Plato’s David Allen doesn’t just avoid high emitters, he shorts them, and says the most vigorous conversations he has with CEOs are when he’s actively betting against their stock.
There’s a well-known early warning system in the dating world for weeding out bad apples. Being rude to the waitress, red flag. Trash-talking an ex, red flag. Dropping a love bomb on the first date, red flag.
The owner of Vegemite and milk brand Dairy Farmers, Bega Cheese, is one of them, alongside Hong Kong-based giant CK Infrastructure. Both have eight red flags.“We have a model to detect when accounting is really aggressive and [Bega] is one of the worst offenders,” Allen says. “As you can imagine, the stock went into free fall,” he says. “A week later, it was insolvent, and the chief executive was indicted for fraud.”
Pinnacle-affiliated Plato launched the Global Net Zero fund in September 2021, marking a more aggressive approach to sustainable investing in Australia, which has typically been defined by divestment from heavy emitters or using stakes to push for change from within.
He adds that shorting big polluters is one of the effective ways to get a seat at the table, describing it as an “active approach” to agitating for change.
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