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

譯者: 易帆 余 審譯者: Vivi Dai

I believe big institutions

我相信，

大型機構有獨特的潛力 可以創造改變，

have unique potential to create change,

and I believe that we as individuals

我也相信，身為個人的我們

have unique power

也有獨特的力量，

to influence the direction that those institutions take.

可以影響那些 大型機構的決策方向。

Now, these beliefs did not come naturally to me,

我過去不太信這套，

because trusting big institutions,

因為相信大型機構，

not really part of my family legacy.

真的不是我家的家訓。

My mother escaped North Korea

我的母親，10歲時從北韓逃出來。

when she was 10 years old.

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

為此，她這一生經常 必須躲避一些大型機構：

repressive governments, occupying armies

專制政府、佔領軍， 甚至邊境巡邏的武裝部隊。

and even armed border patrols.

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

之後，當她決定移民到美國時，

she had to defy an entire culture

她必須對抗一個整體文化，

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

就是「女孩永遠不會是 最好跟最聰明」的文化。

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

因為她的名字乍聽 起來像個男孩子的名字，

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

她才得以唬弄的方式，通過政府 的移民考試，來到美國。

to come to the United States.

Because of her bravery and passion,

由於她的勇氣與熱情，

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

我擁有了所有 她未曾有過的機會，

and that has made my story so different.

也因此彻底改变了我的 人生。

Instead of running away from big institutions,

但我並沒有閃避大型機構，

I've actually run toward them.

反而是奔向它們。

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

在我的職業生涯中，

to work for The Wall Street Journal,

我有機會在華爾街日報、 白宮工作。

the White House

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

現在，我在全世界最大的金融機構

where I lead sustainable investing.

負責領導永續發展的投資。

Now, these institutions are like tankers,

這些機構像是油輪，

and working inside of them,

而在裡面工作，

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

讓我很感激能領會到它們 所走過的痕跡。

我逐漸相信，

and I've become convinced

that the institution of the global capital markets,

這個掌管全球資本市場的機構，

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

手中握有全球價值290萬億 美元的股票和債券，

that that may be one of our most powerful forces

是能供我們驅遣，為社會帶來積極變化的 強大力量之一，如果我們願意的話。

for positive social change at our disposal,

if we ask it to be.

Now, I know some of you are thinking,

現在，我知道你們有些人在想，

global capital markets, positive social change,

全球資本市場和 積極的社會變革，

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

好像八竿子打不著關係。

I think many people think of the capital markets

很多人會認為 資本市場就像一片汪洋。

kind of like an ocean.

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

它浩大、無情、冷漠，

that is not affected by our wishes or desires.

不會因我們的期許 或渴望而受影響。

So the best that our little savings accounts

所以，我們存款帳戶 或退休帳戶裡面那點小錢能做的，

or retirement accounts can do

is to try to catch some waves in the good cycles

頂多就是搭一搭牛市的順風車，

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

並祈禱自己不要 遇上熊市就好了。

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

但可以肯定的是，

當然，我們對自己 退休金帳戶的那點小操作，

並引響不了世界的主流，

don't affect the tides,

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

也改變不了他們投資的 內容、規模及方向。

But why is that?

但，這是為什麼呢？

Because actually, one third of this ocean of capital

因為實際上，這大海裡的 三分之一資本，

actually belongs to individuals like us,

是掌握在像我們這樣 的個體戶手上的，

而剩餘的大部分， 是由機構掌控，

and most of the rest of the capital markets

is controlled by the institutions that get their power and authority

但他們的力量、 權力和資金

and their capital from us,

也是我們這些會員、參與者、 受益人、股東和公民所付予的。

as members, participants, beneficiaries, shareholders or citizens.

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

所以，既然我們是 資本市場的最終擁有者，

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

為什麼我們沒有話語權呢？

為什麼我們不能 引響他們的投資方向呢？

Why can't we make some waves?

So let me ask you a different question:

我先問各位另一個問題：

did any of you buy fair trade coffee

你們最近有沒有人在超級市場或星巴克 買過「公平貿易咖啡」？

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

OK. Do any of you go to the restaurant

好的，你們有沒有人去餐廳吃飯， 為了環保，點「永續養殖鱒魚」，

and order the sustainably farmed trout

instead of the miso-glazed Chilean sea bass

而不是點你超級想吃的 「味增釉面智利鱈魚」？

that you really wish you could have?

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

你們有沒有人開油電混合車 或甚至是電動車？

So why do we do these things?

所以，我們究竟為什麼 要做這些事情？對吧？

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

一部電動車的市場根本無法與 擁有120億個內燃機引擎的傳統汽車市場相比，

combustion engine vehicles.

One fish is just one fish in the sea.

一條魚對於整個 海洋也算不了什麼。

And one cup of coffee

而一杯咖啡

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

對於堆積成山的咖啡豆而言， 也同樣微不足道。

But we do these things because we believe they matter,

但我們做這些事情， 是因為我們相信它有意義，

that our actions add up,

我們的行為積少成多， 會影響到其他周圍的人，

that our choices might influence others

and collectively, what an impact we can have.

最終會讓我們 匯聚成巨大的力量。

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

我包包裡有一個咖啡杯， 好幾年前買的。

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

它可以重複使用， 杯身上印有文字和花紋，

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

杯身上寫著，

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

「這個杯子能反複使用。」

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

「這個杯子可以鼓勵 其他人也買一個來用」

"This one cup helps save the planet."

「這個杯子可以拯救我們的地球。」

I had no idea this plastic cup was so powerful.

我真搞不懂，這塑膠杯 為什麼這麼紅。（笑聲）

(Laughter)

所以，為什麼我們認為

So why do we think that our choice

選擇一個四塊錢、可重複使用、

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

手工製作、公平貿易、 遮蔭種植的咖啡杯就有意義，

in a reusable mug matters,

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

但善用我們的退休金投資賬戶裡 的4000美金，就沒意義呢？

for our IRA doesn't?

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

為什麼我們不告訴 超級市場和資本市場，

that we care,

我們真的在乎，

that we care about fair labor standards,

我們在乎公平的勞工規範，

that we care about sustainable production methods

我們關心永續的生產方法 及健康的社會。

and about healthy communities?

Why aren't we voting with our investment dollars,

為何我們不靠投資 來表明我們的立場，

but we would vote with our lattes?

而是要靠拿鐵呢？

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

我覺得這跟我們的 錯誤觀念有關，

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

跟我們的集體意識有關。

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

大家還記得《格林童話》 中那個神奇的粥鍋嗎？

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

如果你對鍋子說， 「煮吧，小鍋子，煮吧」，

it would fill up with sweet porridge.

它就會煮出一鍋香甜的粥。

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

而如果你說， 「停，小鍋子，停」

it would stop.

它就會停下來。

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

但如果你說錯咒語， 它不會聽你的，

and things could go terribly awry.

而且事情會變得很糟糕。

So I think when it comes to markets,

所以當談到市場，

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

我認為我們的腦袋裡也有一個 類似的小鍋子童話。

We believe that the markets is this magic pot

我們相信市場就是這個 只聽懂一條指令的魔法鍋，

that obeys only one command:

make more money.

就是：賺更多的錢。

Only those words said exactly that way

只有準確地說出這幾個字，

will make the pot fill up with gold.

才會讓鍋子裝滿黃金。

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

但如果說一些其他字眼， 像是「保護環境」，

the spell might not work.

咒語就可能無效了；

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

加上幾個錯誤的詞， 比如像是「提倡社會正義」，

那你可能會看到， 你的錢在變少，

and you might see your gold coins shrink

or even vanish entirely, according to this fable.

甚至可能全部消失。

So we asked people, what do you really think?

所以我想問， 你們真正的想法是甚麼？

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

我們針對一千名個體投資者 進行了問卷調查，

and we found something fascinating.

我們發現了一些 有趣的現象，

Overwhelmingly,

絕大部分的人，希望在 咒語中加入更多的詞。

people wanted to add those extra words into the formula.

71 percent of people said yes,

71%的人說，「沒錯， 我們對永續發展投資有興趣。」

they were interested in sustainable investing,

大家對「永續發展投資」的定義是， 以傳統的投資標準來看，

which we define as taking the best in class investment process

that you already have traditionally

這項投資要是最好最賺錢的，

and adding in the extra information you get

除此之外，還要兼顧環保、 社會責任和良好的管理。

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

71 percent wanted that.

71% 的投資人都認同。

72 percent said that they believe that companies who did that

72% 的投資人說，他們相信

這樣做的公司會有 較佳的財務表現。

would actually do better financially.

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

人們的確相信，如果你做好的事， 就會有好的投報。

But here was the weird thing:

奇怪的是：

54 percent of the people

54% 的人說，

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

如果他們把錢 放在這類股票上面，

they thought that they would make less money.

他們認為他們會賺得比較少。

So is it true?

真的是這樣嗎？

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

如果你不喝樹蔭咖啡， 而是投資它，

instead of drinking it?

你的收益就會減少嗎？

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

像Burt's Bees或Ben & Jerry's 這種投資公司，

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

他們可不會這麼認為。

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

這兩家公司都發展自 很小的社會關懷公司，

that ended up becoming so popular with consumers

最後因深受顧客的喜愛，

that the giants Unilever and Clorox bought them

最後被聯合利華和 高樂氏這樣的大公司

for hundreds of millions of dollars

分别以數億美元的價格所收購。

each.

But here's the important thing.

但這裡有件重要的事，

Those corporations realized

這些企業了解，

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

如果他們想保護 自己的投資價值，

they had to preserve that socially conscious mission.

他們就必須持續保留 這種社會責任。

If they didn't keep adding in those extra words

如果這些品牌不在 生財咒語裡加點詞，

of environmentally friendly and socially conscious,

例如「友善環境」、 「社會責任」之類，

those brands wouldn't make more money.

它们就沒法賺更多的錢。

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

但，這也許只是例外。

The serious companies that fund our economy

那些專注於賺錢的公司

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

推動了我們的經濟， 支付了我們的退休金，

they need to stick to making more money.

少了他們這世界還真沒辦法運轉，

So, Harvard Business School actually researched this,

哈佛大學商學院做了這項研究，

and they found something fascinating.

他們發現了一些有趣的現象。

If you had invested a dollar 20 years ago

如果你在20年前投資一塊錢

in a portfolio of companies

that focused narrowly on making more money

到只關心單一季度盈餘 的投資組合公司，

quarter by quarter,

那一塊錢20年後會成長到14.46元。

that one dollar

would have grown to 14 dollars and 46 cents.

That's not bad until you consider

這算不錯了。

但是，如果你把同樣的 一塊錢轉而投資到

that if instead you'd invested that same dollar

in a portfolio of companies

專注關心社會環境議題 的投資組合公司，

that focused on growing their business

and on the most important environmental and social issues,

你就會知道，後者是更好的選擇，

因為那一塊錢

that one dollar would have grown

to 28 dollars and 36 cents.

20年後會成長到28.36元，

almost twice as much sweet porridge.

相當於兩倍的收益。

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

當然，我們要明白一點，

他們並不是靠四處撒錢 來換取好的名聲。

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

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

他們是靠專注於 影響業務的重要事情，

like wasting less energy and water

比如在製造過程中， 減少浪費的能源及水資源；

in their manufacturing processes;

like making sure the CEO contracts had the CEOs incentivized

或是確認公司的聘僱合約中，

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

可以激勵CEO專注於 公司及社區的長期發展，

而不是只看短期的季度表現；

not just quarterly results;

or building a first class culture

或是建立一流的公司文化，

that would have higher employee loyalty,

使員工有更高的忠誠度、

retention and productivity.

更高的留職率及生產力。

Now, Harvard's not alone.

不只哈佛，牛津大學 也做了類似研究，

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

对120項不同研究的結果進行分析。

looking at the effect of sustainability and economic results,

他們致力於研究永續發展 對公司收益的影響，

and they found time and time and time again

他們一次次地發現，

that the companies that cared about these kinds of important things

那些重視永續發展的公司

actually had better operational efficiency,

往往具有較佳的經營效率、

lower cost of capital

較低的資本成本，

and better performance in their stock price.

及較高的股價表現。

And then there's Al Gore.

接下來我們聊聊艾爾．高爾。 （柯林頓任內的副總統）

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

20年前我在白宮 為艾爾．高爾工作，

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

他是最早呼籲企業和政府

要重視氣候變化 問題的先鋒之一。

to pay attention to the challenges of climate change.

離開白宮後，

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

他創立了一家名為 《世代》的投資公司，

where he baked environmental sustainability and other things

將永續環境發展及其他議題放進

right into the core investment process.

公司的核心投資流程裡面。

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

當年他的觀點可是遭到了不少懷疑。

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

10年後，他的投資經歷又再次證明，

that sustainable investing done right can be sound investing.

只要做法正確， 永續投資是大有可為的。

Far from making less sweet porridge

將永續發展加入咒語，

because he added sustainability into the mix,

不但不會減少甜粥的數量，

he actually significantly outperformed the benchmark.

反而使它更加美味。

Now, sustainable investing,

說到永續發展投資，

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

它的好處在於並不需要念咒語， 也不需要什麼內幕消息，

and it doesn't require some investment secret,

它不是菁英的特權，

and it's not just for the elite.

It is not just about private equity for billionaires.

也不是億萬富翁的私人股權。

它不是那些噱頭十足的投資， 比如清潔技術

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

or microfinance in emerging markets

或是新興市場的微型貸款，

or artisanal bakeries in Brooklyn.

或者布魯克林的手工烘培坊。

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

而是股票、債券 與財富500強企業。

這是共同基金，

It's about mutual funds.

It's about all the things

是我們今天能在市場上 所看到的投資產品。

we already see in the market today.

So here's why I'm convinced

這就是為什麼我堅信， 只要我們聯合起來，就有能力

that we collectively have the power

to make sustainable investing the new normal.

可以為永續發展投資 創立一個新的常態典範。

First, the proof points are coming out all the time

第一，一直以來 都有大量證據顯示，

that sustainable investing done right,

永續發展投資是做對的事情，

preserving all the same good principles of investing,

它保存了投資的優點，

the traditional sphere, can pay.

也保存了能賺錢的優良傳統。

It makes sense.

這是說得通的。

Secondly,

第二，我們面臨的最大障礙，

the biggest obstacle standing in our way

may actually just be in our heads.

也許只存在於我們的腦袋裡。

We just need to let go of that myth

我們要消除這種錯誤觀念，

that if you add your values into your investment thinking,

就是一旦在投資決策中 加入了道德價值，

that you get less sweet porridge.

你的收益就會減少的錯誤觀念。

And once you get rid of the fable,

只要你拋棄這種錯誤觀念，

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

你會開始感激 我們今日談的那些事實。

And third, the future is already here.

第三，未來已經到來了。

Sustainable investment today is a 20 trillion dollar market

今日的永續發展投資 是一個20萬億的市場，

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

而它專注的投資產業 是成長最快的類別。

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

它在美國已經大幅成長。

It now represents one out of every six dollars

在專業經理人的管理下，

現在每六塊就有一塊錢 投資於這個產業。

under professional management in the United States.

So what are we waiting for?

所以，我們還在等甚麼？

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

對我而言，它代表著 從我母親身上獲得的鼓舞。

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

就是能擁有選擇的自由，

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

能發出自己的聲音， 寫出自己的故事。

She was passionate about that goal

她為自己的目標激動不已，

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

她也清楚地知道，

她不會讓軍隊、困難、 大型機構擋住她的去路。

no big institution stand in her way.

她成功地來到了美國，

She made it to the States,

and she became a teacher,

她成為了一名老師，

an award-winning author

一名獲獎的作家，

and a mother,

一名母親，

and ended up sending her daughters to Harvard.

最後還把女兒們送進哈佛。

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

這些年來，你可以這麼說，

holding court in the most powerful institutions in the world.

她在這個世界上 最強大的機構中也能吃得開。

It seems almost too prophetic

這簡直太不可思議了，

that her name in Korean means

因為她的名字在 韓語中的意思就是

"passionate clarity."

「充滿激情，目標明確」。

Passionate clarity:

「充滿激情，目標明確」，

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

這正是我們變革所需要的。

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

激情說的是， 我們渴望改變世界，

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

而目標明確說的是， 我們走在正確的路上。

We have more opportunity today than ever before

我們比以前有更多的機會，

to make choices.

可以做出各種選擇。

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

我們比過去有更多的能力， 可以發出自己的聲音。

So change your perspective.

所以，改變你的看法吧！

為你的小改變投下神聖一票。

Vote with your small change.

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

投資在你想要讓世界 變不一樣的地方。

Change the fables

破除迷信！

and change the markets.

改變市場！

Thank you.

謝謝各位！

(Applause)

（掌聲）