21世纪的投资 - 重新调整金融策略以推动系统变革

21st Century Investing

Redirecting Financial Strategies to Drive Systems Change

By William Burckart and Steven D. Lydenberg

简介

《21世纪投资》（2021）是一本关于道德和责任投资策略的指南。与其以牺牲我们脆弱的社会和环境系统为代价来赚钱，你可以通过投资的方式来加强这些系统，确保社会稳定和长期回报。

Synopsis

21st Century Investing (2021) is a guide to ethical and responsible investment strategies. Instead of making money at the expense of our fragile social and environmental systems, you can invest in ways that will actually strengthen them – ensuring societal stability and long-term returns.

本书适用于谁？

* 想知道如何将盈利能力与社会正义结合起来的投资者

* 任何对投资策略的未来感到好奇的人

* 希望在一个日益不确定的世界中为自己的投资提供保障的储蓄者

Who is it for?

* Investors wondering how to square profitability with social justice

* Anyone curious about the future of investment strategy

* Savers hoping to future-proof their investments in an increasingly uncertain world

关于作者

威廉-伯卡特是投资整合项目（TIIP）的首席运营官和总裁，该公司是一家为组织提供系统性风险和机会的咨询服务公司。他共同编辑了《慈善事业的新领域》，他的作品曾出现在《卫报》和《福布斯》等出版物上。

Steven Lydenberg是Domini影响力投资公司的合伙人。他也是投资整合项目（TIIP）的创始人和首席执行官，以及哈佛大学肯尼迪政府学院责任投资倡议的创始主任。他的出版物包括《公司与公共利益》和《责任投资的困境》。

About the author

William Burckart is COO and president of The Investment Integration Project (TIIP), a consulting services firm that advises organizations on systemic risks and opportunities. He coedited New Frontiers of Philanthropy, and his work has appeared in the Guardian and Forbes, among other publications.

Steven Lydenberg is a partner at Domini Impact Investments. He is also the founder and CEO of The Investment Integration Project (TIIP), as well as the founding director of the Initiative for Responsible Investment at Harvard University’s Kennedy School of Government. His publications include Corporations and the Public Interest and Dilemmas in Responsible Investment.

1, What’s in it for me? Learn to invest in ways that help – not hurt – the world. 

[ 这对我有什么好处？学习以帮助-而不是伤害-世界的方式进行投资 ]

你还记得全世界投资者的口号是 "贪婪无罪 "吗？这还不是很久远的事--事实上，只有几十年。但现在，随着无节制的贪婪对社会和环境的影响变得非常明显，文化环境已经改变。还有，文字语义环境也已经改变。

Do you remember when the rallying cry of investors worldwide was “Greed is good”? It wasn't all that long ago – just a few decades, in fact. But now, with the social and environmental implications of unchecked greed becoming all too obvious, the cultural climate has changed. What’s more, the literal climate has changed too.

这就是本文的目的，是为那些想要改变世界的投资者提供的指南，让坏的变好，好的更好。

That’s where these blinks come in. They’re a how-to guide for investors who want to change things, change them for the better, and change them for good.

减少化石燃料使用和追求无污染政策是不够的。在你的投资组合中增加一些有社会意识的公司也是不够的。当今世界面临的问题不能零敲碎打地解决；它们需要作为一个系统来解决--而本文告诉我们如何解决。

It’s not enough to divest from fossil fuels and pursue do-no-harm policies. Adding a few socially conscious companies to your portfolio doesn’t cut it either. The issues facing the world today can’t be tackled piecemeal; they need to be tackled as systems – and these blinks show us how.

在本文中，你会学到：

    * 为什么可持续投资走得不够远。

    * 如何确定要解决的问题

    * 撤资如何帮助结束南非的种族隔离制度。

In these blinks, you’ll learn

* why sustainable investment doesn’t go far enough;

* how to identify which issues to target; and

* how divestment helped to end apartheid in South Africa.

2, System-level investing strengthens the social, financial, and environmental systems that society depends on.

[ 系统级投资加强了社会所依赖的社会、金融和环境系统 ]

闭上你的眼睛一分钟，试着想象你认为的普通投资者。你看到的是什么样的人？

Close your eyes for a minute and try to imagine your average investor. What kind of person do you see?

忘记那些表面的东西，比如投资者的外表。相反，问问自己，你所想象的人是否有强烈的社会良知。这个普通投资者是否有利他主义和公民意识？他们是否有爱心并致力于改变世界，使之更美好？

Forget about the superficial stuff like the investor’s appearance. Instead, ask yourself whether the person you’re imagining has a strong social conscience. Is this average investor altruistic and civic-minded? Are they caring and committed to changing the world for the better?

不幸的是，答案可能是否定的。如果你想象中的投资者是自利的、贪婪的、只想赚快钱的，那么并不止你这么想。长期以来，许多投资者都符合这种漫画式的形象--这就是需要系统级投资的由来。

Unfortunately, the answer is probably no. If the investor you imagined was self-interested, greedy, and just looking to make a quick buck, then you’re not alone. For too long, many investors have matched that caricature – and that’s where system-level investing comes in.

这里的关键信息是：系统级投资加强了社会所依赖的社会、金融和环境系统。

The key message here is: System-level investing strengthens the social, financial, and environmental systems that society depends on.

太多的投资者有短视和纯粹的自我服务目标。他们的投资是为了使自己的收益最大化--如果他们管理基金，则是为了使他们的客户的收益最大化。

Too many investors have short-sighted and purely self-serving goals. They invest to maximize their returns – and, if they manage a fund, their clients’ returns.

当然，这些投资者遵守法律。但就他们而言，他们对更广泛的世界的义务也就到此为止。另一方面，系统级投资者采取不同的观点。他们不关注短期财务收益，而是以加强使人类生活可持续和公平的系统的方式进行投资。

These investors comply with the law, sure. But as far as they’re concerned, that’s where their obligations to the wider world end. System-level investors, on the other hand, take a different view. Instead of focusing on short-term financial gains, they invest in ways that strengthen the systems that make human life sustainable and fair.

如果这对你来说听起来很像可持续投资，那是有道理的。系统级投资和可持续投资确实有重叠之处--两者都有明确的环境和社会关注，都表明赚取快速利润不应该总是最重要的事情。

If this sounds a lot like sustainable investment to you, that makes sense. System-level investing and sustainable investing do overlap – both have explicit environmental and social concerns, and both suggest that making a quick profit shouldn’t always be the most important thing.

但系统级投资者走得更远。他们不一定是基金经理或高权重的首席财务官；一个涉猎广泛的业余投资者也可以是一个系统级投资者。但他们的与众不同之处在于，他们比可持续发展投资者更积极、更有针对性、更不遗余力--他们不只是止步于购买可再生能源公司的股票。

But system-level investors go further. They’re not necessarily fund managers or high-powered Chief Financial Officers; a dabbling hobby investor can be a system-level investor too. But what sets them apart is that they’re more active, targeted, and relentless than sustainability investors – they don't just buy shares in renewable energy companies and stop there.

系统级投资者为新的公共政策奔走呼号，以使各公司保持一致。他们倡导进步的行业标准。他们与志同道合的投资者合作，共同做出改变。简而言之，他们的目标是系统性的解决方案。

System-level investors campaign for new public policies to make companies get in line. They advocate for progressive industry standards. And they collaborate with like-minded investors, coming together to make change. In short, they aim at systemic solutions.

以牺牲医疗保健、消费者安全和气候稳定等重要系统为代价的短期收益，根本不是什么收益。事实上，它们是严重的损失。系统级投资者意识到这一点，所以他们的投资方式使我们的基本系统更强大，更有弹性。我们将在下一章看看他们如何做到这一点。

Short-term gains that come at the expense of vital systems like health care, consumer safety, and climate stability are no gains at all. In fact, they’re serious losses. System-level investors realize this, so they invest in ways that make our fundamental systems stronger and more resilient. We’ll take a look at how they do that in the next blink.

3, Target your investments based on consensus, relevance, and effectiveness.

[ 根据共识、相关性和有效性来确定你的投资目标 ]

说你想加强世界上最重要的系统，听起来很好听，但实际上把你的钱还放在嘴里？那也不用谈什么事了。问题并不只是人们在钱的问题上容易冷淡。还有一个更根本的问题：我们很多人只是不知道从哪里开始。

It’s all well and good to say you want to strengthen the world’s most vital systems – but actually putting your money where your mouth is? That’s a different story. The problem isn’t simply that people tend to get cold feet when their money’s on the line. There’s also a more fundamental issue: lots of us just don’t know where to start.

关于系统的问题是，从本质上讲，它们范围太大了。由于是系统，它们也是复杂和相互关联的。那么，作为一个投资者，你怎么能去尝试改变如此庞大和纠结的东西？你如何决定你的投资重点在哪里？

The thing about systems is that, by nature, they’re big. And by virtue of being systems, they’re also complex and interconnected. So how can you, as an investor, go about trying to change something so large and so tangled? How can you decide where to focus your investments?

嗯，如果你坚持三个主要标准，就很难出错。

Well, if you stick to three main criteria, it’s hard to go wrong.

这里的关键信息是：根据共识、相关性和有效性来确定你的投资目标。

The key message here is: Target your investments based on consensus, relevance, and effectiveness.

要记住的第一个原则是作者所说的共识。这是很简单的。如果人们普遍认为你所研究的问题是合法的、重要的，那么你就可以说它符合共识的标准。例如，人们普遍认为，改善世界各地的医疗保健服务是一个有价值的目标--换句话说，人们一致认为这很重要。

The first principle to bear in mind is what the authors term consensus. It’s pretty straightforward. If there’s widespread agreement that the issue you’re examining is legitimate and important, then you can say that it meets the criterion of consensus. For example, there’s general agreement that improving access to health care around the world is a worthwhile goal – in other words, there is a consensus that it’s important.

第二个原则是相关性。这个原则实际上是一个财务方面的考虑；如果一个问题有可能以一种重要的方式影响不同的投资，那么它就被认为是相关的。一个问题仅仅威胁到一个单一类别的投资是不够的，比如说房地产--它应该对广泛的行业和不同类型的资产产生影响。

The second principle is relevance. This one is really a financial consideration; an issue is considered to be relevant if it has the potential to affect diverse investments in a significant way. It’s not enough for an issue to threaten one single class of investments, like real estate, for example – it should have implications for a wide range of industries and different types of assets.

第三，是有效性。这个原则相当于问你，作为一个投资者，对有关问题的实际影响有多大。你能够创造变化的可能性有多大？是否有其他志同道合的投资者可以和你一起工作？公众是否了解这个问题--并倾向于提供帮助？简而言之，不要选择无望的案件；选择你能赢得的战斗。

Third, there’s effectiveness. This principle amounts to asking how much influence you, as an investor, can actually have on the issue in question. How likely are you to be able to create change? Are there other like-minded investors out there you can work with? Is the public aware of the issue – and inclined to help? In short, don’t choose a hopeless case; pick battles you can win.

如果你运用这三个指导原则--共识、相关性和有效性--你就可以很好地确定你可以而且应该集中投资的系统性问题。

If you apply these three guiding principles – consensus, relevance, and effectiveness – you’ll be well on your way to identifying the systemic issues that you can, and should, focus your investments on.

4, Bonds can help fund systemic improvements. [ 债券可以为系统性改进提供资金 ]

在上一章中，我们谈到了资产的重要性。我们说，如果一个系统性问题有可能影响到各种类型的资产--不仅仅是房地产或股票，你可能会认为它与你的投资策略有关。

In the previous blink, we touched on the importance of assets. We said you might consider a systemic issue relevant to your investment strategy if it had the potential to affect assets of various types – not just real estate or stocks.

但是，资产并不是简单的有价值的东西，可以成为系统性变化的牺牲品。我们也可以利用资产来尝试使重要的系统更有弹性，以及避免一些危及它们的威胁。

But assets aren’t simply valuable things that can fall prey to systemic changes. We can also use assets to try and make important systems more resilient, as well as to avert some of the threats that jeopardize them.

当然，资产有多种形式：风险资本、房地产、股票、债券、私募股权或现金。在本章，我们将专注于一种类型的资产--一种有可能为系统和从中受益的人带来重大好处的资产。

Of course, assets come in many forms: venture capital, real estate, stocks, bonds, private equity, or cash. In this blink, we’ll focus on just one – a type of asset with the potential to do serious good for systems and the people who benefit from them.

换句话说，在本章，我们将专注于债券。

In this blink, in other words, we’ll focus on bonds.

这里的关键信息是：债券可以帮助资助系统性的改善。

The key message here is: Bonds can help fund systemic improvements.

正如你可能知道的，债券是向政府或组织提供的贷款，其本身可以在投资者之间进行交易。

As you might know, a bond is a loan to a government or an organization that can itself be traded among investors.

债券是相当简单的。一个组织可以通过出售债券来筹集资金，而不是去银行。在这样做的时候，它同意定期支付利息，并在债券到期时偿还贷款的总额。

Bonds are pretty simple. Instead of going to a bank, an organization can sell bonds to raise capital. In doing so, it agrees to make both regular interest payments and to pay off the sum of the loan when the bond expires.

传统的投资者喜欢债券，因为它们是一种相当安全的投资形式，可以成为平衡投资组合风险状况的一种方便的方式。可持续发展的投资者喜欢债券，因为它们可以帮助支持非政府组织（NGOs），并为重要的基础设施发展贡献资金--如交通和卫生系统、医院和学校。

Conventional investors like bonds because they’re a pretty secure form of investment and can be a handy way of balancing out the risk profile of a portfolio. Sustainable investors like bonds because they can help support nongovernmental organizations (NGOs) and contribute funds to the development of vital infrastructure – like transport and sanitation systems, hospitals, and schools.

当然，这些好处也吸引了系统级投资者，他们更进一步。系统级投资者期待新形式的债券，如金融机构在2007年开始发行的绿色债券，作为引入系统性变化的金融活动的一种方式。这些债券资助环境项目，如可持续交通、水处理和可再生能源。

Naturally, these benefits also appeal to system-level investors, who go one further. System-level investors look to new forms of bonds, like the green bonds that financial institutions began to issue in 2007, as a way of financing true systemic change. These bonds fund environmental projects like sustainable transport, water treatment, and renewable energy.

事实上，绿色债券为所谓的COVID债券奠定了基础--一种独特的债券类型，旨在为国家从全球冠状病毒大流行的影响中恢复提供资金。

In fact, green bonds laid the groundwork for so-called COVID bonds – a unique type of bond designed to fund a nation’s recovery from the effects of the global coronavirus pandemic.

5, System-level investors should pay attention to portfolio construction and investment beliefs statements.

[ 系统级投资者应该注意投资组合的构建和投资观点声明 ]

到目前为止，我们已经看了一些指导系统级投资者的原则，以及债券在资助系统性发展方面的作用。但是，传统投资者使用的工具呢？它们可以被重新利用来推动系统性的变化吗？

So far, we’ve looked at some of the principles that guide system-level investors, as well as the usefulness of bonds in funding systemic development. But what about the tools that traditional investors use? Can they be repurposed to drive systemic change?

本文要表示的是，它们可以。特别是，我们将看看系统级投资者如何使用投资组合构建和投资观点声明。

This blink shows that they can. In particular, we'll look at how portfolio construction and investment beliefs statements can be used by a system-level investor.

投资组合的构建意味着选择特定的投资，这些投资组合构成了你的投资组合。而投资观点声明是金融机构用来解释其投资决策背后原因的一种文件。

Portfolio construction means choosing specific investments that combine to make up your portfolio. And investment beliefs statements are a type of document that financial institutions use to explain the reasons behind their investment decisions.

这两个概念甚至对传统投资者来说都很熟悉--但它们对系统级投资者也有一些独特的优势。

Both concepts are familiar to even the conventional investor – but they have some unique advantages for system-level investors too.

这里的关键信息是：系统级投资者应该注意投资组合的构建和投资观点声明。

The key message here is: System-level investors should pay attention to portfolio construction and investment beliefs statements.

正如我们所提到的，投资观点声明（investment beliefs statement  / IBS）阐述了一个金融机构对市场的理解以及它在其中的作用。简而言之，它用简单的语言阐述了该机构的投资理念。

As we mentioned, an investment beliefs statement (IBS) lays out a financial institution’s understanding of the markets and its role within them. In short, it lays out the institution’s investment philosophy in plain words.

对于系统级投资者来说，这是一个值得欣喜的消息。首先，个人投资者可以利用一个机构的IBS来检查它的价值观是否与该机构可能做出的投资决定相一致。例如，这个机构是否会投资于化石燃料？或者它是否显示出对可持续能源的承诺？

For system-level investors, this is welcome news. First of all, an individual investor can use an institution’s IBS to check whether her values align with the investment decisions it’s likely to make. Is this institution going to invest in fossil fuels, for example? Or does it show a commitment to sustainable sources of energy?

事实上，加州一个名为CalPERS的退休基金就是这样做的。它的IBS指出，"负责任的环境实践对风险管理很重要"。它承诺 "明智地利用稀缺资源 "和 "应对系统性风险，如气候变化"。这些都是系统级投资者应该注意的声明类型。

In fact, a retirement fund named CalPERS, in California, does just that. Its IBS states that “responsible environmental practices are important to risk management.” It commits to “making wise use of scarce resources” and “addressing systemic risks, such as climate change.” These are the kinds of assertions that a system-level investor should be on the lookout for.

那么，投资组合的构建--我们在一开始提到的传统投资的另一个要素呢？嗯，传统上它涉及风险管理，这意味着挑选不太可能失去价值的投资。对于一个系统级的投资者来说，系统性风险也应该被纳入这一分析中。例如，鉴于化石燃料对我们的环境构成的危险，一个系统级的投资者可能会考虑投资于最稳定的石油公司是否真的 "无风险"。

And what about portfolio construction – the other element of traditional investing that we mentioned at the start of the blink? Well, it traditionally involves risk management, which means picking investments that are unlikely to lose value. For a system-level investor, systemic risks should be factored into this analysis too. For example, given the danger that fossil fuels pose to our environment, a system-level investor might consider whether investing in even the most stable oil company is truly “risk-free.”

6, Investors can use standards setting to demand reform. [ 投资者可以利用标准制定来要求改革 ]

大多数投资者不是首席执行官。他们不在跨国公司的董事会中任职。他们的权力是有限的；如果他们想进行系统性的改变，他们通常需要间接地进行。

Most investors aren't CEOs. They don’t sit on the boards of multinational companies. Their power is limited; if they want to make systemic change, they usually need to do it indirectly.

问题是如何做到这一点。嗯，正如我们提到的，系统级投资者需要团结起来。他们需要找到一个共同的目标，就一个广泛的行动计划达成一致，并一起努力把它完成。

The question is how to do it. Well, as we mentioned, system-level investors need to unite. They need to find a common cause, agree on a broad plan of action, and work together to see it through.

你可能记得，当这些投资者考虑要解决哪些问题时，他们考虑的标准之一是有效性。他们必须问，他们有多大可能成功地支持一个特定的系统--以及避免威胁到其顺利运行的危险。

You might remember that when these investors are considering which issues to tackle, one of the criteria they take into account is effectiveness. They have to ask how likely they are to succeed in bolstering a given system – and in averting the dangers that threaten its smooth running.

为了准确回答这个问题，系统级投资者首先需要评估他们所掌握的影响系统的方法。其中一个最有效的方法就是所谓的标准制定。

In order to answer that question accurately, system-level investors first need to evaluate the methods they have at their disposal to influence the system. One of the most effective is what's called standards setting.

这里的关键信息是：投资者可以利用标准制定来要求改革。

The key message here is: Investors can use standards setting to demand reform.

考虑一下莱昂-沙利文牧师的故事，他是一位民权活动家，在20世纪下半叶带头开展了一系列反种族主义运动。他最喜欢的解决歧视问题的方法之一是制定标准。

Consider the story of Reverend Leon Sullivan, a civil-rights activist who spearheaded a slew of anti-racist campaigns in the second half of the twentieth century. One of his favorite methods for tackling discrimation was standards setting.

设定标准是指从那些推行破坏性和不受欢迎的政策的公司、行业和国家撤资的做法。其目的是剥夺他们的资本和支持，这很快就会迫使他们改变方式--为了整个系统的利益。

Standards setting refers to the practice of divesting from companies, industries, and countries that pursue damaging and undesirable policies. The aim is to deprive them of capital and support, which soon forces them to change their ways – for the benefit of the system as a whole.

这正是莱昂-沙利文所做的。1971年，对通用汽车公司占绝大多数的白人董事会的抱怨，导致他被任命为第一个黑人董事会成员。在几年内，他把目光转向了南非的系统性变革--当时南非的种族隔离制度仍在全面实施。

That’s exactly what Leon Sullivan did. In 1971, complaints about General Motors’ overwhelmingly white board of directors led to his appointment as the first Black board member. Within a few years, he turned his sights on effecting systemic change in South Africa – where apartheid was still in full force.

当时，通用汽车是南非黑人的最大雇主之一。沙利文对他们所面临的歧视感到不安，他制定了后来被称为 "沙利文原则 "的简单要求清单，旨在确保黑人员工得到平等对待和尊重。

At the time, GM was one of the biggest employers of Black South Africans. Disturbed by the discrimination they faced, Sullivan developed what became known as the Sullivan Principles – a simple list of requests designed to ensure Black employees were treated equally and with respect.

反种族隔离的投资者拒绝与不符合沙利文原则的公司做生意，一些大型的美国公共养老基金也停止投资于任何遵守种族隔离法的公司。

Anti-apartheid investors refused to do business with companies that fell short of the Sullivan Principles, and a number of large US public pension funds stopped investing in any firm that obeyed the apartheid laws.

正是这样的运动最终迫使南非通过立法，结束其种族隔离政策。沙利文原则在反种族隔离运动中的成功表明，当投资者形成统一战线时，标准的制定就能发挥作用。

It was campaigns like these that ultimately forced South Africa to pass legislation ending its policy of racial segregation. The Sullivan Principles’ success in the anti-apartheid movement show that when investors present a united front, standards setting can work.

7, Always question the conduct of financial managers. [ 始终质疑金融管理者的行为 ]

如果你最近读过新闻，你会知道越来越难以忽视不受控制的短期暴利对我们社会和地球造成的损害。

If you’ve been reading the news lately, you’ll know it’s getting increasingly hard to ignore the damage that unchecked, short-term profiteering is doing to our societies and our planet.

在许多方面，短期直接的刺激会激励我们快速采取行动, 这是件好事。金融机构也因此正在关注并使他们的产品和服务对关注社会和环境的投资者来说更容易接受，这也是好事。

In many ways, it’s good that we’re being spurred into action. It's also a good thing that financial institutions are cottoning on and making their products and services more palatable to investors with social and environmental concerns.

但是，可持续投资的突然流行也伴随着它自己的问题。其一，这些投资行为的流行意味着很难区分真正关心的人和那些只是搭载公众热情顺风车的人。

But sustainable investing’s sudden popularity comes with its own problems. For one, the popularity of these causes means it can be hard to distinguish between the people who really care and those who are simply riding the wave of public enthusiasm.

这里的关键信息是：始终质疑金融管理者的行为。

The key message here is: Always question the conduct of financial managers.

当涉及到评估金融管理者的意图时，有几个重要的问题你应该总是问。你需要知道的第一件事是，一个管理者是否有关于系统性挑战的明确而直接的政策。

When it comes to evaluating the intentions of financial managers, there are a few important questions you should always ask. The first thing you need to know is whether a manager has an explicit and straightforward policy regarding systemic challenges.

这可以有多种形式。理想情况下，它应该是类似于前面的投资观点声明，但它不一定是那么简单的。对系统级投资的真诚承诺可以在任何形式的公开声明中列出--最好是清晰、可操作和详细的声明。

This can come in many forms. Ideally, it’ll be something like the investment beliefs statements from earlier, but it doesn't have to be that cut-and-dried. A sincere commitment to system-level investing can be set out in any kind of on-the-record public statement – preferably one that’s clear, actionable, and detailed.

但你的工作是以批判的眼光来考虑这些声明。锻炼你的判断力。有关的经理是否真的按照她所宣称的政策行事？她是否注意到她的组织的影响被跟踪和报告？如果没有，就要警惕了--她对系统性投资的表面承诺可能只是口头上的承诺。

But it’s your job to consider these statements with a critical eye. Exercise your judgment. Does the manager in question actually behave in accordance with her professed policies? Does she see to it that the impact of her organization is tracked and reported on? If not, be wary – her apparent commitment to systemic investing might be little more than lip service.

最后，为了值得你去做，一个财务经理仅仅以系统性变革为目标是不够的。她需要能够展示实际的成功记录。该经理是否对系统产生了积极的影响？她是否与她的同行、非政府组织和其他利益相关者合作，设计出可行的解决方案？

Finally, to be worth your while, it’s not enough for a financial manager to simply aim at systemic change. She needs to be able to show a record of actual success. Has the manager influenced the system positively? Has she worked with her peers, NGOs, and other stakeholders to design workable solutions?

如果这些问题的答案是肯定的，你可能会成为赢家。

If the answer to those questions is yes, you might be onto a winner.

8, Final summary [ 最后的总结 ]

本文的关键信息是：

The key message in these blinks is that:

那些以牺牲社会和环境为代价来赚取快钱的投资策略已经过时了。今天的投资者不是以重要系统为代价进行投资，而是需要找到加强这些系统的方法。你可以通过确定值得解决的问题，选择正确的资产，并利用投资组合的构建和投资信念声明来做到这一点。更重要的是，你还可以利用标准的制定来迫使各行业采用更高的标准--所有这些都可以让人们关注自称 "负责任 "的金融经理。

Investment strategies that seek to make a quick buck at the expense of society and the environment have had their day. Instead of investing at the cost of vital systems, today’s investors need to find ways to strengthen them. You can do this by identifying worthwhile issues to tackle, choosing the right assets, and making use of portfolio construction and investment beliefs statements. What’s more, you can also use standards setting to force industries to adopt higher standards – all while keeping the spotlight on self-professed “responsible” financial managers.

PS: 投资于人类的未来