3 Sierra sugar pines added to list of 6 biggest in world

first_imgSOUTH LAKE TAHOE, Calif. (AP) — Three trees in the Sierra Nevada have been added to the list of tallest sugar pines known to exist. Michael W. Taylor has been charting some of the largest trees in the West for more than a decade. He recently documented two in Northern California nearly as tall as the length of a football field. At 267 feet, 6 inches, and 267 feet, 1.8 inches, the two trees in the Tahoe National Forest west of Lake Tahoe are the second and third tallest sugar pines ever recorded. The Tahoe Daily Tribune reported that the third, found in the Stanislaus National Forest, checks in at sixth on the all-time list at 253 feet, 2 inches.last_img read more

Poor energy sector returns making divestment decisions easier for university fund managers

first_img FacebookTwitterLinkedInEmailPrint分享CNBC:As big endowment funds face mounting pressure to reduce their exposure to the fossil fuel industry, there’s one thing making their decision easier: the energy sector’s underperformance.In the last ten years, the S&P energy sector gained just 1% as low oil prices, high operational costs and shifting consumer sentiment set off a wave of selling. In the same time period, the broader market gained 212%.Energy’s lackluster performance coincides with college students across the United States protesting university endowments’ role in owning and supporting fossil fuel companies. Now, from the perspective of fund managers, divestment could make sense on both financial as well as moral grounds.On Feb 5. the Harvard Faculty of Arts and Sciences voted in favor of the endowment divesting from the fossil fuel industry in a 179-20 vote, according to the Harvard Crimson. The vote does not ensure implementation. — Harvard President Lawrence Bacow will bring the results before the endowment committee — although the Faculty of Arts and Sciences is the University’s largest division. The vote in and of itself is important since Harvard’s endowment is the largest in the world and is looked at as an example for ways in which other universities can build their own funds. As of June 2019, it stood at $40.9 billion.One day later, on Feb. 6, Georgetown University announced that it would make no new investments in companies whose business is fossil fuel-dependent, and said over the coming years it would work to shed its exposure to fossil-fuel related companies in both the public and private market.The actions from Harvard and Georgetown follow the University of California, which in September said it was going fossil fuel free. In an op-ed for The Los Angeles Times the endowment’s chief investment officer Jagdeep Singh Bachher and the UC Board of Regents’ Investments Committee chairman Richard Sherman said the decision was “not exactly for the reasons you may think. The reason we sold some $150 million in fossil fuel assets from our endowment was the reason we sell other assets: They posed a long-term risk to generating strong returns for UC’s diversified portfolios,” they added.[Pippa Stevens]More: As big endowments spurn fossil fuel stocks, there’s one thing making this decision easy Poor energy sector returns making divestment decisions easier for university fund managerslast_img read more