RSF社会融资总裁兼首席执行官Don Shaffer

In 2017, we’ll hear a deafening roar from investors:

•“我能做到的最好的互助资金吗？”

•“Why is my ESG portfolio filled with technology and big bank stocks?”

•“Can you please find me more direct investments?”

We’ll hear the following demands:

•“我现在就知道 - 投资于公开交易的公司只是与另一方匿名交换纸张股票，希望我可以低价购买高价，以获取自己的经济利益。它不会为企业带来任何新的增长资本（除非我参加IPO）。我想找到更多机会直接支持企业家和工人。”

•“我想了解更多，理想地见面，那些企业家和工人 - 为社会企业工作的人 - 详细了解他们如何平衡其使命/价值观与返回资本的需求给股东/债务持有人。”

•“我认识到，在私人公司/直接投资中拥有更大比例的资金相关的风险回报和流动性权衡。帮助我了解这些权衡是什么，因为我可能决定采取完全不同的方法来解决我为什么投资，投资方式以及希望/计划的结果！”

Let’s get real – individual investors have no sway in the public markets. The place where individual investors can have the most impact – by far – is in providing direct growth capital to private companies and social enterprises.

Instead of giving investors an (arguably) false sense of doing good through ESG funds, we need to get serious about how to create the conditions for a revolution in how people relate to money altogether.

What needs to change, specifically?

•投资者需要新的方法来思考他们的钱

许多人正在努力根据投资者的激情和财务需求为投资者提供不同的选择，并通过清晰的框架回答诸如如何在私人投资组合中实现多元化和流动性等问题。这将有助于我们从第二次世界大战后对公共股票投资组合中10％年收益的期望转变为对21世纪现实的更加细微的理解。There’s no panacea or better mousetrap here – just a way to shift expectations from a mindset of “It’s my God-given right to get 10 percent annualized returns on my retirement money, hopefully without doing harm” to “I really want all of my money to be working for good in the world; a blended 4 percent financial return would be wonderful and I’m willing to forego some liquidity”. Let’s keep in mind: all the theories about investing are less than 100 years old. They are not ordained by a higher power.

•投资者需要选择

相对于十年前，经认可的投资者还有更多的影响投资选择。值得庆幸的是，投资者和社会企业家的影响数量似乎以健康的速度并联。这似乎是长期的大趋势。Toniic和Confluence等网络在公开关注的是一项出色的焦点，以多样化的100％影响投资组合的示例，因为那些询问“菜单在哪里？”的人。当然，还有更多的冒险和私募股权基金激增。对于主流投资者来说，去年5月有《乔布斯法案》第三章，这使较小的投资者有可能通过众筹参加直接股票投资。我们很快将看到更多直接的公共产品式选择，例如今天的平等交换和有机谷提供的产品。还有多元化的贷款基金，例如RSF的社会投资基金，最低限度为1,000美元。可以理解的是，许多财务顾问受到（良好和善意的）监管限制的限制，例如信托义务和“审慎的人”规则。With that said, I believe we’ll see more roadblocks being removed for direct impact investing in 2017. For example, a year ago the Obama administration gave new ERISA guidance making it clear that institutional investors are permitted to invest in companies like B Corporations with expanded fiduciary duties. You’ll be on the wrong side of history to believe developments like this will be rolled back, no matter what the upcoming administration decides to do in the short-term. Today, there are excellent options around which to build a 100 percent direct-invested impact portfolio. I hope 2017 is a big year for bold action in this regard.

in the rest of Don's article he looks at several other solutions including how -Advisors need to develop new skills & capacities; Funders need to support field-building activities; and All of us need to dig deeper, all here-http://www.greenmoneyjournal.com/december-2016/2017-our-interconnectedness-is-the-big-story