Marjorie Kelly’s Post

To create new systems, we must first challenge, reconsider, and redefine our current extractive systems. Sandhya Nakhasi, co-CEO here at Common Future explores what it might take to create a "reoriented framework that centers humanity" by exploring finance, and the role fiduciaries have for the communities we center. https://lnkd.in/eW2s3Dc4

Recommended read: Fiduciary duty comes up in nearly every asset owner space that I'm in, from large institutional investors and their trustees, to investment managers and consultants. If you're in this space (new or a veteran of it), thinking deeply about FD is so valuable. Kudos to my friend and former colleague Sandhya Nakhasi for adding a sharp and creative perspective to the conversation.

In the midst of continued and concerted #backlash to #racialprogress, it feels difficult to think beyond our current conditions to create the enabling conditions for a world where all people can thrive. But, it’s necessary, now more than ever, to make space for imagining what is possible by examining the concepts that keep the status quo of concentrated wealth and power in place. Reframing the concept of #fiduciaryduty is just one of these examples of how to challenge underlying arguments that are cutting off capital to the communities and organizations that need them most. I hope this reframe offers space for us think differently about our responsibilities to each other in ensuring that we all have the resources to thrive. I want to recognize Agnetha Jaime Gloshay, Jennifer Swayne Njuguna, Esq. SHRM-SCP, Jess Yupanqui Feingold, Ryan Glasgo,Victoria Monteiro, Donovan Ervin, Marjorie Kelly, Lisa Nutter, Leslie Christian, CFA, and Steve Dubb for your thought partnership (in small and big ways) to help bring this piece from musings and frustrations over the past few years to something productive. Article: https://lnkd.in/eEEe4PDu #impactinvesting #fiduciaryresponsibility #fiduciaryduty #systemschange #communityinvestment #philanthropy #economicdevelopment

Yes - this from Marjorie Kelly "We need to make the clear case that financial returns do not fall from the sky, pristine and unblemished. They far too often come through extracting from workers, debtors, communities, the environment. Redefining fiduciary duty beyond obligation to wealth holders is critical. And this one technical solution is best understood as part of a broad rethink: who is an economy for? " Who is an economy for? WHAT is an economy for? Is it there to aid flows of value (aka power) in wholistic circles? Or does it exist to extract value and flood it up to the very, very top of a steep-sided pyramid. For sure, it can't be both.

💫 Reposting this excellent article, which with its interrogation of fiduciary duty does exactly the kind of daylighting and reimagining of the hidden wiring of the wealth defense industry that is so urgently needed. There's a kernel of people gathering around the needed for hacks at https://hackingwealth.xyz/, for anyone who's already engaged in, or interested in, creating the hacks we need to put wealth in service of people and planet.

Well said, and worth your time: an important statement on the essential nature of investment and institutions.

This article! The new definitions of what fiduciary duty-- YES. Gratitude to Sandhya Nakhasi for this important (re)framing of how we can all lead into meaningful investment in community.

🗣Check out this article featuring EDGE member Chorus Foundation and their decision to spend down. An interesting read on a shift in relations to wealth! 🔗https://lnkd.in/exNtZzpH

Really interesting new report from Pro Bono Economics on how the next generation are the 'generous generation', and also highlights the growing opportunity for professional advisors in this space: 🔵 This generation is significantly more likely to seek financial advice, with 78% having already done so through various channels, compared to 61% of those over 55. 🔴 38% of under-35s contributed more than £2,000 annually a figure eight times higher than their over-55 counterparts ⚪ More than half of wealthy under-35s indicated they would be more likely to choose a financial adviser who offers philanthropy advice. ⚫ There are around 100,000 wealthy people under 35 who may not have a relationship with a financial or wealth advisor at present. That is a significant market to tap into.  #philanthropy 📄 Full report here: https://lnkd.in/eaMxCgdS

Interesting case of Ronald Read: https://lnkd.in/gg5cUjS2) Ronald James Read was a janitor and gas station attendant from Vermont. He had no formal education in finance or investments and lived a modest life. Read consistently saved money throughout his life and invested in blue-chip stocks. He lived frugally, carefully managing his expenses, and remained patient with his investments. Despite his modest earnings, Read accumulated an $8 million fortune by the time of his death in 2014. His disciplined saving and investing habits, combined with his frugality and long-term perspective, allowed his wealth to grow significantly over time. Learnings: 1.  Consistent saving, frugal living, and disciplined investing can lead to substantial wealth, regardless of one’s income or financial knowledge. 2. Financial success is more about behavior—such as discipline, patience, and frugality—than about intelligence, education, or high income. 3. An Intelligent mind always looks for shortcuts which can backfire. Most scams in the world are surprisingly done by intelligent people. 4. You can teach a person basics of financing, but you cannot teach how to handle greed or fear during transient financial times. Please comment what is your opinion on this.