Introduction to History and Flavors of ESG Investing
In this first welcome video, I'll briefly introduce the content in the next seven. We'll begin with a quick history of previous efforts to meld societal issues into investment strategies. Including religiously influenced investing, responsible investment, and corporate social responsibility. Which primarily focused on excluding strategies.第一个视频主要是介绍剩下七个的内容。首先讲历史，把宗教影响投资、责任投资、企业社会责任这些。主要是讲排除策略。（excluding strategies）
Next, I'll introduce more recent efforts. To include such data in portfolio optimization, tilting, and smart beta strategies and placing them ahead of or alongside traditional financial metrics and impact investing. Such efforts however are fighting against the current tide of low-fee passive investment strategies which is leading to a return of the historical practice of exclusionary strategies despite limited evidence of their efficacy.接下来讲讲最近的努力。包括优势投资组合、倾斜和贝塔策略，把他们放在传统金融投资前面考虑。现在的潮流是低费率投资策略，这导致历史排他策略的回归。但是这个潮流没什么太好的效果。
Another approach to ESG investing relies on engagement with companies and their management. I'll survey best practices and insights into successful engagement, and also provide the example of Charlie Petra at Johnny Capital who took on Apple, pressuring them to improve parents' ability to choose settings on their children's phones. 另一种方法是参与到管理层中去一起管理公司。例子：苹果公司。
The most promising but still nascent approach to ESG is the integration of ESG into traditional investment analysis. Here we'll survey two prominent cases in depth and close with a broader review of additional strategies. We begin with balancing commercial risk and opportunity with a wide array of ESG risks and opportunities at Wells Fargo by the fundamental investment team at Parnassus Capital. We next turn to the value-based analysis of potential ESG approvers undertaken by Michelle Johnston and Jeremy Taylor at AllianceBernstein as they evaluate shell corporations. 最有前景的新想出来的方法是把ESG整合到传统投资分析中。有两个好例子（Well Fargos和AllianceBerstein）。
Finally, we note that similar logic supplies to other investment strategies both for publicly traded equities, privately held equities, fixed income securities, real estate, and even other asset classes. Given this wide range of goals and strategies, the conversation between investors and corporate investor relations teams on ESG issues has never been more complex. 类似的逻辑也适用于其他投资策略，包括公开交易的股票、私人持有的股票、固定收益证券、房地产，甚至其他资产类别。（没懂，是ESG的管理逻辑吗？还是什么。）
I'll try to summarize different audiences within the ESG movement, the questions they might ask, and some of the tensions（紧张局势） between them. I'll also close the class by acknowledging that within that conversation, there's been a spike of skepticism expressed most notably by former BlackRock executive Tariq Fancy. Others question whether ESG investment might provide false security that financial markets can address their own failings on climate, risk human rights, and other ESG issues. Does the advanced attention to ESG constitute progress or distraction? How close are we to the finish line, where ESG is fully integrated, where ESG analysis is just part of good management and good investment management? 最后他总结了一下对于ESG运动的不同观点，特别是Tariq Fancy的强烈质疑，以及一些尖锐问题。
Source from：https://www.coursera.org/learn/esg-risks-opportunities/lecture/beH38/introduction-to-history-and-flavors-of-esg-investing
