“We invest strictly on economic considerations, and we do not take into account social and political consideration.”
Bruce Zimmerman - Spokesman for University of Texas Investment Management Company http://nyti.ms/VcgCl6
Bruce is responding to a question/criticism of his funds investment in a particularly controversial investment. Morality is a bitch to think through, but hiding behind a smoke screen of economics as the sole driver of decision making is a cop out. Social, political and moral considerations are what drive societies forward. Eliminating those as decision criteria leads to cultural breakdown and the decimation of any investment portfolio. Long term investors must consider social and political criteria as it falls within their fiduciary duties.