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April 12, 2018
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Asserting Fiduciary Duty, Reclaiming Workers' Capital!

Dear H,
On Friday, April 20, at noon (EST) acclaimed authors, professors and change-makers
Jim Hawley and Tessa Hebb will be joining us at noon (EST) for the next Heartland
Webinar: "Waiting for Godot? How to Reclaim our Money Now!"
When you join the one-hour listening feast, you'll receive a new E-MiniBook companion,
Waiting for Godot? Drs. Hawley and Hebb will be discussing their path-breaking
work on these questions and challenges and how to confront them. The webinar will
be moderated by David Keto, Managing Principal of SRI Group.
In this issue of the Espresso, we're pleased to share with you a recent article
by Dr. Hawley and John Lukomnik called The Purpose of Asset Management, along with
an exciting interview with David Webber, the author of hot-off-the-presses The Rise
of the Working Class Shareholder: Labor's Last Best Weapon (2018, Harvard University
Press)!

It's time to assert fiduciary duty and re-claim our money. Despite the 2015 DOL
ruling on ETIs, which reconfirmed the legality of economically-targeted investing
and which strongly advised capital stewards to consider environmental, social and
governance (ESG) matters in their investments, many financial analysts in the industrial
pension complex are still fearful or lack appropriate knowledge.
The UN-PRI report on Fiduciary Duty in the 21st Century addressed these failures
by investors in considering ESG issues. The report defined ESG integration as "the
systematic and explicit inclusion of material ESG factors into investment analysis
and investment decisions." It concluded that the unwillingness to consider these
long-term investment value drivers is an absolute failure of fiduciary duty.
And, as we outlined in our Responsible Investor Handbook (2016, Routledge-Greenleaf
Publishing) innumerable meta-studies from the University of Oxford, Harvard Business
School and other prestigious institutions demonstrate the financial out-performance
results of investors integrating ESG and good corporate governance into their portfolio.
Remember - one for all and all for now!
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LINKS OF
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Heartland Capital Strategies [http://r20.rs6.net/tn.jsp?f=001SsFNHS9EFvMcHyhYETTRkqSZoZRRjkMniCc5Xb5uO0sRD1dAgCttvzcu6ytQWKjP76SJvEoMc-dP3r-3Tw1GKuPqDtJelp2G81HWccqOwMzkRiGY4C6ZgYJVU7NmgBIaDLA0YDz6s5C7QPLB6L0lwGNJfOYqbmN6rqC5JVah2SmTs4jWqQRVFA==&c=wHnR5o72oofB1dU5GU9en7GKAhTk_RBaMoHbpIfWno-pQdcM1TwneA==&ch=BDFoZ25KdiW48feAzVj3yrTI3jqFSI-d8dVKLrkzpprjSyJwFMNjDQ==]
Responsible Investor Handbook [http://r20.rs6.net/tn.jsp?f=001SsFNHS9EFvMcHyhYETTRkqSZoZRRjkMniCc5Xb5uO0sRD1dAgCttv0-Cupbr25VXx6I554YdbJrtWJqeUPogcORmqlfGi1RYhMgVlAhyE2o2arfL1PcPLzVVwqlJiNWxoUhWAUdpU1H4_8UaHR8t-QgY5fsZ0uy7MbT7yCfM6ir3vUs6jUL3DdEI7NhJC0wCRvmtZmyinCwCl3XetI87EcfAkzN3ju8s&c=wHnR5o72oofB1dU5GU9en7GKAhTk_RBaMoHbpIfWno-pQdcM1TwneA==&ch=BDFoZ25KdiW48feAzVj3yrTI3jqFSI-d8dVKLrkzpprjSyJwFMNjDQ==]
Heartland Webinar - RI & the Labor Movement: A Love Story!
February 16, 2018
Featuring Keith Mestrich, Amalgamated Bank
Register Today [http://r20.rs6.net/tn.jsp?f=001SsFNHS9EFvMcHyhYETTRkqSZoZRRjkMniCc5Xb5uO0sRD1dAgCttv3FgDwUBARWpuwQ-r27ho3iWZ-FH_z5vuBynXzTeUhznD7nc7Y7_w2m_kvqLlYhoF-_AHFjjUjN89lgHI0KxCK9nuf48Nblf9a7DF6xQHZfFtVpzkg8W7cA6-Qer8437LfYpFoixWPpDnQ05NgYWwDZG3qGrFuNIbzByEIiJ-MnsqKmhszcLKetDwrpTaCSfXQ==&c=wHnR5o72oofB1dU5GU9en7GKAhTk_RBaMoHbpIfWno-pQdcM1TwneA==&ch=BDFoZ25KdiW48feAzVj3yrTI3jqFSI-d8dVKLrkzpprjSyJwFMNjDQ==]
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The Purpose of Asset Management
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Asset management - the investment industry - is huge. It will invest more than $111
trillion worldwide by 2020. It already controls £5.7 trillion in the UK today. How
that money is invested matters. Britons rely on the asset management industry for
retirement security, for vacation savings, for buying a home, or just to save generally.
British industry and commerce rely on it to finance the real economy and to create
jobs.
But how well does today's asset management industry work? Are its interests aligned
with savers and the real economy? Might it do better?
In this paper, Jim Hawley and Jon Lukomnik examine those issues. They suggest that
the combination of how the industry is structured, combined with the dominant investment
theory of today, results in a decidedly mixed picture. On the one hand, there is
tremendous expertise available to ordinary savers, access to diversified investments
either through active managers, tracker funds or, increasingly, what has come to
be called factor investing in which certain characteristics of a pool of investments
are sought or avoided. On the other hand, there are misalignments between the incentives
of the industry and those of the individual (and institutional) investors who are
its ultimate clients and should be its ultimate beneficiaries; complexity, a multiplicity
of fees (many of which are opaque), and short-termism. Perhaps more importantly,
they demonstrate how the limitations of today's investing paradigm ignore systems-level
risks to investing, from overarching ones like climate change, to internal financial
ones like market distortions caused by popular investment products. [READ MORE [http://r20.rs6.net/tn.jsp?f=001SsFNHS9EFvMcHyhYETTRkqSZoZRRjkMniCc5Xb5uO0sRD1dAgCttv6HQsrq2yvbG5JIQ2q4D2bL48j5jxRO2YV68rYCF8xvtbzgKkeGfvQ1TGuCLPYJP-mNPGkv_mIHkhTRwfOdj35frVHGAVgKTanyK0ECypJuoIr6V7gl68m3Wu4ZBbQ3SYq7473ZAKSm8QXzTw0DoE9DtMMSbWtwI83JdqtGSgp8UBhTgb74VqIsdiDeRQIR8AWC8E3CT6Lg1vH9nmdDOqK0=&c=wHnR5o72oofB1dU5GU9en7GKAhTk_RBaMoHbpIfWno-pQdcM1TwneA==&ch=BDFoZ25KdiW48feAzVj3yrTI3jqFSI-d8dVKLrkzpprjSyJwFMNjDQ==]]
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The Working Class Has a $3 Trillion Weapon. Are They Willing to Use It?
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It feels like America's working class has been losing the class war for as long
as we can remember. But it has one wildly powerful, often forgotten tool: trillions
of dollars sitting in pension funds. Might this enormous pool of capital be labor's
greatest weapon in its fight against the power of capital itself?
The awesome political potential of this money is the topic of "The Rise of the Working-Class
Shareholder," a new book by David Webber, a law professor at Boston University.
Even though organized labor has been getting its ass kicked politically for decades
now, its vast pension funds can exercise an incredible amount of power-though their
ability to do so is under continuous assault.

Photo by David Webber

Webber answered our questions about labor's capital, and how it can serve all of
us.
Splinter: Is it accurate to say that the pension funds of labor organizations are
the single most powerful economic force aligned with the interests of the working
class? Should we be encouraged or discouraged by the answer?
Webber: I think that's probably right. There are different ways of assessing the
total value of these pension funds. They run from $3-$6 trillion. One estimate
by the Federal Reserve puts the number around $5.6 trillion. These funds own roughly
10-15% of the stock market, and somewhere closer to one-third to one-half of private
equity. They are certainly the most powerful working class institutions that operate
directly inside the markets. No other financial institutions come close either in
terms of size or alignment of interests. Their power is loaded with contradictions
and ironies. They've been described as "labor's capital"-I think Teresa Ghilarducci
first used the term-and it's certainly odd that, of all the institutions created
by labor in the 19th and 20th centuries, labor's capital may have the best chance
of surviving into the 21st. [READ MORE [http://r20.rs6.net/tn.jsp?f=001SsFNHS9EFvMcHyhYETTRkqSZoZRRjkMniCc5Xb5uO0sRD1dAgCttv6HQsrq2yvbGuRQJQxp2mlLH0WsV-FPXi7Fu3nPy3PZxVaYfVOO-NlJUvlKvXW-4nBpn9q3WK16935hL5bP0cg82Nm0SqfZ-Uc11DUjl7kQGh_JAC8ZnO1qfnKUHOeXwpOtf03kZbjRSHfiOvOqRW85RpE_i0rjRBa9cbcBwXPf_Yya8_HjIRkWQdfWApvpXL4Yt1DcMRhvpnI_ZCGidmpEG_bM7q2Lo1PQ60qxaArLlLbQ8RzMB_kNewtl4vUf5Vfm8YHtHll3v&c=wHnR5o72oofB1dU5GU9en7GKAhTk_RBaMoHbpIfWno-pQdcM1TwneA==&ch=BDFoZ25KdiW48feAzVj3yrTI3jqFSI-d8dVKLrkzpprjSyJwFMNjDQ==]]
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Heartland Webinar Series-
Waiting for Godot? How to Reclaim Our Money Now
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Join Dr. James Hawley and Tessa Hebb as they discuss the role of asset managers,
ESG considerations, and how investors can reclaim their money to play a role in
fiduciary duty.
REGISTER TODAY [http://r20.rs6.net/tn.jsp?f=001SsFNHS9EFvMcHyhYETTRkqSZoZRRjkMniCc5Xb5uO0sRD1dAgCttvzTkj9xy2KOVbyL-6rF8NbZfg-bDJNxdNLs_tKVRKay4ak-7U-1OsSC-S5ZyBLf_x71DZWTkQGpu-PNBsB2_g5RqzAdz0HtMJIuwGm0lE-UMWKM2P4kIjXWsOrZ5Roks9_XwdvpD-FRx_b0JWiVfqRWMXLixEySuujNDg1Ksm94t8yxwdfyoaL1HNEb3lXyP3UEjQC0-aihH&c=wHnR5o72oofB1dU5GU9en7GKAhTk_RBaMoHbpIfWno-pQdcM1TwneA==&ch=BDFoZ25KdiW48feAzVj3yrTI3jqFSI-d8dVKLrkzpprjSyJwFMNjDQ==]
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Heartland Capital Strategies [http://r20.rs6.net/tn.jsp?f=001SsFNHS9EFvMcHyhYETTRkqSZoZRRjkMniCc5Xb5uO0sRD1dAgCttv_GIgUjXdCSHNC8jGGVC7F4eJJwDLy99iUVwbtqxhMIgHXHkd5HjdBWBsnF3ifBmjWKpQDyaVemKOOy9erg2BfokUvvB1ETUJB5JrdbOmreUO0RA6g5vKZCik4nxykdBcw==&c=wHnR5o72oofB1dU5GU9en7GKAhTk_RBaMoHbpIfWno-pQdcM1TwneA==&ch=BDFoZ25KdiW48feAzVj3yrTI3jqFSI-d8dVKLrkzpprjSyJwFMNjDQ==]
fosters a "Community of Practice" for responsible economic impact investments. Heartland
promotes strategic responsible investments to rebuild the rebuilt environment, renew
the industrial commons, grow the clean economy, and make the boss more accountable.
Inspired by the United Nations Principles for Responsible Investment (PRI), Heartland
Capital Strategies (HCS) promotes investments and projects essential for revitalizing
our productive economy and community prosperity.

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