Calpers, the largest US public pension fund, is already reassessing its stance on tobacco after discovering it has suffered around $3bn in missed profits as a result of blacklisting the sector in 2000.
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I’ll gladly take their money......am a big believer in the so-called “vice” stocks such as tobacco, alcohol, gambling and guns.
If they want to give up profits on legal activities, that is their prerogative, but it is a stupid one.
Actually, it may not be their prerogative. Since funds like CALPERS are investing other people’s retirement funds, the trustees have a fiduciary responsibility to maximize returns. They are not free to pursue their own personal political agendas and may be liable if they have been doing so.