Hi Russell,

Thank you for the perspectives, I believe they add meaningfully to the conversation. Did you happen to see part one of this series which was entitled, "Benchmark tail wags the portfolio management dog?" You may find that useful.

I am a fan of ESG - in fact I was selected #53 among global execs discussing issues of SRI by an independent organization last year. I believe that ESG's day is coming. When cash flows are discounted to present value, and the expenses you are modeling occur a decade in the future, then they are going to have minimal effect on valuation. You could certainly increases costs of capital, but when base interest rates are near zero, then any added cost of capital premium added still has a minimal effect on valuation. But as those future values roll forward, and if base rates increase, then I believe purely from a quantitative point of view you will start to see ESG enter into more conversations.

Yours, in service,

Jason