied warranties (which are expressly disclaimed), nor shall they incur liability for any errors or omissions in the Information, or for any damages related thereto. The foregoing shall not exclude or limit any liability that may not by applicable law be excluded or limited.

iSHARES and BLACKROCK are trademarks of BlackRock, Inc., or its subsidiaries in the United States and elsewhere. All other marks are the property of their respective owners.

By : Suchi Rudra

Source: Invest For Progress: Which Type Of Sustainable Investor Are You?

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More Contents:

Eco Investor Guide” (PDF). Eco Investor Guide, Inc. Archived from the original (PDF) on 25 May 2010. Retrieved 11 June 2010.

“What is green finance and why is it important?”. World Economic Forum. Retrieved 2020-12-28.

The Green Advisor: SRI & Green Investing Grow Up”. Investment Advisor. Archived from the original on 22 July 2012. Retrieved 11 June 2010.

“New Global Climate Prosperity Scoreboard Finds Over $1 Trillion Invested in Green Since 2007”. Green Money Journal. 2010. Archived from the original on 28 May 2010. Retrieved 11 June 2010.

“Firms brace for climate change”. European Investment Bank. Retrieved 2021-10-12.

EIB Investment Report 2020/2021: Building a smart and green Europe in the COVID-19 era. European Investment Bank. ISBN 978-92-861-4811-8.

“Socially Responsible Investing”. Investor Glossary. Archived from the original on 13 July 2011. Retrieved 11 June 2010.

“ESG 101: What is Environmental, Social and Governance?”.

“How to navigate the world of sustainable investing ratings”. CNBC. Retrieved 28 January 2021.

Sustainable Funds Continue to Rake in Assets During the Second Quarter”. Morningstar.com. Retrieved 18 August 2020.

A Broken Record: Flows for U.S. Sustainable Funds Again Reach New Heights”. Morningstar.com. Retrieved 29 January 2021.

Sustainable fund assets hit record $1.7 trln in 2020: Morningstar”. Reuters. Retrieved 28 January 2021.

Coller Capital Global PE Barometer – Winter 2016–17 | Coller Capital”. Collercapital.com. Retrieved 30 October 2017.

“Finding Your ESG Mindset with Invest Europe | Navatar”. Navatar. Retrieved 30 October 2017.

G7 Pensions Roundtable : Les ODD (‘SDGs’) Désormais Incontournables”. Cahiers du Centre des Professions Financières. CPF. SSRN 3545217. Retrieved 17 March 2020.

Group of top CEOs says maximizing shareholder profits no longer can be the primary goal of corporations”. Washington Post. WP. Retrieved 17 March 2020.

Green Technology & Alternative Fuels”. Demand Media, Inc. Retrieved 11 June 2010.

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Source: Quintex Capital Pty Your best crypto investment and trading platform

 

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