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Bridge over ocean
1 May 2015 Financial Analysts Journal Volume 71, Issue 3

David Swensen on the Fossil Fuel Divestment Debate

  1. Robert Litterman, PHD

Many educational endowments and other investment organizations are struggling
with the question whether to comply with the widespread demands of students and
other constituencies to divest their fossil fuel stocks. Some have announced
decisions to divest, whereas others have announced decisions not to divest.
Although Yale University announced that it would not divest, David Swensen, its
chief investment officer, wrote a letter to Yale’s external investment
managers emphasizing that in analyzing potential investments, they should favor
companies that consider the effects of climate change.

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