mspohr
Well-Known Member
Why are we being herded into buying part of the world's biggest polluter?
Why are we being herded into buying part of the world's biggest polluter?
The era of oil is coming to an end. The Saudi Arabians are cute, flogging it off now, because although it may be the world’s most profitable company at present, it could be worthless within 50 years. At some point there is going to be a global switchover to electric cars. Offshore windfarms, we’re told, can provide more electricity than the world needs. Aramco’s vast reserves will be left in the ground, and we’ll all be quoting Ozymandias: “Round the decay Of that colossal Wreck, boundless and bare The lone and level sands stretch far away.”
Yet the way our asset management industry runs, virtually every company employee with a pension scheme will, over the coming months and years, see it stuffed with Aramco shares – whether they like it or not.
Why are we being herded into buying part of the world's biggest polluter?
The era of oil is coming to an end. The Saudi Arabians are cute, flogging it off now, because although it may be the world’s most profitable company at present, it could be worthless within 50 years. At some point there is going to be a global switchover to electric cars. Offshore windfarms, we’re told, can provide more electricity than the world needs. Aramco’s vast reserves will be left in the ground, and we’ll all be quoting Ozymandias: “Round the decay Of that colossal Wreck, boundless and bare The lone and level sands stretch far away.”
Yet the way our asset management industry runs, virtually every company employee with a pension scheme will, over the coming months and years, see it stuffed with Aramco shares – whether they like it or not.