Matt Levine’s Money Stuff: Someone Is Going to Drill the Oil

Programming note:
Money Stuff will be off tomorrow, back on Monday.

Oil assets

A useful framework for socially responsible investing, one that I get mainly from Cliff Asness, is that the point of it is to raise the cost of capital of bad stuff. If lots of people decide that something is bad and they shouldn’t invest in it, then companies that do the bad thing will have a harder time raising capital and will have to pay more to attract investors; it will be more expensive to do the bad thing, so there will be less of it. ...