Automakers investing billions in partnerships as industry races toward autonomous and electric vehicles

GMDETROIT – General Motors’ $2.3 billion joint venture with LG Chem for production of battery cells for electric vehicles is “more than a collaboration,” it’s a necessity in today’s rapidly changing automotive industry. “To invest in these electric vehicles and CASE (connected, autonomous, shared, electric vehicles) in general, you’re taking one years’ worth of investment out of every five out of the picture,” Wakefield said. AlixPartners reports the number of automaker partnerships increased 43


GMDETROIT – General Motors’ $2.3 billion joint venture with LG Chem for production of battery cells for electric vehicles is “more than a collaboration,” it’s a necessity in today’s rapidly changing automotive industry.
“To invest in these electric vehicles and CASE (connected, autonomous, shared, electric vehicles) in general, you’re taking one years’ worth of investment out of every five out of the picture,” Wakefield said.
AlixPartners reports the number of automaker partnerships increased 43
Automakers investing billions in partnerships as industry races toward autonomous and electric vehicles Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: michael wayland
Keywords: news, cnbc, companies, electric, billions, automakers, joint, billion, partnerships, venture, ford, vehicles, autonomous, ceo, races, investing, industry


Automakers investing billions in partnerships as industry races toward autonomous and electric vehicles

GM CEO and Chairman Mary Barra and LG Chem Vice Chairman and CEO Hak-Cheol Shin at the automaker’s battery lab in Warren, Mich., where the companies announced a new $2.6-billion joint venture on Dec. 5, 2019. GM

DETROIT – General Motors’ $2.3 billion joint venture with LG Chem for production of battery cells for electric vehicles is “more than a collaboration,” it’s a necessity in today’s rapidly changing automotive industry. The announced joint venture between America’s largest automaker and the South Korean chemical giant adds to a growing list of tie-ups for the auto industry as companies attempt to share in the monumental costs of electric and autonomous vehicles. Automakers such as GM are annually spending billions on the emerging technologies in an attempt to gain an upper hand on the potential multitrillion-dollar businesses, which many believe will transform transportation as we know it and assist in lowering global carbon emissions. But, for the moment, remain unprofitable. Mark Wakefield, global co-leader of the automotive and industrial practice at AlixPartners and a managing director at the firm, said the “tricky balance” of investing in new technologies while keeping traditional business operations profitable is one of the main drivers for the uptick in auto industry partnerships. “All these things take this tremendous investment and aren’t going to pay off with a top-end profit next year or the year after or the year after that,” he told CNBC on Friday. “But they are somewhat existential if you want to be in the game 10 years from now. That’s where partnerships come into play.” A report by AlixPartners earlier this year estimated the industry’s annual spending on autonomous driving and electric vehicles will reach a cumulative $85 billion by 2025 and $225 billion by 2023, respectively.

The capital being spent on electric vehicles alone is roughly equal to the massive amount that all automakers globally combined spend on capital expenditures and research and development in a year, according to the firm. “To invest in these electric vehicles and CASE (connected, autonomous, shared, electric vehicles) in general, you’re taking one years’ worth of investment out of every five out of the picture,” Wakefield said. “That’s an extraordinary amount to take out and keep the trains running on time of your vehicle programs and traditional business.”

Billions in tie-ups

Some of the most prominent collaborations this year have been between automakers and tech companies, however many have been automakers deciding to share costs with traditional competitors. The largest announcement thus far this year is the planned merger between Fiat Chrysler and French automaker PSA Group. It would create the fourth-largest automaker by sales in the world with a roughly $50 billion valuation. Fiat Chrysler CEO Mike Manley described it as a “potentially industry-changing combination,” while PSA CEO Carlos Tavares said the “convergence brings significant value to all the stakeholders and opens a bright future for the combined entity,” including autonomous and electric vehicles. Major non-merger deals included: Hyundai Motor and auto supplier Aptiv creating a $4 billion autonomous vehicle joint venture; Volkswagen agreeing to invest $2.6 billion in Ford Motor-backed autonomous vehicle startup Argo AI as part of a global alliance; Amazon, Ford and others investing hundreds of millions in startup EV manufacturer Rivian; and German automakers Daimler and BMW jointly investing more than $1 billion in mobility services.

Jim Hackett (r), CEO of Ford, and Herbert Diess, CEO of VW, at the Detroit auto show last January. Boris Roessler | picture alliance | Getty Images

“These companies, especially on the autonomous side, they’re finding it’s harder to develop this stuff than they thought it was going to be, so they’re teaming up to spread those costs and share the expertise that they have across a broader range of vehicles to try and get some scale,” said Sam Abuelsamid, principal research analyst at Navigant and an engineer. AlixPartners reports the number of automaker partnerships increased 43% from 2017 to 2018 to 543, led by a 122% increase in autonomous vehicles tie-ups to 115. The partnerships are separate from mergers and acquisitions, which AlixPartners said were “down a bit” last year from 2017. However, the firm reports the portion of closed deals last year related to connected, autonomous, shared, electric vehicles rose five percentage points to 55%, worth $21 billion, in 2018. Other high-profile deals this year included: Toyota Motor taking a 4.9% stake, valued at more than $900 million, in Suzuki; Ford creating a $275 million joint venture with Mumbai-based Mahindra & Mahindra; and Honda Motor and Hitachi announcing plans to combine car parts businesses to create a $17 billion components supplier. In September, Toyota announced plans to raise its stake in Subaru from 17% to more than 20%, expanding their partnership to invest more efficiently in new technologies.

Seeking profits

Executives from several automakers, including GM and Ford, have said their next-generation electric vehicles will be profitable — a challenge the industry has faced for nearly a decade. “For competitive reasons and also for regulatory reasons, everybody has to have EVs in their lineup. The challenge is selling them profitability,” Abuelsamid said. “That’s something everybody has struggled to do so far.” GM CEO Mary Barra on Thursday confirmed the joint venture with LG Chem will assist in the company’s plans for profitable electric vehicles, which are expected to begin rolling out in 2021. “The new facility will help us scale production and dramatically enhance EV profitability and affordability,” she told reporters when announcing the joint-venture with LG Chem. “Ours is a long-lead industry and having accelerated our product planning and production processes, we will develop a greater range of EV options that truly alter our product portfolio.”


Company: cnbc, Activity: cnbc, Date: 2019-12-07  Authors: michael wayland
Keywords: news, cnbc, companies, electric, billions, automakers, joint, billion, partnerships, venture, ford, vehicles, autonomous, ceo, races, investing, industry


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This chart shows how ‘depressing’ life has been for stock pickers

While savvy stock picking used to make money managers billions of dollars, the likelihood of beating passive investors these days is slimming. Investors have a 22% chance of picking a stock that will perform better than the S&P 500, according to Societe Generale. In a universe of 16,000 global and emerging market stocks, 78% have underperformed the S&P 500 in the past two years. Further, only 34% have performed better than the S&P 500 in the last year, said Societe Generale in a note titled “the


While savvy stock picking used to make money managers billions of dollars, the likelihood of beating passive investors these days is slimming.
Investors have a 22% chance of picking a stock that will perform better than the S&P 500, according to Societe Generale.
In a universe of 16,000 global and emerging market stocks, 78% have underperformed the S&P 500 in the past two years.
Further, only 34% have performed better than the S&P 500 in the last year, said Societe Generale in a note titled “the
This chart shows how ‘depressing’ life has been for stock pickers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, passive, lapthorne, life, pickers, depressing, stock, investing, 500, investors, global, money, shows, chart, active


This chart shows how 'depressing' life has been for stock pickers

It certainly doesn’t pay to be an old-fashioned stock picker anymore.

While savvy stock picking used to make money managers billions of dollars, the likelihood of beating passive investors these days is slimming. Investors have a 22% chance of picking a stock that will perform better than the S&P 500, according to Societe Generale.

In a universe of 16,000 global and emerging market stocks, 78% have underperformed the S&P 500 in the past two years. Further, only 34% have performed better than the S&P 500 in the last year, said Societe Generale in a note titled “the most depressing chart ever!”

“The strong performance of the S&P 500 leaves everything in its wake,” Andrew Lapthorne, Global Head of Quantitative Research at the firm said in a note to clients. “This is lauded as a success and an abject failure of active fund management.”

With data like this, it’s no surprise that assets in passive investing topped those of active investing for the first time ever in August. U.S. index funds and ETFs assets reached $4.271 trillion, compared with $4.246 trillion run by stock-pickers, according to Morningstar. This shift has been coming for decades as passive investing consistently outperforms active over long time periods despite active management charging higher fees.

In the last five years, 82% of active funds in the United States underperformed the S&P 500, according to S&P Dow Jones Indices’ most recent global SPIVA report. And with over 12,400 stocks failing to beat the S&P 500 in the past two years its no wonder why stock-picking shops are closing their doors.

Billionaire investor Jeffrey Vinik closed his hedge fund this year less than a year after its relaunch, citing a challenging environment to raise money. Veteran money manager Louis Bacon plans to close his New York-based hedge fund Moore Capital Management and return capital to investors, the Financial Times reported last month.

This trend is also dissuading private companies from entering the public markets, Lapthorne noted.

“If the measurement of company success is outperforming the 500 largest-cap US businesses supported by the US Federal Reserve, debt-funded share buybacks, and increasingly sophisticated financial products, then you can understand why less business are going public and private equity is booming,” said Lapthorne.

— with reporting from CNBC’s Michael Bloom.


Company: cnbc, Activity: cnbc, Date: 2019-12-06  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, passive, lapthorne, life, pickers, depressing, stock, investing, 500, investors, global, money, shows, chart, active


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A certified fraud examiner lays out three big investing red flags

A certified fraud examiner lays out three big investing red flags1 Hour AgoDavid Byrne, founder of BrightLights and a certified fraud examiner, joins “Squawk Box” to discuss the red flags he encourages people to look out for when investing.


A certified fraud examiner lays out three big investing red flags1 Hour AgoDavid Byrne, founder of BrightLights and a certified fraud examiner, joins “Squawk Box” to discuss the red flags he encourages people to look out for when investing.
A certified fraud examiner lays out three big investing red flags Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, examiner, big, lays, red, hour, flags, squawk, look, certified, investing, joins, fraud


A certified fraud examiner lays out three big investing red flags

A certified fraud examiner lays out three big investing red flags

1 Hour Ago

David Byrne, founder of BrightLights and a certified fraud examiner, joins “Squawk Box” to discuss the red flags he encourages people to look out for when investing.


Company: cnbc, Activity: cnbc, Date: 2019-12-06
Keywords: news, cnbc, companies, examiner, big, lays, red, hour, flags, squawk, look, certified, investing, joins, fraud


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What you need to know about ‘gender lens’ investing

CNBC Make It analyzed one so-called socially responsible fund, the Fidelity Women’s Leadership Fund (FWOMX), to see how it measures up to its mission, and to illustrate just how complicated impact investing can be. Investing in women’s leadershipThe Fidelity Women’s Leadership Fund is an actively managed equity fund that “invests primarily in companies that prioritize and advance women’s leadership,” per Fidelity’s website. There are many options that also hold Microsoft, Apple, Amazon, Facebook


CNBC Make It analyzed one so-called socially responsible fund, the Fidelity Women’s Leadership Fund (FWOMX), to see how it measures up to its mission, and to illustrate just how complicated impact investing can be.
Investing in women’s leadershipThe Fidelity Women’s Leadership Fund is an actively managed equity fund that “invests primarily in companies that prioritize and advance women’s leadership,” per Fidelity’s website.
There are many options that also hold Microsoft, Apple, Amazon, Facebook
What you need to know about ‘gender lens’ investing Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: alicia adamczyk
Keywords: news, cnbc, companies, karp, investing, leadership, womens, gender, lens, need, fund, companies, market, know, women, funds


What you need to know about 'gender lens' investing

Investing with a purpose has never been more popular. So-called impact investments are holding more money than ever, and some 85% of individual investors, and 95% of millennials, are interested in sustainable options, according to a recent report from the Morgan Stanley Institute for Sustainable Investing. The mission of sustainable funds varies, but typically they market themselves as investments in companies with sound environmental, social and governance (ESG) practices. But a recent report from The Wall Street Journal, which found that 8 of the 10 biggest U.S. sustainable funds are invested in oil and gas companies, makes clear that ethical investing can be difficult when business interests and individual interests clash. It’s not just environmentally focused funds that face this existential problem. CNBC Make It analyzed one so-called socially responsible fund, the Fidelity Women’s Leadership Fund (FWOMX), to see how it measures up to its mission, and to illustrate just how complicated impact investing can be.

Investing in women’s leadership

The Fidelity Women’s Leadership Fund is an actively managed equity fund that “invests primarily in companies that prioritize and advance women’s leadership,” per Fidelity’s website. It’s marketed as a tool for the capitalist with values. Nicole Connolly, head of ESG investing at Fidelity Investments, tells CNBC Make It that companies in the Russell 3000 Index, which tracks the performance of the 3,000 largest U.S.-traded stocks, had to meet one of following requirements in order to be considered for inclusion in the women’s leadership fund: The company has one woman as a member of the senior management team. It is governed by a board that is at least one-third female. It has policies — related to parental leave, the gender pay gap, schedule flexibility, etc. — aimed at attracting, retaining and promoting women. Those requirements narrowed down the roster of eligible companies to 700. From there Connolly, looked for companies that had good visibility into revenue growth, have sufficient cash flow and “do responsible things with that cash flow.” The fund, which began trading in May 2019, currently has 112 holdings, including behemoths like Alphabet, Facebook and J.P. Morgan, and smaller companies like Etsy and Ulta. It also has an expense ratio of 1%, which is significantly higher than, say, an index fund that tracks the whole Russell 3000. While that might seem like a “Pink Tax,” it is in line with fees charged by other actively managed funds. There are many options that also hold Microsoft, Apple, Amazon, Facebook and J.P. Morgan just like the women’s leadership fund, at lower costs. Fidelity is hoping that the fund’s mission resonates enough with investors that they will overlook the expense ratio to support companies that prioritize gender inclusivity. Connolly says the fund is worth the price because of all of the research Fidelity puts into selecting companies that meet its criteria. And there are studies that conclude that companies promoting women and diversity initiatives perform better than less-diverse firms, including an October 2019 report by S&P Global. The researchers compared the performance of female and male CEOs and CFOs for companies in the Russell 3000 Index over a 17-year period and found that firms with female CEOs and CFOs had superior stock market performance compared with the market average, and companies with a more gender diverse board of directors were more profitable than firms without diversity. It also found that companies with female CFOs were more profitable than those with male CFOs. Other reports have found similar results. Conversely, recent research from Harvard Business School that analyzed board composition and financial data from more than 1,600 public U.S. companies between 1998 and 2011 found that the firms appointing women to their boards “see a decline in their market value for two years following the appointment.”

The nuances of impact investing

If you are interested in the advancement of companies owned or controlled by women, then higher-than-average returns are, presumably, not your primary motivator. You want to support these companies to promote gender equality and women’s advancement, not necessarily to outperform the market and get rich. That leaves two big questions about investing in a fund purporting to promote women’s leadership: One, is it worth paying more for a fund that invests in many of the same companies as a standard low-cost index fund? And two, are Apple, Amazon, Facebook and others included in the fund really good for women? GoDaddy, for example, is included in the fund. Its old ad campaigns were perceived to be so sexist, its male chief executive acknowledged in 2013 that the company needed to improve image, by stopping its salacious ad campaigns and improving the company’s working environment. (In 2017, it was named one of the best places to work for women by careers site Comparably.) Lockheed Martin, one of the largest defense companies in the world, is another name included in the fund that raises eyebrows considering women and girls suffer disproportionately during and after war, according to the United Nations. Would conscientious investors be upset to see these companies in a fund focused on women’s leadership? Both check the boxes to be included in Fidelity’s fund — the former has women in the C-suite and the latter boasts a female CEO — which are outlined transparently on the fund’s page and in its prospectus. (It’s also in the name: “Leadership” is an important requirement here.) But as with everything related to personal finances, there aren’t definitive answers to those questions, Erika Karp, founder and CEO of Cornerstone Capital Group, tells CNBC Make It.

These are issues that are way more complex than who’s at the board and who’s in leadership. Erika Karp Cornerstone Capital Group

A women’s development fund, narrowly defined, risks confusing or alienating people who care about gender parity more broadly. “I worry that people don’t understand the nuance. If you want to empower women, you need women to have access to education, health care, water, education, to capital,” says Karp. “These are issues that are way more complex than who’s on the board and who’s in leadership.” It’s important that tech companies, for example, offer competitive salaries and generous parental leave policies, but they also need to consider the office culture. An apparel company might have a woman CEO, but it still needs to evaluate its supply chain and how women are treated from the bottom up. At the end of the day, Karp says, it’s up to each individual to do their own due diligence on any investment, to read the prospectus and do a deep dive into the companies held in the fund, and decide where to draw the line. Each individual investor needs to make a decision in line with their own values. There are other funds marketed as “gender lens investing,” including the Pax Ellevate Global Women’s Leadership Fund and the WOMN ETF, which tracks the Morningstar Women’s Empowerment Index. Both have lower expense ratios than Fidelity’s, but run into the same existential problems. In April, Morningstar reported that there are five U.S. equity funds that focus on gender diversity, not including Fidelity’s fund, which launched in May of this year. You could also buy stock in individual companies that you believe promote women’s leadership and economic empowerment by doing your own research and investing through a brokerage account. You’d have more say in the companies and avoid the 1% management fee, but it would also entail a lot of work and wouldn’t guarantee the stock diversity of a professionally managed fund. (CNBC Make It does not advise stock picking as a way to build wealth or as a primary means of investing.) And as Karp notes, every company is flawed in some way, making it a complicated undertaking.

The limitations of impact investing


Company: cnbc, Activity: cnbc, Date: 2019-12-04  Authors: alicia adamczyk
Keywords: news, cnbc, companies, karp, investing, leadership, womens, gender, lens, need, fund, companies, market, know, women, funds


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Target and Walmart are a threat to Amazon this Cyber Monday

Amazon has become a huge threat to big-box stores in recent years, but those retailers may be making a comeback this Cyber Monday. Walmart and Target had bigger jumps than Amazon in online customer spending during the first two weeks of November compared with the same period last year, according research firm Edison Trends, which looked at more than 1.2 million transactions. Walmart took in 51% more than last year, while Target followed close behind with a 47% increase. “Retailers have gone from


Amazon has become a huge threat to big-box stores in recent years, but those retailers may be making a comeback this Cyber Monday.
Walmart and Target had bigger jumps than Amazon in online customer spending during the first two weeks of November compared with the same period last year, according research firm Edison Trends, which looked at more than 1.2 million transactions.
Walmart took in 51% more than last year, while Target followed close behind with a 47% increase.
“Retailers have gone from
Target and Walmart are a threat to Amazon this Cyber Monday Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: mallika mitra, lauren thomas
Keywords: news, cnbc, companies, online, stores, investing, according, site, walmart, cyber, amazon, ecommerce, spending, threat, target


Target and Walmart are a threat to Amazon this Cyber Monday

Amazon has become a huge threat to big-box stores in recent years, but those retailers may be making a comeback this Cyber Monday.

Walmart and Target had bigger jumps than Amazon in online customer spending during the first two weeks of November compared with the same period last year, according research firm Edison Trends, which looked at more than 1.2 million transactions.

Walmart took in 51% more than last year, while Target followed close behind with a 47% increase. Amazon’s customer spending grew just 32%.

As retailers battle for market share, they are investing in their e-commerce options, and integrating them with brick-and-mortar stores. This includes adding more products to their online shops, offering in-store pick up for items purchased online and direct shipping from stores to customers’ houses, according to Nomura Instinet analyst Michael Baker. These companies are also investing in the infrastructure of their websites to allow them to handle big shopping days like Cyber Monday.

“Retailers have gone from being in denial about the potential threat of e-commerce to accepting that e-commerce is a real threat and investing to take advantage of the omnichannel asset,” Baker said.

They’re realizing that they can compete with Amazon to win back market share, he added.

There is a lot of competing to be done. Amazon sees more users start with its site when online shopping than on any other site, including Google, according to a recent report by Bain & Co.


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: mallika mitra, lauren thomas
Keywords: news, cnbc, companies, online, stores, investing, according, site, walmart, cyber, amazon, ecommerce, spending, threat, target


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Here’s a full list of every book Warren Buffett has recommended this decade—in his annual letters

Since we bought MiTek in 2001, it has made 33 ‘tuck-in’ acquisitions, almost all successful,” Buffett wrote in 2011. Loomis’ offers readers insights into Buffett’s investment strategies, along with his wisdom on management, philanthropy, public policy and even parenting. ″[‘The Outsiders’] is an outstanding book about CEOs who excelled at capital allocation,” Buffett wrote in 2012. It “includes an index that I find particularly useful, specifying page numbers for individuals, companies and subje


Since we bought MiTek in 2001, it has made 33 ‘tuck-in’ acquisitions, almost all successful,” Buffett wrote in 2011.
Loomis’ offers readers insights into Buffett’s investment strategies, along with his wisdom on management, philanthropy, public policy and even parenting.
″[‘The Outsiders’] is an outstanding book about CEOs who excelled at capital allocation,” Buffett wrote in 2012.
It “includes an index that I find particularly useful, specifying page numbers for individuals, companies and subje
Here’s a full list of every book Warren Buffett has recommended this decade—in his annual letters Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: tom popomaronis
Keywords: news, cnbc, companies, warren, investors, buffett, wrote, investment, investing, book, recommended, letter, heres, decadein, list, annual, wisdom, buffetts, letters


Here's a full list of every book Warren Buffett has recommended this decade—in his annual letters

1. ‘Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger’

Edited by Peter D. Kaufman This book offers a treasure trove of financial wisdom in the form of speeches and essays written by Charlie Munger, Buffett’s longtime business partner and vice president of Berkshire. If you enjoy Buffett’s unique sense of humor, wit and insights, you’ll certainly get a kick out of “Poor Charlie Almanack.” One favorite among many Munger fans is “The Psychology of Human Misjudgment,” an essay in which he writes about the cognitive traps that investors often fall into. “Just buy a copy and carry it around; it will make you look urbane and erudite,” Buffett joked in his 2010 shareholder letter.

2. ‘The Intelligent Investor’

By Benjamin Graham Buffett has praised “The Intelligent Investor” on several occasions. “In my early days, I, too, rejoiced when the market rose. Then I read chapter eight of Ben Graham’s ‘The Intelligent Investor,’ the chapter dealing with how investors should view fluctuations in stock prices,” he wrote in his 2011 letter. “Immediately, the scales fell from my eyes, and low prices became my friend. Picking up that book was one of the luckiest moments in my life.” The billionaire investor mentioned it again in 2013: “Of all the investments I ever made, buying Ben’s book was the best (except for my purchase of two marriage licenses). In contrast, Ben’s ideas were explained logically in elegant, easy-to-understand prose (without Greek letters or complicated formulas).”

3. ‘Mitek: A Global Success Story, 1981-2011’

By Jim Healy You might not have much luck finding this one on Amazon, but it can be purchased online from The Bookworm, an Omaha-based independent bookstore (and Buffett’s go-to for must-reads). MiTek Industries Inc., a supplier of engineered products for construction, is known as one of Berkshire’s very successful subsidiaries. This book tells the story of how MiTek, which started out as a small Midwestern firm in 1955, went from being on the verge of financial collapse to becoming a dominant supplier in its industry. “You’ll learn how my interest in the company was originally piqued by my receiving in the mail a hunk of ugly metal whose purpose I couldn’t fathom. Since we bought MiTek in 2001, it has made 33 ‘tuck-in’ acquisitions, almost all successful,” Buffett wrote in 2011.

4. ‘A Few Lessons for Investors and Managers From Warren Buffett’

Edited by Peter Bevelin This is a short (roughly 81 pages) and easy must-read for managers and investors looking to soak up timeless wisdom from the Oracle of Omaha. In his own words, Buffett explains how to think about important topics such as business valuation, traits of good and bad businesses, acquisitions and their traps, how to reduce risk, corporate governance and the importance of trust. It essentially “sums up what Charlie and I have been saying over the years in annual reports and at annual meetings,” he wrote 2011.

5. ‘Tap Dancing to Work: Warren Buffett on Practically Everything’

By Carol J. Loomis In his 2012 letter, Buffett gave a shout-out to Carol Loomis, a former editor-at-large at Fortune magazine and author of “Tap Dancing to Work.” She “has been invaluable to me in editing this letter since 1977,” he wrote. Loomis’ offers readers insights into Buffett’s investment strategies, along with his wisdom on management, philanthropy, public policy and even parenting. (In case you’re curious: the billionaire plans to leave his kids “enough money so they would feel they could do anything, but not so much that they could do nothing.”). Also included in one of the chapters is a 1996 essay from Microsoft co-founder Bill Gates,’ describing his early impressions of Buffett as they struck up their close friendship.

6. ‘The Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success’

By William N. Thorndike In “The Outsiders,” William N. Thorndike, a graduate of Harvard College and the Stanford Graduate School of Business, details the extraordinary success of eight successful CEOs who took a radically different approach to corporate management. You might not recognize all their names, but you’ve probably heard of their companies: General Cinema, Ralston Purina, Berkshire Hathaway, General Dynamics and Capital Cities Broadcasting, to name just a few. ″[‘The Outsiders’] is an outstanding book about CEOs who excelled at capital allocation,” Buffett wrote in 2012. “It has an insightful chapter on our director, Tom Murphy, overall the best business manager I’ve ever met.”

7. ‘The Clash of the Cultures: Investment vs. Speculation’

By John C. Bogle This is another book from Buffett’s 2012 letter. In “Clash of the Cultures,” John C. Bogle, founder of The Vanguard Group (who has been credited as the creator of the first index fund), writes about the changing culture in the mutual fund industry, how speculation has invaded our national retirement system and the need for a federal standard of fiduciary duty. For investors, the most valuable takeaway is his list of 10 simple rules of “Common Senses Investing.” According to Bogle, it “may not be the best strategy ever devised. But the number of strategies that are worse is infinite.” One of my favorite lines from the book: “Where returns are concerned, time is your friend. But where costs are concerned, time is your enemy.” (Why? Because it can pretty much apply to all aspects of your life, not just investing.)

8. ‘Investing Between the Lines: How to Make Smarter Decisions by Decoding CEO Communications’

By L.J. Rittenhouse Buffett also recommended this title in his 2012 shareholder letter. Drawing from more than 10 years’ worth of research, L.J. Rittenhouse, a trust and valuation expert, outlines a system to measure organizational trustworthiness as a predictor of investment potential. “So many books have been written on how to analyze a company, but so few have been written on how to analyze the person in control of a company,” according to one Amazon reviewer, who gave Investing Between the Lines a five-star rating. “This book solves that problem.”

9. ‘Berkshire Hathaway Letters to Shareholders’

Edited by Max Olson This is one of Max Olson’s many compilations of Berkshire Hathaway letters, going back to 1965. It “includes an index that I find particularly useful, specifying page numbers for individuals, companies and subject matter,” Buffett wrote in 2013. It might be rare for you to want to read several decades’ worth of annual letters, but I imagine it’d be nice just keep on your bookshelf.

10. ’40 Chances: Finding Hope in a Hungry World’

By Howard G. Buffett In 2006, when Buffett announced he would begin to give away a bulk of his fortune to philanthropy, he challenged his son, Howard G. Buffett, to do something great in the world. So Howard decided to give himself 40 years to put more than $3 billion to work on this challenge. This book, which Buffett said readers “will enjoy,” captures that journey. Some standout principles from “40 Chances”: Roots: “Every goal without a plan is just a wish. Start planning your goals at the root level.”

“Every goal without a plan is just a wish. Start planning your goals at the root level.” Bravery: “Growth comes from taking calculated, smart risks — always with your plan in mind.”

“Growth comes from taking calculated, smart risks — always with your plan in mind.” Lessons: “Many of the things worth doing in life are accomplished because we make mistakes; they’re accomplished because we learn from those mistakes and take those lessons with us into the next chance.”

11. ‘The Little Book of Common Sense Investing: The Only Way to Guarantee Your Fair Share of Stock Market Returns’

By John C. Bogle This second book from Bogle that Buffett recommended is perhaps the most important one one this list for entry-level investors. “There are a few investment managers, of course, who are very good — though in the short run, it’s difficult to determine whether a great record is due to luck or talent,” Buffett wrote in 2014. He continued: “Rather than listening to their siren songs, investors — large and small — should instead read ‘The Little Book of Common Sense Investing.'”

12. ‘Where Are the Customers’ Yachts? Or a Good Hard Look at Wall Street’

By Fred Schwed Buffett recommended this “wonderful” book in his 2014 letter, but it wasn’t the first time he gave it significant praise. “This is the funniest book ever written about investing,” he proclaimed back in 2006. “It lightly delivers many truly important messages on the subject.” In “Where Are the Customer Yachts?,” Fred Schwed exposes the hypocrisy of Wall Street through the story of a visitor to New York who admires the yachts of bankers and brokers. He then wonders where all the customers’ yachts have gone. (Hint: They didn’t have any because … well, they couldn’t afford them — despite the fact that they all followed the advice of their bankers and brokers.) Michael Lewis, best-selling author of “Liar’s Poker,” also approves of the book: “Once I picked it up, I did not put it down until I finished.”

13. ‘Limping On Water’

By Phil Beuth and K.C. Schulberg In “Limping on Water,” Phil Beuth chronicles his broadcasting career at Capital Cities/ABC-TV, which operates in several areas of the media business. The book “tells you a lot about its leaders, Tom Murphy and Dan Burke. These two were the best managerial duo — both in what they accomplished and how they did it — that Charlie and I ever witnessed,” Buffett wrote in 2015. “Much of what you become in life depends on whom you choose to admire and copy.”

14. ‘Warren Buffett’s Ground Rules: Words of Wisdom from the Partnership Letters of the World’s Greatest Investor’

By Jeremy C. Miller Pulling from letters Buffett wrote to his partners between 1956 and 1970, veteran financial advisor Jeremy Miller dissects the billionaire’s “ground rules” for investing. “Mr. Miller has done a superb job of researching and dissecting the operation of Buffett Partnership Ltd. and of explaining how Berkshire’s culture has evolved from its BPL origin,” Buffett wrote in 2015. “If you are fascinated by investment theory and practice, you will enjoy this book.”

15. ‘Shoe Dog’


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: tom popomaronis
Keywords: news, cnbc, companies, warren, investors, buffett, wrote, investment, investing, book, recommended, letter, heres, decadein, list, annual, wisdom, buffetts, letters


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Amazon, Apple, Facebook and Google are investing in the affordable housing crisis they helped create

Google has pledged $1 billion to help stop the housing crisis. In the Seattle area, Microsoft is chipping in $500 million, while its neighbor Amazon has opened a homeless shelter on its downtown campus. The affordable housing crisis in the Bay Area and Seattle is changing the landscape and makeup of the communities that fostered the tech boom. Apple, Google, Facebook and Amazon have stepped up to provide support, but time will tell if it’s just good publicity or will actually lead to real soluti


Google has pledged $1 billion to help stop the housing crisis.
In the Seattle area, Microsoft is chipping in $500 million, while its neighbor Amazon has opened a homeless shelter on its downtown campus.
The affordable housing crisis in the Bay Area and Seattle is changing the landscape and makeup of the communities that fostered the tech boom.
Apple, Google, Facebook and Amazon have stepped up to provide support, but time will tell if it’s just good publicity or will actually lead to real soluti
Amazon, Apple, Facebook and Google are investing in the affordable housing crisis they helped create Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-01  Authors: dain evans
Keywords: news, cnbc, companies, bay, individuals, area, seattle, amazon, affordable, investing, create, housing, san, tech, google, facebook, helped, apple, crisis


Amazon, Apple, Facebook and Google are investing in the affordable housing crisis they helped create

Affordable housing has become a crisis on the West Coast, due in large part to the expansion of the tech industry. Recently, the tech giants that helped create the problem have pledged money and support to seek fixes in their communities, but there’s plenty of reason for skepticism.

Liz González, a contributor at Silicon Valley De-Bug, voiced her concerns about the expansion of Google into San Jose.

“We’re being ignored,” she told CNBC. “We’re being displaced, and folks who have no long term interests in this community get to decide what it looks like and who gets to live here.”

Google has pledged $1 billion to help stop the housing crisis. Facebook helped create the Partnership for the Bay’s Future, which will gather $500 million for the cause. Apple is committing $2.5 billion. In the Seattle area, Microsoft is chipping in $500 million, while its neighbor Amazon has opened a homeless shelter on its downtown campus. Amazon also says it’s contributed $38 billion to Seattle’s economy since 2010.

Is it all too little, too late?

The Bay Area, which includes San Francisco and San Jose, has the third largest population of people experiencing homelessness in the U.S., behind New York and Los Angeles, and just ahead of Seattle. In the Bay Area, 64% of those individuals are unsheltered. In the Seattle region, that number is 47%.

Between 2010 and 2018, the Bay Area’s population increased 8.4% while the number of housing units rose by less than 5%. Housing prices shot up, reflecting the region’s demographics. Software engineers earn a starting salary of about $160,000 at Apple, Google and Facebook, 40% more than the national average for the same job, according to data from Indeed and Glassdoor. Rents in the Bay Area jumped 21% from 2010 to 2017 when adjusted for inflation. Over that same time stretch, rents in New York rose 9%.

“It kind of feels like they’re pushing you out of your home,” said Tamara Mitchell, a volunteer at the Coalition on Homelessness in San Francisco who has experienced homelessness due to the lack of affordable housing in the area.

The lack of diversity is stark. Tech companies are disproportionately hiring white and Asian male-identified individuals for tech jobs, leaving lower-wage jobs for mostly blacks and Latinx individuals.

For U.S.-based tech-related jobs in 2018, Google employed 95% white or Asian individuals and 74% male-identified individuals. At Apple those figures were 84% and 77%, respectively, and at Facebook the numbers were 93% and 78%. However, according to estimated data from the Census Bureau in 2018, the Bay Area is home to 67% white or Asian individuals.

The affordable housing crisis in the Bay Area and Seattle is changing the landscape and makeup of the communities that fostered the tech boom. Apple, Google, Facebook and Amazon have stepped up to provide support, but time will tell if it’s just good publicity or will actually lead to real solutions. Many West Coast communities are calling out for help as they tackle this emergency caused by companies in their own backyards.

Watch CNBC’s in-depth video on the affordable housing crisis.


Company: cnbc, Activity: cnbc, Date: 2019-12-01  Authors: dain evans
Keywords: news, cnbc, companies, bay, individuals, area, seattle, amazon, affordable, investing, create, housing, san, tech, google, facebook, helped, apple, crisis


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Money expert: The No. 1 mistake young people make when saving for retirement

The biggest mistake young people make when saving for retirement isn’t choosing the wrong account or contributing less than the idealized 10 to 15%. I’ll invest when I make more money,” or “I can’t save for retirement right now, I’ve got student loans,” Torabi tells CNBC Make It. That’s because when you’re young, investing isn’t just about the amount you’re able to save. Other experts agree that it’s a mistake for young people to hold off on preparing for retirement. As Orman points out, the key


The biggest mistake young people make when saving for retirement isn’t choosing the wrong account or contributing less than the idealized 10 to 15%.
I’ll invest when I make more money,” or “I can’t save for retirement right now, I’ve got student loans,” Torabi tells CNBC Make It.
That’s because when you’re young, investing isn’t just about the amount you’re able to save.
Other experts agree that it’s a mistake for young people to hold off on preparing for retirement.
As Orman points out, the key
Money expert: The No. 1 mistake young people make when saving for retirement Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: emmie martin
Keywords: news, cnbc, companies, save, young, money, mistake, saving, returns, invest, youre, investing, expert, retirement, able, torabi


Money expert: The No. 1 mistake young people make when saving for retirement

The biggest mistake young people make when saving for retirement isn’t choosing the wrong account or contributing less than the idealized 10 to 15%. It’s having the mindset that they can’t afford to save for the future at all, says Farnoosh Torabi, personal finance author and host of the “So Money” podcast. It’s the mentality of, “I’m not making enough. I’ll invest when I make more money,” or “I can’t save for retirement right now, I’ve got student loans,” Torabi tells CNBC Make It. “I think that it’s a mistake to not do even just a little bit,” she says. That’s because when you’re young, investing isn’t just about the amount you’re able to save. It’s also about developing a routine that sticks. “It’s that stage when you’re getting into the habit of investing and really flexing that investing muscle,” Torabi says.

As you begin to earn more, you’ll be able to save more and can gradually increase the amount you’re putting away. Plus, starting early lets you take advantage of compound interest, which helps your wealth grow faster because in addition to earning returns on the money you invest, you also earn returns on those returns at the end of every compounding period, which could be daily, monthly, quarterly or annually. Other experts agree that it’s a mistake for young people to hold off on preparing for retirement. “The key to your financial freedom in the future is investing when you are young,” Suze Orman, personal finance expert and host of the “Women and Money” podcast, tells CNBC Make It. “I would much rather see you invest a specific amount of money when you are young, a lesser amount of money, than waiting and have to invest five or six times [as much] when you are older,” she says. As Orman points out, the key to starting a retirement fund early isn’t how much money you’re able to put in, it’s how much time you’re able to give the account to grow. Here’s another way of looking at it: Failing to invest is like letting money fall out of your wallet every day, says Sallie Krawcheck, Ellevest co-founder and CEO.

Just do the damn thing. Sallie Krawcheck CEO of Ellevest


Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: emmie martin
Keywords: news, cnbc, companies, save, young, money, mistake, saving, returns, invest, youre, investing, expert, retirement, able, torabi


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Here’s how NFL linebacker Brandon Copeland is investing his money

NFL linebacker Brandon Copeland understands the importance of investing his money. Any money I make I’m trying to extrapolate that out for life, I’m trying to save as much as possible,” he said. To do that, Copeland is putting money into the stock market, real estate and private start-up ventures. He’s also focused on the long term when it comes to the stock market. Brandon Copeland New York JetsThat’s especially important for Copeland, since he’s focused on winning football games right now and


NFL linebacker Brandon Copeland understands the importance of investing his money.
Any money I make I’m trying to extrapolate that out for life, I’m trying to save as much as possible,” he said.
To do that, Copeland is putting money into the stock market, real estate and private start-up ventures.
He’s also focused on the long term when it comes to the stock market.
Brandon Copeland New York JetsThat’s especially important for Copeland, since he’s focused on winning football games right now and
Here’s how NFL linebacker Brandon Copeland is investing his money Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: michelle fox, dave gilreath, partner, founder of sheaff brock investment advisors
Keywords: news, cnbc, companies, thing, heres, york, linebacker, money, market, hes, investing, nfl, trying, invest, copeland, brandon, stock


Here's how NFL linebacker Brandon Copeland is investing his money

NFL linebacker Brandon Copeland understands the importance of investing his money. In fact, the New York Jet spends about 10% of his salary and saves the rest. “This career can end at any moment. Any money I make I’m trying to extrapolate that out for life, I’m trying to save as much as possible,” he said. To do that, Copeland is putting money into the stock market, real estate and private start-up ventures. “Having those multiple income streams, I feel like it’s amazing, you never are dependent on one single thing,” he said. He’s also focused on the long term when it comes to the stock market. “When I came into the league years ago, I was trading options and day-trading options,” said Copeland, a member of the CNBC Invest in You Financial Wellness Council. “It was because I didn’t have a lot of money and I wanted to flip it quickly.”

New York Jets linebacker Brandon Copeland Icon Sportswire | Icon Sportswire | Getty Images

Copeland soon came to realize that he couldn’t spend all his time focusing on the market. Instead, he said he’s now realistic about his risk tolerance and wants to be sure he’s invested “comfortably” so that he doesn’t have to worry when the market has a down day. Copeland was fortunate to come into the NFL with a firm financial background. He graduated from the University of Pennsylvania’s Wharton School in 2013 and held a couple of internships on Wall Street. He’s now using his own work experiences to help others. For one, he started his foundation, Beyond the Basics, which gives back to the community by hosting a youth football camp and other events. More from Invest in You:

Inside the NY Giants money boot camp

NFL Hall of Famer Terrell Davis reveals his biggest money mistake

Tennis legend Andy Roddick: This is the ‘most powerful thing you can be’ For the second year in a row, the organization is giving away a holiday shopping spree at Target this December to 100 underprivileged kids in New Jersey. He’s partnered with other players from the New England Patriots, Carolina Panthers, Baltimore Ravens, Oakland Raiders, Tampa Bay Buccaneers and Dallas Cowboys to do the same in their hometowns. Copeland is also teaching a class on financial literacy at his alma mater. Part of it focuses on how to invest in the stock market. Here’s his advice to getting started on investing.

Be informed

Copeland tells his students “before you even put a dollar into anything,” download investing apps and turn on the notifications. This way, you can keep up with what’s happening in the market — like when the indexes hit new highs, as the S&P 500 and Nasdaq did on Monday.

Having those multiple income streams, I feel like it’s amazing, you never are dependent on one single thing. Brandon Copeland New York Jets

That’s especially important for Copeland, since he’s focused on winning football games right now and can’t pay close attention to the market. “Because I’m getting the notifications, I still have somewhat of an idea of where things are,” he said.

Focus on your interests

When it comes to picking stocks, stick with what you have an interest in. If you like shoes, for example, you can look into Nike, Adidas or Under Armour, he said.

On the flip side, if you don’t have any idea about health care, don’t start trying to invest in a pharmaceutical company, he added. While Copeland likes to be involved in certain names and take some risk, he is also starting to invest in some index funds. Those funds mirror a particular index, like the SPDR S&P 500 ETF Trust.

Think long term


Company: cnbc, Activity: cnbc, Date: 2019-11-25  Authors: michelle fox, dave gilreath, partner, founder of sheaff brock investment advisors
Keywords: news, cnbc, companies, thing, heres, york, linebacker, money, market, hes, investing, nfl, trying, invest, copeland, brandon, stock


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Clean energy technology was thought to be uninvestable. One fund thinks otherwise

Venture capital funding for clean energy technology companies has declined after years of lackluster performance drove investors to other sectors. Clean tech investing’s boom…and bustIn the mid-2000s, the backdrop for clean tech investing seemed almost too good to be true. Ultimately, more than half of the $25 billion that flowed into the clean tech sector between 2006 and 2011 was lost. This unwillingness, coupled with the time and capital-restrictive nature of venture capital investing, crea


Venture capital funding for clean energy technology companies has declined after years of lackluster performance drove investors to other sectors.
Clean tech investing’s boom…and bustIn the mid-2000s, the backdrop for clean tech investing seemed almost too good to be true.
Ultimately, more than half of the $25 billion that flowed into the clean tech sector between 2006 and 2011 was lost.
This unwillingness, coupled with the time and capital-restrictive nature of venture capital investing, crea
Clean energy technology was thought to be uninvestable. One fund thinks otherwise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-23  Authors: pippa stevens
Keywords: news, cnbc, companies, technology, capital, tech, thinks, uninvestable, clean, companies, investing, investors, fennell, energy, thought, fund, venture


Clean energy technology was thought to be uninvestable. One fund thinks otherwise

(This story is part of the Weekend Brief edition of the Evening Brief newsletter. To sign up for CNBC’s Evening Brief, click here.) Venture capital funding for clean energy technology companies has declined after years of lackluster performance drove investors to other sectors. But a new fund is making a big bet that it’s possible to back clean tech companies at the earliest — and often riskiest — stages, all without sacrificing returns. In October, Clean Energy Ventures announced that it raised $110 million for its first fund, which will target “the current capital gap for seed and early-stage investment in promising advanced energy innovations,” a press release said. The firm’s strategy rests on the belief that without reinventing the wheel, and without compromising returns, it can identify and fund scalable, capital-efficient start-ups that will significantly reduce greenhouse gas emissions. With this influx of capital the fund’s three principles, who between them have backed more than 30 early-stage clean tech companies over their combined 40-plus years of investing, are looking to back companies in areas like energy storage, grid connectivity and clean transportation. “There’s a valley of death right now. There’s a lot of brilliant technology that’s being built … but to get to a Series A or Series B it’s a long haul,” Clean Energy Ventures co-founder Temple Fennell said to CNBC. “Some people consider us a special forces team that’s brought in with capital and talent.”

Clean tech investing’s boom…and bust

In the mid-2000s, the backdrop for clean tech investing seemed almost too good to be true. Oil and natural gas prices were rising, which accelerated the demand for cheaper renewable energy. The government began issuing tax credits for alternative sources of power. Al Gore’s “An Inconvenient Truth” captured the nation’s attention. Money flowed in as investors looked to profit on the promise of revolutionized industries. But then the financial crisis hit. It became harder to borrow money. Natural gas prices also dropped, and an oversupply of Chinese-made solar panels flooded the market. Ultimately, more than half of the $25 billion that flowed into the clean tech sector between 2006 and 2011 was lost. It might seem easy to blame the financial crisis as the primary reason for the failure, but a 2016 research report from the MIT Energy Initiative argued that the majority of companies actually failed for reasons independent of the broader economic backdrop. The venture capital model — where investors supply limited funding upfront and expect relatively fast returns — was not always conducive to the frequently capital-intensive, longer time frame nature of clean tech companies that were trying to reinvent the landscape. “Cleantech companies developing new materials, hardware, chemicals, or processes were poorly suited for VC investment because they required significant capital, had long development timelines, were uncompetitive in commodity markets, and were unable to attract corporate acquirers,” the authors of “Venture Capital and Cleantech: The Wrong Model for Clean Energy Innovation” wrote in 2016. After combing through the data, the researchers found that “the biggest money loser for VCs was the segment of cleantech companies commercializing fundamentally new materials and processes.” For example, solar companies that tried to replace silicon in solar panels ran into difficulties when trying to scale their model. That said, other areas that also have capital-intensive models, like medical technology, didn’t fare nearly as badly. After comparing the two sectors, the researchers found that there were too few large companies willing to acquire clean tech start-ups. This unwillingness, coupled with the time and capital-restrictive nature of venture capital investing, created a challenging environment for clean tech companies. More than 90% of clean tech companies funded between 2007 and 2011 failed to return even the initial capital to investors, the MIT Energy Initiative found. So it’s no surprise that while the need for greenhouse gas-reducing companies was recognized, for the most part, investors became weary of the space.

Clean Energy Ventures

Investors were beginning to dip their toes back into clean tech when, in 2017, Clean Energy Ventures decided to begin raising capital for its inaugural fund. The new fund was spun out of Clean Energy Venture Group, a private investment vehicle through which the founders had been investing in green companies since 2005. Investments included companies like MyEnergy—which was acquired by Nest and then, in turn, by Alphabet—and Pika Energy, which was bought by Generac.

Dan Goldman, Temple Fennell and David Miller, the three co-founders of Clean Energy Ventures, had invested together before, but informally. That changed around 2016. They identified a need for funding clean tech companies just starting out — which the Street was largely unwilling to consider — and, given their deep ties to the clean energy entrepreneurship community, founding a new energy-specific fund seemed a logical next step. They assembled a team comprised of people skilled both technically and operationally, and who had experience growing a company. Former U.S. Secretary of Energy Ernest Moniz was among the people who joined the company’s strategic advisory board. Initially targeting a fund size of $75 million, the trio wound up raising $110 million. From the get-go the fund’s strategy has been simple: instead of looking for start-ups that are trying to disrupt entire industries, focus instead on those that can improve existing companies. “We’re constantly looking at where we can disrupt the value chain of existing incumbents,” said Fennell. What that means is that the fund might invest, for example, in material companies whose products will help vehicles become lighter and therefore more carbon efficient, rather than in companies trying to fundamentally change the automotive industry. Underlying every investment is an actionable plan for how that company can meaningfully contribute to the reduction of greenhouse gases. “One of our criteria is we only invest in companies that we believe will reduce at least 2.5 gigatons of greenhouse gases or carbon equivalent tons between now and 2050,” Fennell said. While the fund ultimately wound up exceeding its capital target, Fennell said that it was difficult to entice institutional investors back into clean tech. A good bit of their capital instead came from family offices, which typically have more flexible timelines and investing criteria.

Betting on clean tech


Company: cnbc, Activity: cnbc, Date: 2019-11-23  Authors: pippa stevens
Keywords: news, cnbc, companies, technology, capital, tech, thinks, uninvestable, clean, companies, investing, investors, fennell, energy, thought, fund, venture


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