Al Gore: Eco-profiteer, Savvy Investor, or ...?
A quick recap: Records show that Al and Tipper Gore paid a monthly gas-and-electric bill of $2,400 for their 20-room mansion and related outbuildings. That includes $500 a month for their poolhouse. Gore claimed that he bought "carbon offsets" to make up for his $30K annual energy tab. Where did he buy offsets? From Generation Investment Management, a firm which lists Gore as Chairman. In other words, he paid himself!
Sloan Morganstern provides valuable insight into Generation Investment Management (GIM). According to its website, GIM's investment philosophy integrates "issues such as climate change into investment analysis:"
| * Sustainable development will be a primary driver of industrial and economic change over the next 50 years * The global context for business is clearly changing—"Capitalism is at a Crossroads" * Shareholders will be best served by companies who maximize their financial return by strategically managing their performance in this new economic, social, environmental and ethical context |
So which companies is Gore's firm investing in?
Morganstern points to GIM's 13F Form filed with the SEC. A little work with Excel, using Sloan's categorization of companies, yields the following:
| Company | Invested ($K) | Green? | Description |
| TECHNE CORP | 22309 | N | Medical research |
| GENERAL ELECTRIC CO | 19565 | N | Global diversified products and services |
| NORTHERN TR CORP | 14333 | N | Financial services |
| UBS AG | 14079 | N | Financial services |
| BECTON DICKINSON & CO | 13785 | N | Medical technology |
| JOHNSON CTLS INC | 13711 | Y | Batteries for hybrid vehicles |
| AFLAC INC | 13315 | N | Insurance |
| AUTODESK INC | 12712 | N | Engineering software |
| STAPLES INC | 11921 | N | Office supplies |
| SYSCO CORP | 11085 | N | Food services |
| LABORATORY CORP AMER HLDGS | 9935 | N | Diagnostic equipment, genomic testing |
| GREENHILL & CO INC | 9473 | N | Investments |
| WATERS CORP | 8875 | Y | Safer water, food, healthcare products |
| NUVEEN INVTS INC | 7389 | N | Investments |
| METABOLIX INC | 5209 | Y | Eco-friendly plastics and chemicals |
| VCA ANTECH INC | 4858 | N | Pet healthcare services |
| BLACKBAUD INC | 4765 | N | Fundraising software |
| AQUANTIVE INC | 4615 | N | Digital marketing |
| WHOLE FOODS MKT INC | 4427 | Y | Natural, organic food retailer |
| 206361 | |||
| Green investments | 32222 | ||
| % of green investments | 15.61% |
In other words, for all of the talk about 'green' investments, only about 16% of its funds are in companies that Morganstern categorizes as truly 'green'. Or maybe Gore thinks the AFLAC duck is an endangered species.
I'm having a hard time determining whether Al Gore is a craven eco-profiteer, a savvy investor, a blatant hypocrite, or just some combination thereof.
Oven-baked good readin', just like Mama used to make:
Dan Riehl, Bill's Bites, GWH, Hang Right Politics, Pajamas Media, Ranting Stan, Wizbang,
Anti-Strib, David Online, Redstate, Wisdom from the Realm
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