How to make a profit while making a difference | Audrey Choi

翻译人员: Hong Li 校对人员: Jiawei Ni

I believe big institutions

我相信大型机构

have unique potential to create change,

有能力带来改变，

and I believe that we as individuals

我也相信我们每一个人

have unique power

有能力

to influence the direction that those institutions take.

来影响这些大型机构的前进方向。

Now, these beliefs did not come naturally to me,

当然，我的这些想法并不是与生俱来的，

because trusting big institutions,

因为相信权威，

not really part of my family legacy.

真的不是我们家的传统。

My mother escaped North Korea

我的母亲在她10岁那年，

when she was 10 years old.

逃离了北朝鲜。

To do so, she had to elude every big institution in her life:

为达到这一目标，她逃离了 人生中所有的大型机构：

repressive governments, occupying armies

专制的政府，占领军，

and even armed border patrols.

甚至武装边防巡逻队。

Later, when she decided she wanted to emigrate to the United States,

之后，当她决定移民美国的时候，

she had to defy an entire culture

她必须告别

that said the girls would never be the best and brightest.

轻视女性的文化传统。

Only because her name happens to sound like a boy's

仅仅因为她的名字像个男孩子，

was she able to finagle her way into the government immigration exam

她才得到了参加政府移民考试的机会，

to come to the United States.

来到美国。

Because of her bravery and passion,

由于她的勇敢和坚持，

I've had all the opportunities that she never did,

我才得到了她从未得到过的机会，

and that has made my story so different.

而这使我的人生大为不同。

Instead of running away from big institutions,

我没有逃离大型机构，

I've actually run toward them.

而是奔向它们。

I've had the chance over the course of my career

我的职业生涯从未远离过它们，

to work for The Wall Street Journal,

比如《华尔街日报》，

the White House

白宫，

and now one of the largest financial institutions in the world,

现在我在一家全球最大型的金融机构任职，

where I lead sustainable investing.

主管可持续性投资。

Now, these institutions are like tankers,

这些大型机构就像油轮，

and working inside of them,

而在其中工作，

I've come to appreciate what large wakes they can leave,

使我能发现它们留下的巨大尾迹，

and I've become convinced

我逐渐相信，

that the institution of the global capital markets,

这个掌管全球资本市场的机构，

the nearly 290 trillion dollars of stocks and bonds in the world,

手握全球价值290万亿美元的股票和债券，

that that may be one of our most powerful forces

是能供我们驱遣的，为社会带来积极变化的

for positive social change at our disposal,

最强大的力量之一，

if we ask it to be.

如果我们愿意的话。

Now, I know some of you are thinking,

我知道你们有人会想，

global capital markets, positive social change,

全球资本市场和积极的社会变化，

not usually in the same sentence or even the same paragraph.

好像八竿子打不着。

I think many people think of the capital markets

许多人认为，资本市场

kind of like an ocean.

就像一片汪洋。

It's a vast, impersonal, uncaring force of nature

它浩大、无情、冷漠，

that is not affected by our wishes or desires.

不随我们的想法或意愿变化。

So the best that our little savings accounts

因此，我们储蓄账户

or retirement accounts can do

或者退休金账户上那点小钱，顶多能

is to try to catch some waves in the good cycles

搭一搭牛市的顺风车，

and hope that we don't get inundated in the turbulent ones,

祈祷自己不要遇上熊市，

but certainly our decisions on how to steer our little retirement accounts

当然，我们对自己退休金账户的那点小操作，

don't affect the tides,

对大局毫无影响，

don't change the shape or size or direction of the waves.

改变不了大盘的走势或者规模。

But why is that?

但原因何在呢？

Because actually, one third of this ocean of capital

因为事实上，这个资本海洋的三分之一

actually belongs to individuals like us,

都掌握在个人手里，就在我们手里

and most of the rest of the capital markets

而剩余的大部分，

is controlled by the institutions that get their power and authority

被那些大型机构掌握，而它们的权力

and their capital from us,

和资本都是来源于我们，

as members, participants, beneficiaries, shareholders or citizens.

我们是成员、参与者、受益人、股东或者公民。

So if we are the ultimate owners of the capital markets,

既然我们是资本市场的最终拥有者，

why aren't we able to make our voices heard?

为什么我们没有话语权呢？

Why can't we make some waves?

为什么我们不能弄出点动静来呢？

So let me ask you a different question:

我先问你们另一个问题：

did any of you buy fair trade coffee

你们最近一次去超市或者星巴克，

the last time you were at a supermarket or at Starbucks?

有没有买过公平贸易咖啡？

OK. Do any of you go to the restaurant

好的。有没有人去餐厅吃饭，

and order the sustainably farmed trout

为了环保，点养殖鲑鱼，

instead of the miso-glazed Chilean sea bass

而不是野生的智利鲈鱼，

that you really wish you could have?

尽管你很想吃野生的？

Do any of you drive hybrid cars or even electric cars?

有没有人开混合动力车甚至电动车？

So why do we do these things?

我们究竟为什么要做这些事情？

Right? One electric car doesn't amount to much in a fleet of 1.2 billion

对吧？1辆电动车对12亿辆燃油车，

combustion engine vehicles.

简直太微不足道。

One fish is just one fish in the sea.

一条鱼对于整个海洋算不了什么。

And one cup of coffee

一杯咖啡

doesn't amount to a hill of beans in this crazy world.

对于堆积成山的咖啡豆同样微不足道。

But we do these things because we believe they matter,

但我们做这些事情， 是因为我们相信它有意义，

that our actions add up,

我们的行动能积少成多，

that our choices might influence others

能影响周围的人，

and collectively, what an impact we can have.

最终能汇聚成巨大的力量。

So, in my bag I have a coffee mug that I bought a couple of years ago.

我包里有一个咖啡杯，好几年前买的。

It's a reusable mug. It has all these things printed on it.

它能反复使用。 上面印了许多话。

Look at some of the things that are on it, that it says.

其中几句是这样说的。

"This one cup can be used again and again."

“这个杯子能反复使用多次。”

"This one cup may inspire others to use one too."

“这个杯子能鼓励越来越多的人也来使用它。”

"This one cup helps save the planet."

“这个杯子能拯救我们的地球。”

I had no idea this plastic cup was so powerful.

我真没想到一个塑料杯子这么牛。

(Laughter)

（笑声）

So why do we think that our choice

因此，我们为何会认为

of a four dollar shade-grown fair trade artisanal cup of coffee

购买4美元一杯的公平贸易树荫咖啡，

in a reusable mug matters,

用可重复使用的马克杯就有意义，

but what we do with 4,000 dollars in our investment account

而善用我们的退休金投资账户 里的4000美金，

for our IRA doesn't?

就没意义呢？

Why can't we tell the supermarket and the capital markets

为什么我们不告诉超市，告诉资本市场

that we care,

我们并不冷漠，

that we care about fair labor standards,

我们也关心公平劳动标准，

that we care about sustainable production methods

关心可持续发展的生产方式，

and about healthy communities?

关心健康的社区。

Why aren't we voting with our investment dollars,

为何我们不靠投资来表明态度，

but we would vote with our lattes?

而要靠拿铁？

So I think it has something to do with the myths,

我觉得这跟我们的错误观念有关，

the fables that we all carry around in our collective consciousness.

而这一观念在我们的集体意识中根深蒂固。

Do you remember the Grimm's fairy tale about the magic porridge pot?

大家还记得《格林童话》中那个神奇的粥锅吗？

If you said to the pot, "Boil, little pot, boil,"

如果你对粥锅说， “煮吧，小锅，煮吧”

it would fill up with sweet porridge.

它就会煮出一锅香甜的粥。

And if you said, "Stop, little pot, stop,"

如果你说，“停止吧，小锅，别煮了”

it would stop.

它就会停下来。

But if you got the words wrong, it wouldn't listen,

但如果你记错了咒语， 小锅就不会听你的，

and things could go terribly awry.

事情会变得一团糟。

So I think when it comes to markets,

因此当我们讲到市场的时候，

we have a little bit of a similar fable in our heads.

我们心里会有一个错觉。

We believe that the markets is this magic pot

我们觉得市场就像那个神奇的小锅一样，

that obeys only one command:

只听从一种命令：

make more money.

赚更多的钱。

Only those words said exactly that way

只有准确无误地说出这句咒语，

will make the pot fill up with gold.

小锅才会装满金子。

Add in some extra words like "protect the environment,"

一旦加上多余的话，比如“保护环境”，

the spell might not work.

咒语就失效了。

Put in the wrong words like "promote social justice,"

加上几个错误的词，比如“促进社会公平”，

and you might see your gold coins shrink

你的金币就缩水了，

or even vanish entirely, according to this fable.

甚至完全消失，这就是我们的错觉。

So we asked people, what do you really think?

因此我们问了很多人，你们到底是怎么想的？

And we actually went out and polled a thousand individual investors,

我们针对一千名个体投资者进行了问卷调查，

and we found something fascinating.

发现了一些很有意思的事情。

Overwhelmingly,

绝大部分的人，

people wanted to add those extra words into the formula.

希望在咒语中加入更多的词。

71 percent of people said yes,

71%的人说，没错，

they were interested in sustainable investing,

我们对可持续投资有兴趣，

which we define as taking the best in class investment process

我们对“可持续投资”的定义是， 首先，按照传统标准来看，

that you already have traditionally

这项投资要是最好的（最赚钱的）

and adding in the extra information you get

除此之外，还要兼顾

when you think about the environment and society and good governance.

环境（保护）、社会（责任）和良好管理。

71 percent wanted that.

71%的投资者表示认可。

72 percent said that they believe that companies who did that

72%的人认为，上述三点完成得好的公司，

would actually do better financially.

赚的钱也不会少。

So people really do believe that you can do well by doing good.

由此看来，人们真的相信善有善报。

But here was the weird thing:

但奇怪的是，

54 percent of the people

有54%的人

still said if they put their money in those kinds of stocks,

依然认为，如果他们把钱投到这样的股票上，

they thought that they would make less money.

他们会赚得比较少。

So is it true?

是这样吗？

Do you get less sweet porridge if you invest in shade-grown coffee

你不喝树荫咖啡，而是投资它，

instead of drinking it?

你会亏吗？

Well, you know, the investors in companies like Burt's Bees

伯特小蜜蜂和本杰利公司的投资者

or Ben & Jerry's wouldn't say so.

他们可不会这么想。

Right? Both of those started out as small, socially conscious companies

对吧？这两家公司创立之初都很小， 怀有社会责任，

that ended up becoming so popular with consumers

结果赢得了众多的消费者，

that the giants Unilever and Clorox bought them

最后被联合利华和高乐氏这样的大公司

for hundreds of millions of dollars

以数亿美元的价格收购，

each.

两家都是。

But here's the important thing.

重要的是，

Those corporations realized

（收购他们的）这两家大公司都明白，

that if they wanted to protect the value of their investments,

如果他们想保护自己的投资，

they had to preserve that socially conscious mission.

他们就必须继续保留这种社会责任。

如果这些品牌不在生财咒语里加点词，

If they didn't keep adding in those extra words

of environmentally friendly and socially conscious,

例如“环境友好”、“社会责任”之类，

those brands wouldn't make more money.

他们就没法赚更多的钱。

But maybe this is just the exception the proves the rule, right?

但也许他们仅仅只是例外，对吧？

The serious companies that fund our economy

那些专注于赚钱的公司推动了我们的经济，

and that fund our retirements and that really make the world go round,

支付我们退休金，少了他们这世界真没法转，

they need to stick to making more money.

他们必须专注于创造更多财富。

So, Harvard Business School actually researched this,

因此，哈佛商学院进行了一项研究，

and they found something fascinating.

研究结果非常有意思。

If you had invested a dollar 20 years ago

假设你在20年前用1美元

in a portfolio of companies

购买了一份理财组合产品，

that focused narrowly on making more money

你投资的公司只关心如何赚钱，

quarter by quarter,

业绩逐渐上升，

that one dollar

这1美元

would have grown to 14 dollars and 46 cents.

最终会变成14美元46美分。

That's not bad until you consider

这已经很不错了，

that if instead you'd invested that same dollar

但同样是1美元，

in a portfolio of companies

如果你投资的公司

that focused on growing their business

不仅关心其业绩增长，

and on the most important environmental and social issues,

还关注最紧迫的环境和社会问题，

that one dollar would have grown

那这1美元

to 28 dollars and 36 cents.

最终会变成28美元36美分，

almost twice as much sweet porridge.

几乎是前者的2倍。

Now, let's be clear, they didn't make that outperformance

当然，我们要明白一点， 他们并没有作秀，

by giving away money to seem like a nice corporate citizen.

通过四处撒钱来换取好名声。

They did it by focusing on the things that matter to their business,

他们采取了许多对于生意有利的措施，

like wasting less energy and water

比如在生产过程中

in their manufacturing processes;

减少能源和水的浪费；

like making sure the CEO contracts had the CEOs incentivized

比如给予首席执行官适当激励，

for the long-term results of the company and the communities they served,

使其专注于公司和所在社区的长期发展，

not just quarterly results;

而不仅仅盯着每季财报；

or building a first class culture

比如建立一流的企业文化，

that would have higher employee loyalty,

提高员工的忠诚度，

retention and productivity.

减少员工流失，提高生产率。

Now, Harvard's not alone.

除了哈佛大学

Oxford also did a research study where they examined 120 different studies

牛津大学也开展了一项研究， 分析了120项不同研究（的结果）

looking at the effect of sustainability and economic results,

这些研究都致力于弄清 可持续性对于公司收益的影响，

and they found time and time and time again

而结果一而再，再而三的表明，

that the companies that cared about these kinds of important things

那些重视可持续发展的公司

actually had better operational efficiency,

往往具有更高的经营效率，

lower cost of capital

更低的成本，

and better performance in their stock price.

更高的股票价格。

And then there's Al Gore.

接下来我们聊聊阿尔•戈尔。

So 20 years ago, when I worked for Al Gore in the White House,

20年前，我在白宫为阿尔•戈尔工作，

he was one of the early pioneers pleading with businesses and governments

他是最早呼吁商业和政府

to pay attention to the challenges of climate change.

重视气候变化问题的先锋之一。

Post-White House, he opened an investment firm called Generation,

离开白宫后，他创立了一家名为“世代”的投资公司，

where he baked environmental sustainability and other things

将环境可持续发展和其他课题

right into the core investment process.

作为公司的主要投资方向。

And at the time there was a good bit of skepticism about his views.

当年他的观点可是遭到了不少怀疑。

Ten years later, his track record is one more proof point

10年过后，他的经历又一次证明

that sustainable investing done right can be sound investing.

可持续投资是可以大有作为的。

Far from making less sweet porridge

将可持续性加入咒语，

because he added sustainability into the mix,

不但不会减少甜粥的数量，

he actually significantly outperformed the benchmark.

反而使它更加美味。

Now, sustainable investing,

说到可持续投资，

the good news is it doesn't require a magic spell

它的好处在于并不需要念咒语，

and it doesn't require some investment secret,

也不需要什么内幕消息，

and it's not just for the elite.

普通百姓也能参与。

It is not just about private equity for billionaires.

它不仅仅是亿万富翁的私募股权。

It's not just groovy-sounding investments like clean technology

它不是那些噱头十足的投资，比如清洁技术

or microfinance in emerging markets

或者新兴市场的小额信贷

or artisanal bakeries in Brooklyn.

或者布鲁克林的手工烘培坊。

It's about stocks and bonds and Fortune 500 companies.

而是股票、债券和财富500强公司。

It's about mutual funds.

是共有基金。

It's about all the things

是我们今天能在市场上

we already see in the market today.

所看到的一切。

So here's why I'm convinced

这就是为什么我坚信，

that we collectively have the power

只要我们联合起来，就有能力

to make sustainable investing the new normal.

创造可持续投资的新常态。

First, the proof points are coming out all the time

首先，不容置疑的真理，

that sustainable investing done right,

可持续投资是可以赚到钱的，

preserving all the same good principles of investing,

它跟传统领域的优秀投资一样，

the traditional sphere, can pay.

保持了能赚钱的优良传统。

It makes sense.

这说得通。

Secondly,

第二，

the biggest obstacle standing in our way

我们面前最大的障碍，

may actually just be in our heads.

可能只存在我们的臆想中。

We just need to let go of that myth

我们要消除这种错觉，

that if you add your values into your investment thinking,

就是一旦在投资决策中加入了（道德）价值，

that you get less sweet porridge.

你就赚不到钱了。

And once you get rid of the fable,

只要你摈弃这种错误念头，

you can actually start appreciating those facts we've been talking about.

你就能开始认识到 我们刚刚讲的都是事实。

And third, the future is already here.

第三点，未来已经到来。

Sustainable investment today is a 20 trillion dollar market

可持续投资的市场规模已经达到20万亿美元，

and it's the fastest-growing segment of the investment industry.

是所有投资行业中增长最快的。

In the United States, it has grown enormously, as you can see.

在美国，可持续投资已经相当可观。

It now represents one out of every six dollars

它占据了全美专业投资金额

under professional management in the United States.

的六分之一。

So what are we waiting for?

我们还犹豫什么？

For me, it goes back to the inspiration that I received from my mother.

对我而言，它让我想起了母亲那令人鼓舞的经历。

She knew that she wanted a life

她明白自己一生的追求，

where she would have the freedom to make her own choices

就是能拥有选择的自由，

and to have her voice heard and write her own story.

能发出自己的声音，书写自己的故事。

She was passionate about that goal

她为自己的目标激动不已，

and she was clear that she would let no army, no obstacle,

她清楚的知道，无论是军队，还是政府，

no big institution stand in her way.

都无法阻止自己。

She made it to the States,

她成功来到了美国，

and she became a teacher,

成为了一名教师，

an award-winning author

一名获奖作家，

and a mother,

一名母亲，

and ended up sending her daughters to Harvard.

最后还把女儿送到哈佛。

And these days, you can tell that she is amply comfortable

事到如今，你们可能毫不怀疑

holding court in the most powerful institutions in the world.

她在这个世界上 最强大的机构中也能吃得开。

It seems almost too prophetic

不可思议的是

that her name in Korean means

她的名字在韩语里的意思是

"passionate clarity."

“充满激情，目标明确”。

Passionate clarity:

充满激情，目标明确，

that's what I think we need to drive change.

这正是我们的变革所需要的。

Passion about the change we want to see in the world,

激情说的是我们渴望改变世界，

and clarity that we are able to help chart the course.

目标明确则保证我们不会跑偏。

We have more opportunity today than ever before

我们如今拥有前所未有的机会

to make choices.

来做出选择。

We have more power than ever before to make our voices heard.

我们也拥有前所未有的能力 来发出自己的声音。

So change your perspective.

不要墨守陈规了。

Vote with your small change.

让我们都来做出一点改变。

Invest in the change you want to see in the world.

出一份力，将世界变成你想要的样子。

Change the fables

破除迷信，

and change the markets.

改变市场。

Thank you.

谢谢大家。

(Applause)

（掌声）