Inefficiency Hunter's Comments RSS Syndication from SeekingAlpha.com http://seekingalpha.com/user/804691/comments http://seekingalpha.com/article/320532/comments?source=feed#comment-2188650 2188650 Fri, 20 Jan 2012 07:12:14 -0500 http://seekingalpha.com/article/320532/comments?source=feed#comment-2187592 2187592 Thu, 19 Jan 2012 17:11:18 -0500 http://seekingalpha.com/article/319248/comments?source=feed#comment-2178857 2178857 Mon, 16 Jan 2012 17:20:36 -0500 http://seekingalpha.com/article/319608/comments?source=feed#comment-2175158 2175158 Sun, 15 Jan 2012 03:22:53 -0500 http://seekingalpha.com/article/319608/comments?source=feed#comment-2174639 2174639 Sat, 14 Jan 2012 16:04:13 -0500 http://seekingalpha.com/article/319608/comments?source=feed#comment-2173981 2173981 Sat, 14 Jan 2012 10:55:44 -0500 http://seekingalpha.com/article/319248/comments?source=feed#comment-2173670 2173670 Sat, 14 Jan 2012 06:29:04 -0500 http://seekingalpha.com/article/318115/comments?source=feed#comment-2171249 2171249 Fri, 13 Jan 2012 10:52:26 -0500 http://seekingalpha.com/article/319248/comments?source=feed#comment-2171132 2171132 Fri, 13 Jan 2012 10:21:55 -0500 http://seekingalpha.com/article/319248/comments?source=feed#comment-2171092 2171092
But investment decisions are also based on demand projections of the kind made here. Many types of oil production only become viable at high prices, e.g. in 2008 smaller companies had to cease operations as a result of the oil price drop. On the other hand, oil sands investment is currently high, so some companies are prepared to risk price drops in order to invest in non-conventional sources.

I'm not sure if by oil companies you mean the oil majors - Exxon, BP, Chevron et al - but they actually only produce around 15% of all oil supply - the rest is controlled by state entities. Much of the data we have about reserves and production estimates is released by national governments.]]> Fri, 13 Jan 2012 10:13:15 -0500
But investment decisions are also based on demand projections of the kind made here. Many types of oil production only become viable at high prices, e.g. in 2008 smaller companies had to cease operations as a result of the oil price drop. On the other hand, oil sands investment is currently high, so some companies are prepared to risk price drops in order to invest in non-conventional sources.

I'm not sure if by oil companies you mean the oil majors - Exxon, BP, Chevron et al - but they actually only produce around 15% of all oil supply - the rest is controlled by state entities. Much of the data we have about reserves and production estimates is released by national governments.]]> http://seekingalpha.com/article/319248/comments?source=feed#comment-2170443 2170443 Fri, 13 Jan 2012 03:50:03 -0500 http://seekingalpha.com/article/319248/comments?source=feed#comment-2170440 2170440 Fri, 13 Jan 2012 03:48:23 -0500 http://seekingalpha.com/article/319248/comments?source=feed#comment-2170437 2170437 Fri, 13 Jan 2012 03:46:38 -0500 http://seekingalpha.com/article/318115/comments?source=feed#comment-2157793 2157793
The United Nations has managed to agree on a Universal Declaration of Human Rights. The UNFCC has managed to reach a near global consensus at least on the goals relating to Climate Change. UNEP has produced a near global consensus on a vast range of environmental issues, from pollution to conservation.

Of course, this belies the complex nature of personal moral differences that you point out. However, if most state representatives, mandated by most of the voters, and even many of the legislatures are able to agree on basic ethical principles, then clearly there is a considerable amount of common ground to form the basis of "ethical investment".

Moreover, many forms of SRI don't rely on a universal definition of ethics. They merely rely on individual decisions or on a group of investors to agree.]]> Sun, 08 Jan 2012 16:38:28 -0500
The United Nations has managed to agree on a Universal Declaration of Human Rights. The UNFCC has managed to reach a near global consensus at least on the goals relating to Climate Change. UNEP has produced a near global consensus on a vast range of environmental issues, from pollution to conservation.

Of course, this belies the complex nature of personal moral differences that you point out. However, if most state representatives, mandated by most of the voters, and even many of the legislatures are able to agree on basic ethical principles, then clearly there is a considerable amount of common ground to form the basis of "ethical investment".

Moreover, many forms of SRI don't rely on a universal definition of ethics. They merely rely on individual decisions or on a group of investors to agree.]]> http://seekingalpha.com/article/318115/comments?source=feed#comment-2157767 2157767
With regard to fiduciary duty, this does not preclude ethical considerations. See landmark British case law, Cowan v Scargill (1984) and Bishop of Oxford vs. Church Commissioners (1992). These judgements are taken into consideration in all common law jurisdictions.

With regards to "faceless managers", I can't tell if you challenging the legitimacy of dedicated SRI funds, so that amateurs aren't entitled to delegate responsibilities to professionals. If so, I'm amazed. If people can delegate fiduciary goals to managers, why not ethical ones?

With regards to me not being knowledgeable, it would be more constructive if you stuck to specific critiques rather than vague statements about the quality of my response.]]> Sun, 08 Jan 2012 16:25:31 -0500
With regard to fiduciary duty, this does not preclude ethical considerations. See landmark British case law, Cowan v Scargill (1984) and Bishop of Oxford vs. Church Commissioners (1992). These judgements are taken into consideration in all common law jurisdictions.

With regards to "faceless managers", I can't tell if you challenging the legitimacy of dedicated SRI funds, so that amateurs aren't entitled to delegate responsibilities to professionals. If so, I'm amazed. If people can delegate fiduciary goals to managers, why not ethical ones?

With regards to me not being knowledgeable, it would be more constructive if you stuck to specific critiques rather than vague statements about the quality of my response.]]> http://seekingalpha.com/article/317564/comments?source=feed#comment-2152200 2152200 Fri, 06 Jan 2012 05:56:46 -0500 http://seekingalpha.com/article/317564/comments?source=feed#comment-2152191 2152191 Fri, 06 Jan 2012 05:45:40 -0500 http://seekingalpha.com/article/317564/comments?source=feed#comment-2150939 2150939
For gas, it took $4.50 / gallon to tip demand in the summer of '08. Beyond that point, maybe less these days, you start hitting problems and the truckers go on strike.

I'd agree that high oil prices at least contributed to the recession.

Of course, for us in the UK $4.50 / gallon would be heaven!

I think I can feel another article coming on...]]> Thu, 05 Jan 2012 15:38:13 -0500
For gas, it took $4.50 / gallon to tip demand in the summer of '08. Beyond that point, maybe less these days, you start hitting problems and the truckers go on strike.

I'd agree that high oil prices at least contributed to the recession.

Of course, for us in the UK $4.50 / gallon would be heaven!

I think I can feel another article coming on...]]> http://seekingalpha.com/article/315767/comments?source=feed#comment-2127105 2127105 Sat, 24 Dec 2011 08:43:25 -0500 http://seekingalpha.com/article/315767/comments?source=feed#comment-2126352 2126352
E/P = earnings yield = growth rate

It's merely theoretical, not empirical, and not important to my argument. My points were about the PEG relative to competitors.]]> Fri, 23 Dec 2011 15:01:19 -0500
E/P = earnings yield = growth rate

It's merely theoretical, not empirical, and not important to my argument. My points were about the PEG relative to competitors.]]> http://seekingalpha.com/article/315767/comments?source=feed#comment-2126348 2126348 Fri, 23 Dec 2011 14:57:13 -0500 http://seekingalpha.com/article/262638/comments?source=feed#comment-1579351 1579351 Fri, 08 Apr 2011 18:27:48 -0400