Al Gore reminds me of the Wizard who had the curtain pulled back on him planning to be taken more seriously by getting Toto sent away to obedience training.
Former U.S. Vice President Al Gore wants to end the default practice of quarterly earnings guidance and explore issuing loyalty-driven securities as part of an overhaul of capitalism which he says has turned many of the world’s largest economies into hotbeds of irresponsible short-term investment.
Together with David Blood, senior partner of ‘green’ fund firm Generation Investment Management, the environmental activist has crafted a blueprint for “sustainable capitalism” he wants the financial industry to adopt to support lasting economic growth.
“While we believe that capitalism is fundamentally superior to any other system for organising economic activity, it is also clear that some of the ways in which it is now practised do not incorporate sufficient regard for its impact on people, society and the planet,” Gore said.
At a briefing ahead of Thursday’s launch, David Blood said capitalism has been blighted with short-termism and an obsession with instant investment results, which had ramped up market volatility, widened the gap between rich and poor and deflected attention from the deepening climate crisis.
The Goracle has reportedly made around $100 million just in the last decade, much of it very quickly — dare I say “short term.” But that was “good” short term… right now we’re discussing “baaad” short term.
How come losing billions in taxpayer money overnight on clean energy “investments” is good for society and the economy in the long run, but a private investor seeking to earn a fortune overnight is bad for society and the economy in the long run? The answer is that both are perfectly acceptable as long as Gore has a piece of the action.
If Gore wants to get rid of corporate quarterly reporting, let him be the first to invest millions in a business that is only compelled to update him on it’s progress, or lack thereof, every few years or so. I’ll even volunteer to be the person who heads up that company just to show how much I care about the cause.