François Bourdon, managing partner of Nordis Capital in Montreal.The Globe and Mail
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Investing through an environmental, social and governance (ESG) lens has lost its way in recent years, a shift that money manager François Bourdon blames on “sustainability tourists” – and not the travel kind.
The managing partner of sustainability-focused firm Nordis Capital, based in Montreal, says too many companies venture into sustainability in one part of their business while maintaining other parts that can be harmful to society and the environment.
“ESG is becoming a bit toxic. Nobody really knows what it is and what it includes or doesn’t include,” Mr. Bourdon says.
The result is a shift from ESG investing, which is more about risk management, toward impact investing, in which capital positively impacts society and generates a financial return, he says.
“This evolution is better for sustainability investing. It will help clean up the sector,” says Mr. Bourdon, whose firm oversees about $100-million in assets. “We believe investors who care about sustainability want a manager committed to it throughout its business practices, not just paying lip service.”
The firm’s global equity strategy has returned 5.3 per cent over the past 12 months and returned 9.3 per cent since inception on Dec. 21, 2022. The performance is based on total returns, net of fees, as of April 25.
The Globe spoke recently with Mr. Bourdon about his investing strategy, what he’s been buying and selling, and a couple of stocks he wishes he hadn’t sold.
Describe your investing style.
We’re a sustainability-driven investment firm. We have a combination of micro and macro stock-only strategies across four buckets.
The first is shorts: These companies produce products that aren’t good for society. An example is Phillip Morris International Inc. PM-N, which is on our short list because cigarettes aren’t good for people.
The second is a neutral bucket: We don’t touch these companies. Their products are good for society and the planet, but their operations and governance are bad, so one crosses out the other. An example is Tesla Inc. TSLA-Q, which we don’t own for this reason.
Third is our long bucket, which includes companies that are needed for society and have very good operations from a sustainability perspective. An example is Walmart Inc. WMT-N.
Fourth is our impact bucket, which includes companies with products and services critical for society and the transition to a low-carbon future. An example is uranium producer Cameco Corp. CCO-T, which has a commodity that’s needed for the energy transition.
What’s your market outlook?
It will be a volatile year in the markets, driven not by the economy but by the U.S. election in November and the ongoing Russia-Ukraine and Israel-Gaza wars. We think the global economy will expand slowly, at around 3 per cent this year, while growth will be about 2 per cent in the U.S. and 1 per cent in Canada. Commodities such as copper, oil and gold remain strong. We also think higher inflation of between 3 and 4 per cent, and higher interest rates, will be the new normal for the near future.
What have you been buying or adding to lately?
We recently added Teck Resources Ltd. TECK-B-T after it sold its coal business last year and Freeport-McMoRan Inc. FCX-N. Both are copper producers. Copper is used in products such as power lines, solar panels and wind turbines, and plays an important role in thetransition torenewable energy.
We also bought Valemont Industries Inc. VMI-N, which makes fabricated metal products and tower structures used in developing and maintaining the electricity grid, which we think will be critical. We also added to green infrastructure company Ameresco Inc. AMRC-N. It got crushed alongside other green stocks last year, and there’s some misplaced bankruptcy risk related to that company.
What have you been selling?
We recently sold technology company Autodesk Inc. ADSK-Q, educational tech company Duolingo Inc. DUOL-Q and biopharma company GSK PLC GSK-N. Each had reached a level we liked, so we took profits.
We also threw in the towel on Belgium-based materials recycling company Umicore SA UMICF. It changed its business model to recycling car batteries, which are tough to find. It’s not meeting expectations, and we’ve lost confidence in the business and sold it.
We also sold Unilever PLC UL-N not because of its financial performance but because of its sustainability credentials. It has overcommitted and is too slow to deliver.
Name a stock you wish you had bought.
There are two: General Electric Co. (GE) GE-N and Rolls-Royce Holdings PLC RYCEY. GE is right up our alley with the electrification trend. We owned it from late 2021 to early 2022 and have not participated in the upside since. We owned Rolls-Royce around the same time. Rolls-Royce isn’t really about cars anymore; it’s involved in better-performing motors and nuclear power. It’s a darling of the U.K. government. We’re looking for a pullback with these stocks, and if it happens, we’ll jump back in.
What advice do you have for new investors?
Don’t extrapolate too far. Recent performance isn’t indicative of future performance. Also, don’t underestimate change. An example is the rapid rise in interest rates. Many businesses were caught off guard when rates rose quickly in 2022.
With increased adoption of cryptocurrencies and proliferation in the online gaming industry, Bitcoin casinos are becoming increasingly common. Bitcoin, being one of the alternative currencies, may offer immense advantages in security, anonymity, and speed of every transaction, from appealing to new and seasoned players. The following article will outline the main benefits of using Bitcoin for online casino betting and will describe in detail how this cryptocurrency enhances gaming.
For those interested in exploring the benefits of Bitcoin gaming, theonlinecasinos offers a carefully curated list of reliable Bitcoin casinos. Their guide helps players find the best options available, ensuring a seamless, secure, and rewarding gaming experience.
1. Speed of Transaction
The main benefit linked to the use of Bitcoin in online casino betting is that it possesses high transaction speed. Unlike the bank transfers and card payments, which take several hours or even days, Bitcoin transactions take just minutes.
Why does this matter?
Fast transactions equal the ability for players to fund their accounts straight away with no need for confirmation. Since some gamers just want to get started immediately, or just simply cash out and go, this can come pretty in handy. While most bank transfers involve verification by means of a financial intermediary that is likely to be slow, Bitcoin involves a decentralized network of computers handling processing without any interference from an intermediary.
2. Savings on Fees
Deposits and withdrawals have made it possible for players to cut down or totally eliminate fees imposed by financial institutions through Bitcoin. Banks, credit organizations, and networks of all kinds impose a fee on any transaction, but especially international ones. Due to the fact that this is a network where users make transactions directly, the network fees for Bitcoin are minimal.
How Does This Affect Players?
The lower fees translate to savings that the player will make every time a transfer is made. There are some online casinos that absorb even this negligible Bitcoin network fee; thus, this makes deposits and withdrawals absolutely free for players. To players usually performing lots of transactions or large quantities, this difference in fees may prove critical.
3. Improved Security and Data Protection
Bitcoin uses blockchain technology, one of the most secure and transparent systems in the world. All the transactions involved in blockchain are encrypted; hence, fraud and hacking have almost nil chances of being performed. Furthermore, there is no necessity for sharing personal data while using Bitcoin for online betting as your card number or bank details will not come into play.
Anonymity and Privacy Protection
In the case of Bitcoin, players can preserve anonymity, since for a transaction, one needs only a Bitcoin address. Hence, Bitcoin casinos are true Catch-22 for those who value privacy in financial operations and want to avoid unnecessary checks from banks and other institutions.
4. Fewer Restrictions and Regulations
A lot of countries ban gambling or strictly regulate any operations including online casino transactions. This may raise serious barriers for players to access their favorite platforms or even to get accounts suspended. Bitcoin transactions do not go through the banking system and therefore are not regulated like traditional money. This means greater freedom for users.
Benefits to International Players
For players whose countries have restricted gambling, Bitcoin is an easy way around any legal restrictions. For people in countries with unfinished developed banking or those, due to which one can’t access every type of payment, Bitcoin casinos are a great way to access different kinds of bets.
5. Bonuses and Special Offers for Bitcoin Users
Most online casinos welcome the use of Bitcoin by giving bonuses for cryptocurrency choices. In many cases, higher welcome bonuses, cashback on deposits, free spins within the slot machines, and others are common.
How Does This Benefit Players?
The Bitcoin bonus can increase the player’s budget very much and bring extra value to players. Online casinos are happy to see this cryptocurrency, as it cuts some transaction processing costs for them, either. Because of that, promotion activities targeting depositors and withdrawers of Bitcoins can be regularly found.
6. Bitcoin for Gaming Bankroll Management
Being a cryptocurrency, Bitcoin allows players to have flexible banking of their bankroll. Many users keep their winnings in the form of Bitcoins, since it can surge in price. This adds the opportunity to earn extra income from its volatility when Bitcoin prices surge upwards.
Example of Bankroll Management
Using Bitcoin Many players keep their winnings in Bitcoin, due to the fact that its price might go up. In this case, casino winnings create passive income. But one should keep in mind that Bitcoin’s price also goes down, so this strategy is to be used with care.
Financial independence is an important component of success. To avoid wasting everything, you need to be able to save and invest. Thanks to this, it will be possible to create a financial cushion. You can get additional income with the help of brokers. Every adult can register on the Trade-X website and start trading activity. The latter is based on the conclusion of transactions for the purchase and sale of material values, currency, contacts and shares of well-known companies. As reviews show, the broker sets a minimum commission and charges the trader a certain amount after a successful profit. With the right approach and the ability to analyze data, the trader receives a tangible profit from his deals.
Let’s consider what the trader’s work is and read the real comments of Trade-X clients.
Recommendations and reviews about Trade-X
Choosing a source of income, many people monitor websites and look for what they write about the broker in reviews. After all, safety on the Internet, especially when entering your personal data and bank cards is very important. Newcomers who are just entering the market are especially concerned. It is known that the Trade-X company is officially registered in London and acts according to the legislation. It carries out work with an exchange expert and a hedge fund, has more than 200 assets. Trading conditions, including commissions and spreads, are transparent, which does not allow the broker to change them in its favor.
Participants of Medium, Linkedin, Reddit platforms often write good reviews that no fraudulent schemes were observed on the sites, and the support service always responded quickly to questions and any difficulties, if they arose. The broker company has an arsenal of trading tools, signals and training materials, where everyone can understand the nuances of the profession for free. The reviews also say that the terminals work well without delays, price movements are displayed on the charts. By the way, you can monitor the status of the launched order both from your computer and from your phone by installing the Trade-X broker application.
Features of cooperation with the provider of trading platforms
The provider offers trading platforms with access to many financial instruments. It is a kind of analytical center with access points to currencies.
The following are the features of operations:
Ease of management of the personal account and the site as a whole for novice depositors and professionals.
Analysis tools: different timeframes, indicators and analytical tools, which simplifies predicting and planning transactions.
Minimal costs. Trade-X brokers provide competitive spreads on major assets, as well as no commissions for certain types of accounts, which can be beneficial for traders with frequent trades.
24/7 market access: support for 24/7 trading, especially for cryptocurrencies and some international markets.
Margin trading and leverage: Trade-X offers leverage to help increase trade volume, although it also increases risk.
Automation and trading robots: integration with trading robots and algorithmic systems is supported, allowing for automated trades.
Security: state-of-the-art technology to protect funds and data, such as encryption and two-factor authentication.
Training and support: video tutorials, personalized mentoring, group webinars, literature.
Access to the platforms is open to adults who have completed the registration and document verification process. The minimum deposit is 500 dollars. After depositing this amount, you can start investing in any asset. You can follow the course of events by connecting to mobile Internet from anywhere in the city and even in the country. They write in the reviews that it is very convenient. The international resource Trade-X operates in 197 countries, so entry is free for those wishing to invest in the most popular resources. In case of difficulties with authorization, you can use the site mirror or connect VPN services.
What to trade on Trade-X site
More than 200 assets are presented on the site. It is easy to get confused when choosing from such an arsenal. However, experienced participants of the investment market recommend choosing currency pairs. In any case, it is necessary to be aware of possible rate drops or growth. You can learn this from the news, the current chart and your observations.
The most common trading options on the Trade-X website:
Currency pairs, which are the ratio of the prices of two currencies.
Resources: gas, oil, ores, metals.
Stocks: a share of ownership in a company.
Futures: a contract on future purchase.
Trading on the stock exchange for beginners most often starts with currency pairs – they seem more familiar, clear and predictable. It is not difficult to calculate the dynamics of quotations with the large availability of tools and comprehensive assistance from the administration. Visual representation of price movements is significant for a trader, and the latest news in the world economy provides an additional stimulus for correct calculation of ask and bid.
Trade-X services have long been considered the gold standard of the industry. Since its foundation, the online broker has not stopped its development even for a day or an hour. Its services are becoming more and more technological and interesting for users. This allows to get a significant increase in the client base. Positive reviews allowed the company to stand out among other trading platforms, and assigning a personal manager to you will allow you to feel more confident if you are just at the start of trading.
NEW YORK (AP) — Shares of Tesla soared Wednesday as investors bet that the electric vehicle maker and its CEO Elon Musk will benefit from Donald Trump’s return to the White House.
Tesla stands to make significant gains under a Trump administration with the threat of diminished subsidies for alternative energy and electric vehicles doing the most harm to smaller competitors. Trump’s plans for extensive tariffs on Chinese imports make it less likely that Chinese EVs will be sold in bulk in the U.S. anytime soon.
“Tesla has the scale and scope that is unmatched,” said Wedbush analyst Dan Ives, in a note to investors. “This dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players.”
Tesla shares jumped 14.8% Wednesday while shares of rival electric vehicle makers tumbled. Nio, based in Shanghai, fell 5.3%. Shares of electric truck maker Rivian dropped 8.3% and Lucid Group fell 5.3%.
Tesla dominates sales of electric vehicles in the U.S, with 48.9% in market share through the middle of 2024, according to the U.S. Energy Information Administration.
Subsidies for clean energy are part of the Inflation Reduction Act, signed into law by President Joe Biden in 2022. It included tax credits for manufacturing, along with tax credits for consumers of electric vehicles.
Musk was one of Trump’s biggest donors, spending at least $119 million mobilizing Trump’s supporters to back the Republican nominee. He also pledged to give away $1 million a day to voters signing a petition for his political action committee.
In some ways, it has been a rocky year for Tesla, with sales and profit declining through the first half of the year. Profit did rise 17.3% in the third quarter.
The U.S. opened an investigation into the company’s “Full Self-Driving” system after reports of crashes in low-visibility conditions, including one that killed a pedestrian. The investigation covers roughly 2.4 million Teslas from the 2016 through 2024 model years.
And investors sent company shares tumbling last month after Tesla unveiled its long-awaited robotaxi at a Hollywood studio Thursday night, seeing not much progress at Tesla on autonomous vehicles while other companies have been making notable progress.
