What we’re reading (10/28)
“Third Point Has Big Shell Stake, Urges Energy Giant To Break Up” (Wall Street Journal). “The activist is the latest to pressure a major oil company to change its strategic direction, as the firms face calls to reduce fossil fuel investments and pivot to renewable energy amid concerns about climate change. Upstart hedge fund Engine No. 1 waged a successful campaign to win seats on the board of Exxon Mobil Corp. in May.”
“This Movement Is Taking Money Away From Fossil Fuels, And It’s Working” (New York Times). “And by this point, divestment has spread way beyond colleges and universities. Enormous pension funds serving New York City and state employees have announced that they will sell stocks; earlier this year, the Maine legislature ordered the state’s retirement fund to divest; and just last month, Quebec’s big pension fund joined the tide. We’ve seen entire religious groups — the Episcopalians, the Unitarian Universalists, the U.S. Lutherans — join in the call; the Pope has become an outspoken proponent (and many high-profile Catholic institutions have announced they will divest).”
“Cathie Wood Just Dumped Another $100-Plus Million In Tesla — Here Are The ‘Bargain’ Stocks She Likes Now” (MoneyWise). “Cathie Wood is known for investing in high-flying tech stocks. But she isn’t opposed to buying low and selling high. The ace stock picker of Ark Investment Management has been bullish on Tesla for years. Yet she’s been taking some profits off the table recently as shares of the electric car maker have soared.”
“‘I Quit’ Is All The Rage. Blip Or Sea Change?” (Lawrence Katz, The Harvard Gazette). “The number of people who switch from one job to another is what you would predict given the great opportunities. It’s always been true that people who switch jobs tend to get higher wage growth than people who stay put, but it looks unusually high right now…[b]ut a second issue — we see a lot of anecdotal and survey data on this — is, I think we’ve really met a once-in-a-generation ‘take this job and shove it’ moment.”
“Marjorie Taylor Greene Invested As Much As $50,000 In The Trump SPAC Before Its Stock Plunged” (CNN Business). “Georgia Rep. Marjorie Taylor Greene bought as much as $50,000 worth of shares in a shell company that is merging with former President Donald Trump's new media venture, according to a financial disclosure form. Greene, a Republican and Trump supporter with a history of conspiracy theories, bought shares of Digital World Acquisition Corp. on Friday when they were skyrocketing to breathtaking levels. Days later, the Trump SPAC (Special Purpose Acquisition Company) plunged in value.”
