Buffett said he has “no compaction” with owning the Chevron and that he hates getting all hydrocarbons banned quickly – though he noted the world is moving away from them quickly.
“If we owned the entire business, I would not feel uncomfortable being in that business,” Buffett said.
Go back: The company’s shareholders sit with the 90-year-old CEO. A proposal asking Berkshire Hathaway to tackle climate change more directly – as well as a measure calling for more publicity on diversity and inclusion – could not be adopted.
Still, it is not difficult to see which way the wind is blowing. Countries like the United States and the United Kingdom are announcing increasingly ambitious emission reduction targets, while hundreds of larger companies have committed to zero-zero commitments and are pouring money into sustainable businesses.
The broader investment community is also accelerating as clients push fund managers to create sustainability-focused portfolios, while spectacular growth for companies like Tesla creates enthusiasm among everyday investors.
Global assets in sustainable funds hit a record high of nearly $ 2 trillion in the first three months of 2021, up 18% from the previous quarter, according to new data from Morningstar.
Still, that may not be enough to convince skeptics that Buffett, who was nicknamed “Oracle of Omaha,” correctly assesses the risks of the play.
While Chevron has indicated that it could reconsider parts of its business model in light of climate fears, it remains an $ 200 billion empire synonymous with the oil and gas industry. As efforts to increase dependence on cleaner energy accelerate, the company will be exposed to strong headwinds. It could be a threat to Berkshire Hathaway and Buffett’s reputation as well.
Epic v. Apple: Legal battle can recreate the digital economy
Ever since its launch in 2008, the Apple App Store has been the only gatekeeper between apps and iPhones and iPads.
Other platforms, such as Google’s Android, allow apps to be downloaded through third-party stores. But for any developer who wants to be on Apple’s mobile devices, the choice is simple – be it the App Store or nothing.
Now a federal judge must decide: Is Apple’s policy just part of a very successful business model, or is it a violation of American monopoly law?
In a lawsuit starting Monday, the judge will consider whether Apple is entitled to require many app makers – and by extension consumers – to use the company’s payment technology.
The potentially landmark lawsuit stems from a lawsuit filed by the maker of the popular video game Fortnite. Apple launched Epic from its platform last summer for not complying with its rule.
Remember: Last Friday, European regulators accused Apple of violating EU monopoly and said the company’s rules unreasonably restrict competing music services. Taken together with the Epic case, it is clear that the company is playing defense.
Debate is growing over bans on political discussions in the workplace
Late last month, Basecamp, a project management software company, took an unusual step: It banned political discussions in the workplace.
Given the company’s relatively small size, the decision – announced in a sweeping blog post by CEO Jason Fried – could possibly have gone with a little notice, writes my CNN business colleague Sara Ashley O’Brien.
Not the first: Last fall, cryptocurrency exchanges changed Coinbase waves when CEO Brian Armstrong said there was no place to engage in “broader societal issues” or “political causes” outside the company’s core mission.
The decision was criticized by some as deeply misleading and praised by others. Paul Graham, venture capitalist and co-founder of elite Silicon Valley accelerator Y Combinator, tweeted at the time: “I predict the most successful companies will follow Coinbase’s lead.”
But diversity and inclusion experts say such traits are not brave and instead seem motivated by fear of change. Banning workplace politics comes as an attempt to “drain the genius of waking politics so people can just get rid of what they’ve been away with before,” according to Y-Vonne Hutchinson, founder of inclusion consulting firm ReadySet.
Hutchinson told CNN Business that what the people who make these decisions “are not aware of – or perhaps what they do not want to realize” is that in an environment where there is literally no separation between your work and your home, and your own existence is political, you can’t really separate the two. “
Also today: ISM Manufacturing Index for April posts at. 10 ET.