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The Unsustainable Truth: How Investing for the Future is Destroying the Planet and What to Do About It
Is investing itself the problem?
Our lives are split between living every day and accumulating money for our future. We have over $100 trillion invested, more than the size of the global economy, and the planet can no longer produce enough to keep this growing. There is no other way to say it – our savings are killing the planet. But we need the money. We need it to support us as we age. We fear not having enough, of becoming destitute.
This book tells the stories of how we got here and why we are stuck. What can we do about it? How do we reimagine our future and choose between living for a pool of money or purposeful life?
Our lives are split between living every day and accumulating money for our future. We have over $100 trillion invested, more than the size of the global economy, and the planet can no longer produce enough to keep this growing. There is no other way to say it – our savings are killing the planet. But we need the money. We need it to support us as we age. We fear not having enough, of becoming destitute.
This book tells the stories of how we got here and why we are stuck. What can we do about it? How do we reimagine our future and choose between living for a pool of money or purposeful life?
274 pages, Kindle Edition
Published November 15, 2021
6 people are currently reading
47 people want to read
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Displaying 1 - 11 of 11 reviews
August 25, 2022
The topics covered are all worth addressing. Starting in chapter 1, Ko sets up the premise by pointing out the success of Tesla stock as an example of a company that has a “sustainability premium” but that it has downsides that cancel out the sustainability upside; “if we are gloating over the phenomenal returns from our investment choices, we are demonstrating that our left hand does not know what our right hand is doing”.
His argument is that Tesla has invested ($1.5 Bn) in Bitcoin and “Bitcoin funds ransomware;… It is one of its main commercial uses, if not its only use.” (This is not selective quoting - this is his main argument). “the amount of electricity needed to maintain bitcoin each year runs to more than the total energy consumed by a country like the Netherlands”. This ‘fact’ seems to come from *1 with key point in the paper (and BBC et al) that “ Bitcoin's e-waste … adds up to 30.7 metric kilotons annually, per May 2021. This number is comparable to the amount of small IT and telecommunication equipment waste produced by a country like the Netherlands”. Order(s) of magnitude difference and this sloppiness is apparent at every level and detracts from the very real problem with Bitcoin. ‘Directionally correct’ is not good enough when making factual claims. However, his main point in chapter 1 is about Tesla.
The point being that Tesla is funding the rise of Bitcoin and causing environmental harm equal to the benefits Tesla electric cars have wrought. The “equal” bit is untenable. For one, Tesla has sold its Bitcoin *2 but more importantly the transition to electric cars globally has been brought forward by many years along with the accompanying improvements to distributed and central battery storage *3. That all the incumbents prior to Tesla had unworkable efforts in electric cars and now have commitments to a full transition (starting with stripping down a Tesla to reverse engineer) is a massive positive global externality of Tesla’s impact compared to the prior combustion engine status quo. Its ownership at the time of <0.1 % of supply of Bitcoin is a sideshow. Whether I dislike or like Tesla (or Musk) and like or dislike Bitcoin should be irrelevant*2.
Perhaps I should step back, his broader point, made later in the book, is that even electric cars have a significant CO2 cost and by transitioning to electric we risk not changing the way we travel. That is a reasonable point, but his solution that we don’t transition to electric cars is bogus - it would take countries globally - with incredible focus - 20-50 years to create the infrastructure to achieve this elimination (and infrastructure for alternate, better means of transport should be done as well) - and this is presuming other countries want to do this.
This is just the first meaningful argument in the book. Essentially this is a de-growth book *4 wrapped up in environmental clothing (degrowth in all forms was a thing for a long, long time past).
Arguments including these below are all deserving of great persuasive writing:
* There are massive, huge, destructive problems with financial institutions, and the ‘tragedy of the commons’ of the common stock company; Greenwashing is a massive problem.
* We should work towards fewer cars with less usage AND eliminating mass usage of the combustion engine.
* the state must be our (not as consumers, but as citizens) representative in making required changes system wide;
* we have agency as individuals - we should be able to look back at ourselves with some pride
* environmental purpose needs to be injected into the private sector with large outcomes;
* we need large changes to have large effect.
This book is not the one to achieve persuasion - other than to those that are already persuaded of de-growth.
References
*1 https://www.sciencedirect.com/science...
*2 https://www.bbc.co.uk/news/business-6... Note: “Tesla last year stopped accepting Bitcoin as payment for its cars, citing concerns about the climate impact of energy-intensive Bitcoin mining.”
*3 eg. https://www.supplychaindive.com/news/...
*4 For a de-growth critique - see (left leaning) https://noahpinion.substack.com/p/peo...
His argument is that Tesla has invested ($1.5 Bn) in Bitcoin and “Bitcoin funds ransomware;… It is one of its main commercial uses, if not its only use.” (This is not selective quoting - this is his main argument). “the amount of electricity needed to maintain bitcoin each year runs to more than the total energy consumed by a country like the Netherlands”. This ‘fact’ seems to come from *1 with key point in the paper (and BBC et al) that “ Bitcoin's e-waste … adds up to 30.7 metric kilotons annually, per May 2021. This number is comparable to the amount of small IT and telecommunication equipment waste produced by a country like the Netherlands”. Order(s) of magnitude difference and this sloppiness is apparent at every level and detracts from the very real problem with Bitcoin. ‘Directionally correct’ is not good enough when making factual claims. However, his main point in chapter 1 is about Tesla.
The point being that Tesla is funding the rise of Bitcoin and causing environmental harm equal to the benefits Tesla electric cars have wrought. The “equal” bit is untenable. For one, Tesla has sold its Bitcoin *2 but more importantly the transition to electric cars globally has been brought forward by many years along with the accompanying improvements to distributed and central battery storage *3. That all the incumbents prior to Tesla had unworkable efforts in electric cars and now have commitments to a full transition (starting with stripping down a Tesla to reverse engineer) is a massive positive global externality of Tesla’s impact compared to the prior combustion engine status quo. Its ownership at the time of <0.1 % of supply of Bitcoin is a sideshow. Whether I dislike or like Tesla (or Musk) and like or dislike Bitcoin should be irrelevant*2.
Perhaps I should step back, his broader point, made later in the book, is that even electric cars have a significant CO2 cost and by transitioning to electric we risk not changing the way we travel. That is a reasonable point, but his solution that we don’t transition to electric cars is bogus - it would take countries globally - with incredible focus - 20-50 years to create the infrastructure to achieve this elimination (and infrastructure for alternate, better means of transport should be done as well) - and this is presuming other countries want to do this.
This is just the first meaningful argument in the book. Essentially this is a de-growth book *4 wrapped up in environmental clothing (degrowth in all forms was a thing for a long, long time past).
Arguments including these below are all deserving of great persuasive writing:
* There are massive, huge, destructive problems with financial institutions, and the ‘tragedy of the commons’ of the common stock company; Greenwashing is a massive problem.
* We should work towards fewer cars with less usage AND eliminating mass usage of the combustion engine.
* the state must be our (not as consumers, but as citizens) representative in making required changes system wide;
* we have agency as individuals - we should be able to look back at ourselves with some pride
* environmental purpose needs to be injected into the private sector with large outcomes;
* we need large changes to have large effect.
This book is not the one to achieve persuasion - other than to those that are already persuaded of de-growth.
References
*1 https://www.sciencedirect.com/science...
*2 https://www.bbc.co.uk/news/business-6... Note: “Tesla last year stopped accepting Bitcoin as payment for its cars, citing concerns about the climate impact of energy-intensive Bitcoin mining.”
*3 eg. https://www.supplychaindive.com/news/...
*4 For a de-growth critique - see (left leaning) https://noahpinion.substack.com/p/peo...
April 24, 2023
Die Autoren haben beide vorher jahrelang in der Finanzindustrie gearbeitet.
Die Analyse ist spannend: Wir brauchen Wirtschaftswachstum, das wiederum kann aber von der Erde über endliche Ressourcen nicht bereitgestellt werden.
Die Schlussfolgerung ist so logisch wie dramatisch: Die Menschheit muss sich einschränken. Und es fängt beim Einzelnen im Kleinen an. An dieser Stelle sei auf die Prophets aus "The Wizard and the Prophet" (2018) von Charles Mann hingewiesen. Hier bringen sie Beispiele wie Carsharing an. Ausserdem gehen die Autoren noch kurz auf verschiedene Politikstile ein, um diese Veränderung zu bewerben.
Um wieder auf Geldanlagen zurückzukommen, schreiben die Autoren folgendes: "Of course, it would be better if everyone's wages were sufficient to permit a reasonable level of savings. This would enable us to have a financial buffer that we ca actually draw down on, and still have the chance that it may be replenished. It would give us room for ethical actions that can alter our economic system. It is unclear if we can ever get to such a less pressured situation, but we can certainly encourage experiments and experiment ourselves towards it. It is only possible, however, if we can halt the top end of the wage distribution from propelling higher and alter the belief that the people at the bottom of the wage distribution are lazy and must be made to scrape for their living." (p.247)
Zuletzt gehen sie auf Beispiele von aktiven Kleinanlegern ein, die in Aktionärsversammlungen ethisches Handeln von Unternehmen einfordern.
Das Buch endet mit dem Absatz "It is ultimately down to us to behave ethically. Money helps, but even with all the money in the world, we cannot depend on it to be solution it promises if we lack purpose and ethics in our actions." (p. 259)
Eigentlich sind alle Elemente da, inklusive sich lustig Manchens über Milton Friedmann. Schlussendlich ist das Buch aber wirklich uninspiriert.
Die Analyse ist spannend: Wir brauchen Wirtschaftswachstum, das wiederum kann aber von der Erde über endliche Ressourcen nicht bereitgestellt werden.
Die Schlussfolgerung ist so logisch wie dramatisch: Die Menschheit muss sich einschränken. Und es fängt beim Einzelnen im Kleinen an. An dieser Stelle sei auf die Prophets aus "The Wizard and the Prophet" (2018) von Charles Mann hingewiesen. Hier bringen sie Beispiele wie Carsharing an. Ausserdem gehen die Autoren noch kurz auf verschiedene Politikstile ein, um diese Veränderung zu bewerben.
Um wieder auf Geldanlagen zurückzukommen, schreiben die Autoren folgendes: "Of course, it would be better if everyone's wages were sufficient to permit a reasonable level of savings. This would enable us to have a financial buffer that we ca actually draw down on, and still have the chance that it may be replenished. It would give us room for ethical actions that can alter our economic system. It is unclear if we can ever get to such a less pressured situation, but we can certainly encourage experiments and experiment ourselves towards it. It is only possible, however, if we can halt the top end of the wage distribution from propelling higher and alter the belief that the people at the bottom of the wage distribution are lazy and must be made to scrape for their living." (p.247)
Zuletzt gehen sie auf Beispiele von aktiven Kleinanlegern ein, die in Aktionärsversammlungen ethisches Handeln von Unternehmen einfordern.
Das Buch endet mit dem Absatz "It is ultimately down to us to behave ethically. Money helps, but even with all the money in the world, we cannot depend on it to be solution it promises if we lack purpose and ethics in our actions." (p. 259)
Eigentlich sind alle Elemente da, inklusive sich lustig Manchens über Milton Friedmann. Schlussendlich ist das Buch aber wirklich uninspiriert.
February 28, 2024
A thought-provoking and introspective book that encourages someone to question his beliefs, explore their consciousness, and embark on a journey of personal and spiritual growth. It is intresting how It blends philosophical inquiry with practical insights, making it potentially appealing to a wide range of readers interested in spirituality, self-discovery, and the search for truth.
It brings to light that environmental sustainability and societal challenges offer perspectives on how individual transformation can contribute to collective change and the betterment of the world.
Also, it explores the importance of perusing personal growth and self-discovery by embarking on a journey of introspection and inner exploration to uncover one’s truth and potential.
Lastly, it highlights the need for spiritual awakening and the exploration of consciousness of oneself, through spirituality one can be able to tap into deeper levels of awareness and understanding beyond the material world.
It brings to light that environmental sustainability and societal challenges offer perspectives on how individual transformation can contribute to collective change and the betterment of the world.
Also, it explores the importance of perusing personal growth and self-discovery by embarking on a journey of introspection and inner exploration to uncover one’s truth and potential.
Lastly, it highlights the need for spiritual awakening and the exploration of consciousness of oneself, through spirituality one can be able to tap into deeper levels of awareness and understanding beyond the material world.
August 25, 2022
Probably the only book you need to read in 2022 if you are going to read only one. It explains fairly complicated concepts in easy to understand language and tells a very compelling story of how we ended up in this situation. It's not a gloomy book (which the title might infer), but actually a very hopeful one, and definitely one for people with more than a passing interest in sustainability. The authors background in investment management gives their stories a credibility that most in the field lack, and while they come across as fairly libertarian, capitalist creatures of our time, the majority of their arguments, and they are very compelling, makes the reader believe they have their hearts in the right place. Merci beacoup !
July 27, 2022
Let me echo Alex Senechal's review, this is a remarkable read. Not sure why more people have not picked this one up...it is hard-hitting and gives the reader an all-encompassing view of why the world is in such a mess and what we should do about it. We cannot separate our sustainability efforts from our economic reality, but ultimately it's about choices. The chapters are pretty freestanding, so it's an ideal companion for the commuter.
November 20, 2022
The first of 4 books I decided to read between now and Christmas. I finished the whole book without stopping from first page to last, and despite being familiar with the investment world, it was a revelation of how those decisions really impact the climate.
March 23, 2023
This was recommended by a friend, and I couldn't believe how good it is. Written in plain language by former investment managers and explains why our economics is the driver our environmental problems. I hope all politicians read this one !
March 28, 2022
A remarkable read. While it's easy to be sceptical about two former hedge fund managers writing a book about sustainability, it comes across as very sincere, factual and at times even witty. They have clearly done their research, but while the book contains a lot of facts, it's incredibly easy to read. Each chapter is built around a separate area, written as a story, and could easily be read on a stand-alone basis. Not nearly as dark and downbeat as the title implies, and a must-read for anyone with just a passing interest in the biggest issue of our time.
December 1, 2022
The best book of 2022. It explains why everything in our investment world ends up affecting our climate and what we can do about it. Highly recommended.
July 21, 2023
Superbe ! A fantastic book about our economy and how it's driving our choices to keep depleting our planet and its resources. Facts and figures are mixed with asking important questions, philosophic reasoning, and anecdotes about life, markets, and our choices.
July 17, 2022
I'd recommend this book for anyone looking to read up on the solutions to climate change, away from the noise and aggression of environmentalist diatribes that actually deter people who want to get involved.
Written by experienced investment professionals turned climate activists, I knew this book would be a reliable and trustworthy place to initially build up my knowledge. The content is informed, and presented in a grounded, conversational style that makes it digestible for anyone without prior awareness of the pitfalls of climate action. Free from lessons in morality, it includes case studies that show us how taking a step back and looking at the problem from an unanticipated perspective can help you see the bigger picture.
The authors' unique approach is that they recognise we all have priorities and commitments that are crucial to sustaining our emotional and physical wellbeing that we can't change at the drop of a hat. For the first time, I felt this book gave me the space to consider in-depth how our social commitments or things we are made to believe will bring us happiness mean we end up forgetting the impact those choices have on the planet. I thought the book would be really dense and difficult to get to the point but the clear proposal on slowing down the depletion of resources without pointing out the flaws in humanity shows that we can positively combat climate change whilst remaining in control of our own lives and happiness, whilst also looking after the planet responsibly.
We should be able to talk about why we don't make the best choices in a rational way, without feeling judged or that our emotional responses are invalid. We should be able to rethink our choices without feeling guilty for a lifetime of decisions. If that is always the approach we take, when would we get round to actually doing something about climate change?
Written by experienced investment professionals turned climate activists, I knew this book would be a reliable and trustworthy place to initially build up my knowledge. The content is informed, and presented in a grounded, conversational style that makes it digestible for anyone without prior awareness of the pitfalls of climate action. Free from lessons in morality, it includes case studies that show us how taking a step back and looking at the problem from an unanticipated perspective can help you see the bigger picture.
The authors' unique approach is that they recognise we all have priorities and commitments that are crucial to sustaining our emotional and physical wellbeing that we can't change at the drop of a hat. For the first time, I felt this book gave me the space to consider in-depth how our social commitments or things we are made to believe will bring us happiness mean we end up forgetting the impact those choices have on the planet. I thought the book would be really dense and difficult to get to the point but the clear proposal on slowing down the depletion of resources without pointing out the flaws in humanity shows that we can positively combat climate change whilst remaining in control of our own lives and happiness, whilst also looking after the planet responsibly.
We should be able to talk about why we don't make the best choices in a rational way, without feeling judged or that our emotional responses are invalid. We should be able to rethink our choices without feeling guilty for a lifetime of decisions. If that is always the approach we take, when would we get round to actually doing something about climate change?
Displaying 1 - 11 of 11 reviews