wdpFor the benefit of future historians, here is a permanent copy of the Williams Divestment Proposal, produced by the Williams Endowment Initiative, the most impressive Eph political movement in a decade or so. (What other examples would readers cite? Perhaps Stand with Us and Anchors Away?)

Divestment, of any kind, is a bad idea because we should not mix investment policy with political views, lest it generate endless rancor.
Why these companies and not others? Investing in a company with oil fields is evil but investing in a company which makes oil rigs is not? Gas companies are verbotten but gun companies are OK? What about companies that do business in Darfur? What about companies pillaging the rain forest? What about private equity firms who make money by buying companies in trouble, laying off thousands of workers, and then reselling them? And on and on and on.

The best way to avoid this trap is not to play. Leave the investment decisions to the investment professionals.

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