Outside the Box: This SEC commissioner is right: Investment funds shouldn’t focus on environmental issues

“Seinfeld” episodes do not usually turn up in speeches by SEC commissioners. But when Hester Peirce addressed the Council of Institutional Investors in March, she alluded to the scene where George’s father gathers a motley crew around the dinner table for Festivus, a made-up holiday featuring an “Airing of Grievances.” Said an angry Frank Costanza: “I got a lot of problems with you people, and now you’re gonna hear about it!”

Peirce has one big grievance, which I share: Investment funds don’t stick to the knitting. Instead, many of them are “focused on non-investment matters at the expense of concentration on a sound allocation of resources to their highest and best use.

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