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        <title><![CDATA[Investor says Elizabeth Warren is right, ditches $16B hedge fund]]></title>
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        <link>https://usagag.com/2020/06/24/investor-says-elizabeth-warren-is-right-ditches-16b-hedge-fund/</link>
        <lastBuildDate>Wed, 24 Jun 2020 02:05:14 +0000</lastBuildDate>
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            <media:title type="html">Investor says Elizabeth Warren is right, ditches $16B hedge fund</media:title>
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        <content:encoded><![CDATA[<p>An activist investor declared that “Elizabeth Warren is right” as he left the helm of his giant hedge fund to focus on environmental and social-impact investing.</p><p>Jeffrey Ubben &#8212; a corporate cage-rattler who has prodded for change at behemoths including Microsoft, BP and Nintendo &#8212; said he is leaving <strong>his $16 billion hedge fund, ValueAct Capital</strong>, to start a new fund that’s more socially conscious.</p><p>On his way out, the 57-year-old financier took the opportunity to blast corporate greed on Wall Street.</p><p>“Companies, as governed today, with investors asking for more current returns and more buybacks and so forth, aren’t working for society or nature,” Ubben told the Financial Times in an interview.</p><p>The San Francisco-based hedgie went on to dismiss activist investors who “bully little companies to sell to private equity,” opining that the strategy has played itself out.</p><p>“Finance is, like, done. Everybody’s bought everybody else with low-cost debt. Everybody’s maximized their margin. They’ve bought all their shares back,” Ubben said. “There’s nothing there. Every industry has about three players.”</p><p>“Elizabeth Warren is right,” he added, referring to the US Senator who has been a <strong>gadfly for private equity companies</strong> for years, introducing legislation to curb their power in July 2019.</p><p>Ubben, who founded ValueAct in 2000, said his new fund, Inclusive Capital Partners, will seek to create big returns by pressuring big companies to tackle environmental and social problems.</p><p>“When you’re talking about addressing climate change with a business solution, that is the biggest problem in the world,” Ubben said. “That’s like a 10-times-your-money deal.”</p>]]></content:encoded>
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