Are we at a tipping point?
One side effect of the pandemic was a collapse in demand for oil, which led to “the largest revision to the value of the oil industry’s assets in at least a decade,” reported Collin Eaton and Sarah McFarlane of The Wall Street Journal.
Last week brought another reckoning for big oil as a court ruling and shareholder influence made it clear companies need to revisit their strategies for emissions reductions and clean energy. Here’s what happened:
“Analysts said the…ruling could set a precedent for similar cases against the world’s biggest corporate polluters, which may now face related lawsuits and be forced to overhaul their business models,” reported Derek Brower and Anjli Raval of Financial Times.
To that end, the investment group nominated four outside board-of-director candidates stating, “A Board that has underperformed this dramatically and defied shareholder sentiment for this long has not earned the right to choose its own new members or pack itself in the face of calls for change…shareholders deserve a Board that works proactively to create long-term value, not defensively in the face of deteriorating returns and the threat of losing their seats.”
Other shareholders agreed and, in a highly unusual outcome, two of the four candidates were elected to the board, reported Ben Geman of Axios.
Major stock indices in the United States finished last week higher.
(The one-year numbers in the scorecard below remain noteworthy. They reflect the strong recovery of U.S. stocks from last year’s coronavirus downturn to the present day.)
Ahhh, the Joys of Parenting
With Mother’s Day behind us and Father’s Day ahead, it seemed an appropriate time to share some tweets about the parenting experience. Here are a few entertaining examples shared online by parents and rounded up by Buzzfeed:
“Does anyone have directions to that village everyone says will raise my children? It sounds wonderful.”
–Not Your Trending Mom
“Hi, I’m a parent. You may remember me from such greats as ‘Repeating Myself’ and ‘Arguing over Shoes’ and ‘Stepping on Cereal.’”
“Thoughts and prayers for my son who thought it would be funny to tell me ‘I’ll get to it when I get to it, woman.’”
–Mom On The Rocks
“Why aren’t there any horror movies called ‘My 4 year old fell asleep in the car at 5pm.’”
“7 [year old] son: May I have some water?
Me: What are the magic words?
7 [year old] son: I can get it myself.
Me: There you go.”
“Blew my nose in front of my daughter and her friends today. Please respect her privacy during this difficult time.”
Parenting is never an easy job, and the pandemic made it a lot trickier. Parents have to make important financial planning decisions involving children, too. Often these are related to legacy planning, and sometimes they involve special needs. If you would like to talk about the needs of your family and identify potential solutions, give us a call.
Think About It
”It does not do to leave a live dragon out of your calculations, if you live near one.”
https://www.wsj.com/articles/2020-was-one-of-the-worst-ever-years-for-oil-write-downs-11609077600 (or go to https://resources.carsongroup.com/hubfs/WMC-Source/2021/06-01-21_WSJ-2020_was_One_of_the_Worst_Ever_Years_for_Oil_Write-Downs-Footnote_1.pdf)
https://www.ft.com/content/fa9946b9-371b-46ff-b127-05849a1de2da (or go to https://resources.carsongroup.com/hubfs/WMC-Source/2021/06-01-21_FinancialTimes-Climate_Activists_Hail_Breakthrough_Victories_Over_Exxon_and_Shell-Footnote_2.pdf)
https://www.wsj.com/articles/oil-giants-are-dealt-devastating-blows-on-climate-change-as-pressures-intensify-11622065455 (or go to https://resources.carsongroup.com/hubfs/WMC-Source/2021/06-01-21_WSJ-Oil_Giants_are_Dealt_Devastating_Blows_on_Climate_Change_as_Pressures_Intensify-Footnote_3.pdf)
https://www.bloomberg.com/news/articles/2021-05-26/chevron-investors-back-climate-proposal-in-rebuke-to-management (or go to https://resources.carsongroup.com/hubfs/WMC-Source/2021/06-01-21_BloombergGreen-Chevron_Investors_Back_Climate_Proposal_in_Rebuke_to_C-Suite-Footnote_6.pdf)
https://www.barrons.com/articles/stock-market-earnings-news-storm-clouds-51622244159?refsec=the-trader (or go to https://resources.carsongroup.com/hubfs/WMC-Source/2021/06-01-21_Barrons-Its_a_Peak_Good_News_Market-Why_That_Could_be_a_Problem-Footnote_7.pdf)
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Securities and advisory services offered through EWA LLC dba Equilibrium Wealth Advisors (a SEC Registered Investment Advisor).
* Government bonds and Treasury Bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value. However, the value of fund shares is not guaranteed and will fluctuate.
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