"Anti-Capitalist" Investing -- a lucrative, if cringe, opportunity?
Vox article on the "anti-capitalist" millionaires who are intent on squandering their inherited wealth on "transformative investments" that promote social justice.
What're your thoughts on the field overall -- is it anything other than the massive grift that it looks like to me? How much money is there to be made in relieving these spoiled children of their money? Seems like an easy (and actually ethical, given that they actually don't want returns) way to raise some AUM? Simple as going to Brown, finding all of the rich kids studying whatever hyper-leftist field, and offering to funnel their inheritance in the latest climate-tech or social responsibility startup.
The various DFIs and emerging markets investors (ex. Actis, BlueOrchard) come to mind as evidence that social good and wealth are not exclusive. If the goal is just to improve people's lives, capitalism has a much stronger track record imo.
More on the anti-capitalist side, I think when you read something like the article's Kate Poole talking about investments in worker cooperatives and an "alternative to capitalism," my real question is how these companies perform and act long term. Are they successful, do they get gobbled up, do they get pushed onwards by wealthy family owners (like the employee-owned Publix led by the Jenkins family)? Staying power is what matters.
Also, I do feel a bit for the one girl's, Andrea Pien, late father. Probably worked his entire life to give her the life he dreamed of, only for her to consider it "hoarding" and give it away. It's funny that she talks about her father not having a lot of friends, because I think she deeply misunderstands how much of her opportunities and outlook on life stems from her father sacrificing friends and happiness for her future.
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