<html><head><meta http-equiv="Content-Type" content="text/html; charset=utf-8"></head><body style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div dir="auto" style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="margin: 0px; font-stretch: normal; line-height: normal;" class="">Bloomberg Green January 21, 2020</div><div style="margin: 0px; font-stretch: normal; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none" class="">Finance</span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none" class=""><b class="">The World’s Most-Profitable Hedge Fund Is Now a Climate Radical</b></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none" class="">Chris Hohn runs $30 billion, and he’s ready to force companies to change.</span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none" class="">By <a href="https://www.bloomberg.com/authors/AD9-aRhmeXY/edward-robinson" class=""><span style="-webkit-font-kerning: none;" class="">Edward Robinson</span></a> and <a href="https://www.bloomberg.com/authors/ASjo8wSqtMA/nishant-kumar" class=""><span style="-webkit-font-kerning: none;" class="">Nishant Kumar</span></a></span></div><div style="margin: 0px; font-stretch: normal; line-height: normal; color: rgb(0, 0, 238); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 238);" class=""><span style="-webkit-font-kerning: none; color: rgb(0, 0, 0); -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><<<a href="https://www.bloomberg.com/news/articles/2020-01-22/the-world-s-most-profitable-hedge-fund-is-now-a-climate-radical?" class=""><span style="-webkit-font-kerning: none; color: rgb(0, 0, 238); -webkit-text-stroke-color: rgb(0, 0, 238);" class="">https://www.bloomberg.com/news/articles/2020-01-22/the-world-s-most-profitable-hedge-fund-is-now-a-climate-radical?</span></a>>></span></div>
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<td valign="top" style="width: 660.0px; max-width: 660.0px; margin: 0.5px 0.5px 0.5px 0.5px; padding: 0.0px 30.0px 0.0px 0.0px" class=""><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; color: rgb(30, 205, 147); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(30, 205, 147); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none" class=""><b class="">Opening paragraphs</b></span></div><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none" class=""><b class=""><br class=""></b></span></div><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none" class="">The hedge fund industry has no shortage of aggressive, in-your-face players, but few are as tough as Chris Hohn. The British billionaire takes the typical playbook to new levels—scuttling deals, pushing to remove bosses, and battering companies with litigation and threats. One opponent was so peeved after losing a boardroom battle with Hohn that he titled a book about the experience Invasion of the Locusts. That approach made Hohn’s <a href="https://www.bloomberg.com/quote/1312701D:LN" class="">TCI Fund Management</a> the world’s best-performing, large hedge fund last year.</span></div><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none" class="">Now Hohn is bringing his hardball tactics to the fight against global warming. The money manager, with $30 billion in assets, is pushing portfolio companies to dramatically reduce greenhouse gas emissions and disclose their carbon footprint. If they don’t, he says he’ll oust their boards or dump their shares. Just in case anyone doubts his commitment, last fall Hohn and his charity donated £200,000 ($260,000) to Extinction Rebellion, the radical climate change movement whose members have blocked traffic in London and glued themselves to jetliners.</span></div><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; color: rgb(109, 109, 109); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(109, 109, 109); min-height: 17px;" class=""><span style="font-kerning: none" class=""></span><br class=""></div><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none" class="">“In the war against fossil fuels, you can’t be super-picky about your allies,” says Jeremy Grantham, co-founder of Boston money manager GMO, a legendary investor who has long warned of climate catastrophe. Hohn “has shown you can make a big impact on companies with a lot of arm-twisting.”</span></div><div style="margin: 0px; font-stretch: normal; font-size: 14px; line-height: normal; color: rgb(0, 0, 238); -webkit-text-stroke-width: initial; -webkit-text-stroke-color: rgb(0, 0, 0);" class=""><span style="font-kerning: none; color: #000000" class=""><<<a href="https://www.bloomberg.com/news/articles/2020-01-22/the-world-s-most-profitable-hedge-fund-is-now-a-climate-radical?" class=""><span style="-webkit-font-kerning: none; color: rgb(0, 0, 238);" class="">https://www.bloomberg.com/news/articles/2020-01-22/the-world-s-most-profitable-hedge-fund-is-now-a-climate-radical?</span></a>>></span></div>
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<div dir="auto" style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div dir="auto" style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none; word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div dir="auto" style="word-wrap: break-word; -webkit-nbsp-mode: space; line-break: after-white-space;" class=""><div style="caret-color: rgb(0, 0, 0); color: rgb(0, 0, 0); font-family: Verdana; font-size: 14px; font-style: normal; font-variant-caps: normal; font-weight: normal; letter-spacing: normal; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration: none;"><div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal;" class=""><b class="">~~~~~~~~~~~~~~~~~~~~~~~~~~</b></div><div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal;" class=""><b class="">A core question: What is “resilience”?</b></div><div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal;" class=""><b class=""><br class=""></b></div><div style="margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; min-height: 15px;" class=""><p style="margin: 0px 0px 12px; font-stretch: normal; line-height: normal;" class="">2018 — “Resilience is a popular narrative for conservation and provides an opportunity to communicate optimism that ecosystems can recover and rebound from disturbances.” (Emily S. Darling<span style="vertical-align: 4px;" class=""> </span><i class="">and </i>Isabelle M. Côté, Science, March 2, 2018). </p><div style="font-size: 14px;" class=""><span style="font-size: 12px;" class="">2014 — “Emerging from a wide range of disciplines, resilience in policy-making has often been based on the ability of systems to bounce back to normality, drawing on engineering concepts. This implies the return of the functions of an individual, household, community or ecosystem to previous conditions, with as little damage and disruption as possible following shocks and stresses” (Tanner et al, Nature Climate Change, December 18, 2014). </span></div><div id="m_-1046162086629656228gmail-AppleMailSignature" style="font-size: 14px;" class=""><div class="m_-1046162086629656228gmail-ApplePlainTextBody"><div style="font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal; min-height: 15px;" class=""><br class=""></div><div style="font-variant-ligatures: normal; orphans: 2; widows: 2; background-color: rgb(255, 255, 255); margin: 0px; font-stretch: normal; font-size: 12px; line-height: normal;" class="">1938 — Resilience<b class="">.</b><span class="m_-1046162086629656228gmail-Apple-converted-space"> </span>1- The act or power of springing back to a former position or shape. 2. The quantity of work given back by a body that is compressed to a certain limit and then allowed to recover itself, as a spring under pressure suddenly relaxed.” (Funk & Wagnall’s New Standard Dictionary of the English Language, vol.2, M-Z 1938)</div><div class=""><br class=""></div></div></div></div></div></div></div></div><br class="Apple-interchange-newline"><br class="Apple-interchange-newline">
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