His success with his personal wealth allowed him to steer the foundations he is a part of to change their investment portfolios. One, the Lemelson Foundation, was started by his father, Jerome, an inventor who had more than 500 patents. Now, 75 percent of its endowment is in impact investments.
“I made the case with my family that as a foundation, we have an obligation to lead,” he said.
But Mr. Lemelson also supported his argument with solid returns. “Increasingly, it will become obvious that well-managed investment portfolios don’t give up anything at all,” he said.
Even in the face of data, the sector faces headwinds. Just last year, Daniel and Sheryl Tishman, whose wealth comes from the family’s real estate companies, sought to put the $100 million that seeded their NorthLight Foundation into impact investments, but they encountered pushback from managers.
One manager they interviewed said that what they were trying to do was not possible, said Kate Sinding Daly, executive director of the foundation, which focuses on the environment. “That’s an old-school view,” she said.
Figuring out how to execute on their investment thesis was challenging. For example, the foundation had all its money in impact investments but was still switching among different assets in that sector, Ms. Daly said.
The Coronavirus Outbreak ›
Frequently Asked Questions
Updated August 27, 2020
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What should I consider when choosing a mask?
- There are a few basic things to consider. Does it have at least two layers? Good. If you hold it up to the light, can you see through it? Bad. Can you blow a candle out through your mask? Bad. Do you feel mostly OK wearing it for hours at a time? Good. The most important thing, after finding a mask that fits well without gapping, is to find a mask that you will wear. Spend some time picking out your mask, and find something that works with your personal style. You should be wearing it whenever you’re out in public for the foreseeable future. Read more: What’s the Best Material for a Mask?
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What are the symptoms of coronavirus?
- In the beginning, the coronavirus seemed like it was primarily a respiratory illness — many patients had fever and chills, were weak and tired, and coughed a lot, though some people don’t show many symptoms at all. Those who seemed sickest had pneumonia or acute respiratory distress syndrome and received supplemental oxygen. By now, doctors have identified many more symptoms and syndromes. In April, the C.D.C. added to the list of early signs sore throat, fever, chills and muscle aches. Gastrointestinal upset, such as diarrhea and nausea, has also been observed. Another telltale sign of infection may be a sudden, profound diminution of one’s sense of smell and taste. Teenagers and young adults in some cases have developed painful red and purple lesions on their fingers and toes — nicknamed “Covid toe” — but few other serious symptoms.
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Why does standing six feet away from others help?
- The coronavirus spreads primarily through droplets from your mouth and nose, especially when you cough or sneeze. The C.D.C., one of the organizations using that measure, bases its recommendation of six feet on the idea that most large droplets that people expel when they cough or sneeze will fall to the ground within six feet. But six feet has never been a magic number that guarantees complete protection. Sneezes, for instance, can launch droplets a lot farther than six feet, according to a recent study. It’s a rule of thumb: You should be safest standing six feet apart outside, especially when it’s windy. But keep a mask on at all times, even when you think you’re far enough apart.
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I have antibodies. Am I now immune?
- As of right now, that seems likely, for at least several months. There have been frightening accounts of people suffering what seems to be a second bout of Covid-19. But experts say these patients may have a drawn-out course of infection, with the virus taking a slow toll weeks to months after initial exposure. People infected with the coronavirus typically produce immune molecules called antibodies, which are protective proteins made in response to an infection. These antibodies may last in the body only two to three months, which may seem worrisome, but that’s perfectly normal after an acute infection subsides, said Dr. Michael Mina, an immunologist at Harvard University. It may be possible to get the coronavirus again, but it’s highly unlikely that it would be possible in a short window of time from initial infection or make people sicker the second time.
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I’m a small-business owner. Can I get relief?
- The stimulus bills enacted in March offer help for the millions of American small businesses. Those eligible for aid are businesses and nonprofit organizations with fewer than 500 workers, including sole proprietorships, independent contractors and freelancers. Some larger companies in some industries are also eligible. The help being offered, which is being managed by the Small Business Administration, includes the Paycheck Protection Program and the Economic Injury Disaster Loan program. But lots of folks have not yet seen payouts. Even those who have received help are confused: The rules are draconian, and some are stuck sitting on money they don’t know how to use. Many small-business owners are getting less than they expected or not hearing anything at all.
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What are my rights if I am worried about going back to work?
- Employers have to provide a safe workplace with policies that protect everyone equally. And if one of your co-workers tests positive for the coronavirus, the C.D.C. has said that employers should tell their employees — without giving you the sick employee’s name — that they may have been exposed to the virus.
“The environmental stuff was easy,” she said. “It’s the issues around human rights, gender issues, arms, military investments and all that stuff.”
That’s a difficulty that other investors are going to run into. Excluding oil companies remains a straightforward choice. Investing in ways that promote an idea or a thesis — like equity — is more complex. And it’s not always easy for the advisers to do it well, either.
Article source: https://www.nytimes.com/2020/08/28/your-money/impact-investing-coronavirus.html
