Placeholder Image

字幕列表 影片播放

  • We love to engage on the issues of the day.

    譯者: Lilian Chiu 審譯者: Yanyan Hong

  • We love it.

    我們熱愛參與每日熱門議題。

  • We comment on the news,

    我們很熱愛。 我們對新聞發表意見,

  • we post our views on social media,

    我們在社交媒體上 張貼我們的看法,

  • we march, we protest ...

    我們遊行,我們抗議……

  • But who among us is working on solutions,

    但我們當中有誰在努力找解決方案,

  • big solutions to big issues,

    大議題的大解決方案,

  • like gun violence,

    像是槍枝暴力、

  • mistreatment of workers,

    對工人的不當對待、

  • flood, famine, drought?

    食物、饑荒、乾旱?

  • Who is on it?

    誰在處理它?

  • Boom!

    砰!

  • These guys.

    這些人。

  • (Laughter)

    (笑聲)

  • What? You were hoping for Peter Parker?

    怎樣?不然你們期待看到 彼得帕克(蜘蛛人)嗎?

  • The Avengers?

    復仇者聯盟?

  • You don't expect this beacon of diversity,

    你們不期望這種多樣性的指引,

  • these good-looking, nicely dressed dudes just oozing charisma to solve the issues?

    這些長相好看穿著也好看的傢伙,

  • Well good, because they're actually not going to solve the issues.

    散發魅力來解決這些議題?

  • But before you dismiss them,

    嗯,很好,因為實際上 他們並不會解決議題。

  • let me say, they're not going to solve the issues,

    但在你把他們打發掉之前,

  • but they will show us how.

    讓我說句話,他們不會解決議題,

  • So who are they?

    但他們會讓我們看到要怎麼做。

  • They're activist investors:

    所以,他們是誰?

  • Carl Icahn, Dan Loeb, Paul Singer, Barry Rosenstein.

    他們是行動派投資者:

  • These are the modern-day OGs of Wall Street.

    卡爾伊坎、丹勒布、

  • (Laughter)

    保羅辛格、貝瑞羅森斯坦。

  • These are scary dudes.

    他們是現代的華爾街老前輩。

  • I don't mean Green Goblin scary.

    (笑聲)這些可怕的傢伙。

  • I mean real scary.

    不是綠惡魔(蜘蛛人反派)的 那種可怕。是真的可怕。

  • The fear they strike in the hearts of a company's CEO and board

    當他們進入一間公司的股份,

  • when they enter its stock

    會讓該公司的執行長 和董事發自內心感到恐懼,

  • is the same fear you feel when you hear a bear outside your tent,

    有種情境也會產生同樣的恐懼:

  • and it's dark,

    就是你得知你的帳篷外面有隻熊,

  • and you're sitting there with a mouthful of Doritos --

    且外面很黑,

  • (Laughter)

    且你還滿口都是多力多滋 坐在那裡時——

  • that just moments ago,

    (笑聲)

  • you had snuck out of the tent to pull down from the bear hang,

    沒多久之前,你溜出帳篷,

  • because you had the munchies.

    因為想吃零食而拿了包多力多滋。

  • That fear.

    那種恐懼。

  • And in that moment, you are praying,

    在那一刻,你在祈禱:

  • "Oh Lord, please let this bear be passing through."

    「喔,主啊,希望這隻熊只是路過。」

  • That bear is not passing through!

    那隻熊並不是路過!

  • That bear made a detour for you.

    那隻熊為了你專程繞路。

  • Bears like Doritos!

    熊很愛多力多滋!

  • (Laughter)

    (笑聲)

  • Activists like money.

    行動派喜歡錢。

  • Some activists also like Doritos, but they definitely want money.

    有些行動派也愛多力多滋,

  • And the way they make money, the way they create value,

    但他們肯定是想要錢的。

  • is by getting management of corporations

    而他們賺錢的方式, 他們創造價值的方式,

  • to make changes.

    是讓企業的管理階層

  • Now, some will argue that the changes they create,

    去做改變。

  • the value they create, is too short-term in nature.

    有些人可能會主張, 他們所創造的改變,

  • And others will say the tactics they use are egregious.

    他們所創造的價值, 在本質上太短期了。

  • I agree.

    其他人則會說, 他們用的戰略很過份。

  • Long, drawn-out lawsuits,

    我同意。

  • public smear campaigns --

    拖很久的漫長法律訴訟,

  • there is no need for that.

    公開抹黑的宣傳活動——

  • But I must say, there's a small handful of activists,

    這實在沒有必要。

  • very small,

    但我必須要說,有一小群行動派,

  • that go to great lengths to be constructive and collaborative.

    非常小群,

  • And overall, we have to give credit where credit is due.

    不遺餘力去做到 建設性和同心協力。

  • As a group, they have managed to catalyze large-scale change

    整體來說,我們必須要 歸功給應得功勞的人。

  • in large corporations,

    以群體來說,他們有辦法

  • and that's no small feat.

    在大企業中促進大規模的改變,

  • Now, imagine a world

    那可不是小功而已。

  • where all investors were working with management to make change,

    想像一個世界,

  • not just to make more money,

    在那裡,所有投資者都 和管理層級合作創造改變,

  • but to improve the environment and society.

    不只是賺更多錢,

  • Imagine what a greener and better world this would be.

    還要改善環境和社會。

  • Now, why? Why would an investor bother?

    想像一下,那會是個 多麼綠意盎然、多麼棒的世界。

  • And at first, blush I'm with you: Why would an investor care?

    那,為什麼? 投資者為什麼要費心?

  • Because if doing well on ESG issues --

    一開始,我和你們一樣臉紅: 投資者為何在乎?

  • environmental, social and governance issues --

    因為如果能處理好 ESG 的議題——

  • was just an act of good corporate citizenship,

    環境、社會、治理的議題——

  • then I agree, investors would not care.

    那只是一種好的企業公民行為而已,

  • But the good news,

    那麼我同意投資者不會在乎。 可是,有好消息,

  • and perhaps the saving grace for our collective futures,

    也許對我們集體的未來而言 是可補償缺點的優點,

  • is that it's so much more than an act of good corporate citizenship.

    那就是它遠遠超過只是 一種好的企業公民行為。

  • It's good business.

    它是好的生意。

  • There's now enough evidence that shows a clear correlation

    現在有足夠的證據可以顯示,

  • between ESG performance and financial performance.

    在 ESG 表現和財務表現 之間有明確的相關性。

  • Companies that do good for the environment and society

    在環境和社會上做得很好的公司,

  • also do well financially.

    在財務上也會很出色。

  • And some of the best companies are catching on.

    一些最好的公司開始理解到這一點。

  • Like Adidas:

    比如愛迪達:

  • Adidas is cleaning up the ocean and making money in the process.

    愛迪達在清理海洋, 並在過程中賺錢。

  • Adidas teamed up with an organization called Parley for the Oceans.

    愛迪達和海洋會議 (Parley for the Oceans)組織合作。

  • Parley goes out and collects plastic waste from the ocean.

    該組織會實際行動, 收回在海洋上的塑膠廢物。

  • Adidas uses the plastic waste to make shoes.

    愛迪達則用塑膠廢物來製作鞋子。

  • Shoes made with plastic from the ocean:

    用海洋塑膠做成的鞋子:

  • good for the environment and good for business.

    對環境很好,對事業也很好。

  • Because if you know that rapidly growing consumer segment known as hipsters --

    因為如果你知道有一種快速成長的 客戶群叫做「文青 (hipsters)」——

  • and I know you know hipsters --

    我知道你們都知道文青——

  • then you know that a hipster faced with the choice between a no-name shoe

    那麼你們就知道,當文青要選擇

  • and an Adidas made with plastic from the ocean

    非名牌的鞋子或是 用海洋塑膠製成的愛迪達鞋子,

  • will pick the Adidas every day of the week and twice on Sunday,

    他們會選擇每天穿愛迪達, 星期日還要穿兩次,

  • and then walk around like it's no big deal

    四處走動,好像這雙鞋 也沒什麼大不了的,

  • but look for every opportunity to talk about them.

    卻完全不錯失任何可以 談論這雙鞋的機會。

  • Like, in an Uber Pool.

    比如,在 Uber Pool 共乘時。

  • (Laughter)

    (笑聲)

  • "Hey, I noticed you looking at my feet."

    「嘿,我注意到 你一直在看我的腳。」

  • "What? Dude, no, I'm just making slides. I'm a consultant. I make slides.

    「什麼?老兄,沒有, 我只是在做投影片。

  • I'm making PowerPoint slides, I'm not looking --"

    我是顧問,我做投影片, 我沒有在看——」

  • "No, it's fine.

    「不,沒關係。

  • I get why you'd be looking.

    我能了解你會想看。

  • The plastic on my shoe must be bothering you.

    我鞋子上的塑膠一定讓你覺得礙眼。

  • Well, let me talk about it for the rest of this ride.

    讓我用所有剩下的共乘時間 來跟你談談它吧。

  • You see, the plastic on my shoe is from the ocean,

    我鞋子上的塑膠是來自海洋,

  • on my feet, not in your fish,

    在我的腳上, 不是在你吃的魚的肚子裡,

  • being walked on, not being munched on.

    是拿來穿的,不是拿來咀嚼的。

  • Happy feet. Happy fish. Happy ocean.

    開心的腳。開心的魚。 開心的海洋。

  • Doing my part. I got eco-shoes. I got eco-shoes.

    我盡我的本份。 我買環保鞋。我買環保鞋。

  • You need some eco-shoes?"

    你需要環保鞋嗎?」

  • And so on, just cornering him. We've all been there.

    諸如此類,一直嚕他。 我們都遇過這種事。

  • "Hey, pass me your cell phone. I'll give you a discount code.

    「嘿,把你的手機傳給我。 我要給你一個優惠碼。

  • Let me give you a discount code."

    讓我給你優惠碼。」

  • We've all been --

    我們都遇過——

  • Folks, I have jumped out of moving Uber Pools.

    我曾從行駛中的 Uber Pools 共乘車上跳車過。

  • (Laughter)

    (笑聲)

  • Just, moving, highway, I'm out. I'm out.

    就,行駛中,高速公路, 我要下車了。我要下車了。

  • But we've got to forgive the hipsters, we need to love the hipsters.

    但,我們得要原諒文青。 我們得要愛文青。

  • We need hipsters, and we need companies like Adidas,

    我們需要文青,我們需要 像愛迪達這樣的公司,

  • and what we need most is for investors to convince other companies

    我們最需要投資者 能夠說服其他公司

  • to behave like Adidas.

    做出像愛迪達這樣的行為。

  • And herein lies the challenge.

    挑戰的地方就在這裡了。

  • There's a growing group of investors, call them "conscious investors."

    有一種投資者叫「有意識的投資者」,

  • Conscious investors care about ESG issues.

    人數越來越多。

  • And they talk a lot about engaging management on ESG issues.

    有意識的投資者在乎 ESG 議題。

  • But they don't actually get management to make changes

    他們常會談論要讓 管理階層參與 ESG 議題。

  • that will improve the environment and society.

    但他們並不會真的讓管理階層做出

  • And this is where conscious investors can take a page from the playbook

    能夠改善環境和社會的改變。

  • of the activist investors,

    這就是有意識的投資者可以

  • because the activist investors have no issues getting management to make changes.

    向行動派投資者學習的地方了,

  • They have no issues turning up the heat.

    因為要讓管理階層做出改變, 對行動派投資者來說並不是問題。

  • Take Paul Singer.

    要施壓完全不成問題。

  • He's an old-school Wall Street OG,

    比如保羅辛格。

  • now in his 70s, loves Doritos, loves making money.

    他是老派的華爾街前輩,

  • Argentina owed Paul 600 million dollars

    現在七十多歲了, 愛吃多力多滋,愛賺錢。

  • and would not pay.

    阿根廷欠保羅六億美金,

  • Big mistake.

    不願意付錢。

  • You can't take money from an OG and not pay it back.

    大錯特錯。

  • Paul went to war with Argentina.

    你不能拿了前輩的錢卻不還錢。

  • I am not inventing.

    保羅和阿根廷開戰。

  • This is big. This was huge.

    我沒無中生有。

  • This was bigger than Tyson vs Holyfield,

    這是件大事,非常大。

  • Ali vs Foreman.

    超越泰森和霍利菲爾德的對決,

  • This was man vs country.

    阿里和福爾曼的對決。

  • Paul Singer started going around the world trying to seize up Argentinian assets.

    這是一個人和一個國家的對決。

  • At one point, he tried to seize an Argentinian navy vessel

    保羅辛格開始遊走全世界,

  • off the coast of Ghana.

    試圖扣押阿根廷的資產。

  • He tried to take over a 350-foot ship

    他一度試圖扣押

  • while big navy officers with big guns were on the ship.

    阿根廷在迦納海岸的海軍船艦。

  • He got the police in Ghana to show up with a crane

    他試圖接管一艘 350 英呎的船艦,

  • and threaten to board the ship,

    船艦上還有武裝的重要海軍軍官。

  • and it wasn't until the navy officers drew their weapons

    他讓迦納的警方帶著 一台起重機一起現身,

  • that they called off the operation.

    威脅要登上船艦,

  • That's what I call turning up the heat.

    直到海軍軍官亮出武器,

  • Now, you may say

    他們才取消行動。

  • Paul lost the battle.

    這就是我所謂的施壓。

  • And I'll say, Paul won the war,

    你們可能會說,

  • because Paul didn't get paid one time,

    保羅輸了這場仗。

  • he got paid 20 times his original investment.

    我會說,保羅贏了戰爭,

  • Then you have Barry Rosenstein.

    因為保羅拿回的錢不是一倍,

  • His fund, Jana Partners,

    是他最初投資的二十倍。

  • started stealth-mode buying up stock in Whole Foods,

    接著,還有貝瑞羅森斯坦。

  • at a time when Whole Foods was struggling.

    他的基金,JANA Partners,

  • They got to eight percent, came out,

    開始偷偷摸模式, 買進所有全食超市股票,

  • and pushed Whole Foods to sell itself to Amazon,

    當時全食超市經營得很辛苦。

  • and not because Barry wanted same-day delivery of his organic Doritos.

    他們得到了 8%,公開表態,

  • (Laughter)

    逼迫全食超市 把它自己賣給亞馬遜,