Columbia Protesters Have the Wrong Investment Strategy
Divesting a few shares won’t move companies or markets. Taking big stakes and gaining an activist voice at the table is what brings real pressure.
Imagine this at a shareholder meeting, backed by a meaningful stake.
Photograph: Bloomberg
To get John Authers' newsletter delivered directly to your inbox, sign up here.
As this is a note on Columbia University, I must start with a lengthy disclosure: I have two degrees from Columbia (from the journalism and business schools); I met my wife there; I sit on the board of advisers of a fellowship program; and two of my children attend Columbia Secondary School, which the university sponsors. I have strong feelings about the events of the last few weeks, and find it savagely depressing that nobody emerges with any credit. Now, I will try to focus dispassionately on the students’ central tangible demand, which is a big topic for Points of Return — that the university divest from companies that support Israel’s war effort.