Earlier this month there was an article in The Street advising investors that the Soros Fund Management had sold out of positions in Chevron, Chesapeake Energy and NRG Energy. The thinking on the street and at The Street was that maybe it was time for other investors to dump their energy stocks. They state that George Soros has a brilliant financial mind and he may be well worth following. They seem to be violating that Wall Street truism, that states, buy the rumor and sell the news. The Street fears that Soros is moving away from energy stocks in a move to avoid the disaster of an energy market crash. Read full article here:
The Street has failed to realize that there is a move going on spearheaded by the Bill and Melinda Gates Foundation in an effort to promote clean energy. Gates announced the formation of Breakthrough Energy Coalition, a group of more than 20 billionaires, including George Soros, who have agreed to invest in innovative clean energy. “Our primary goal with the Coalition is as much to accelerate progress on clean energy as it is to make a profit,” Gates says in a post on his website:
Gates and selected leaders of world governments have joined together in an initiative called Mission Innovation a world-wide plan to invest in research on clean energy. The 20 countries include Brazil, China, Japan, Germany, France, Saudi Arabia, Brazil, South Korea and the U.S. Each member country pledge to double their governmental investment in clean energy innovation and to be open and transparent about its research and development efforts.
Gates, in the past, has invested in clean energy, but this is his most dynamic, public effort. He is joined in the Breakthrough Energy Coalition by other billionaires, George Soros, Tom Steyer, John Doerr and others, including Nigerian Aliko Dangote, Mukesh Ambani from India and Chinese e-commerce mogul Jack Ma of Alibaba fame. The newest member of the billionaire’s club, Facebook’s Mark Zuckerberg and his wife will also join the coalition.
This new dynasty of Billionaires, Soros, Gates, Zuckerberg, Steyer and Ma, have a real chance to challenge the power and influence of the right-wing billionaires in the world who seem to care more about power and themselves than the health and safety of the world we all share. Donald Trump’s ascendancy in the political world is an example of the right-wing ethic, while Soros, Gates and others offer a refreshing contrast. Hopefully the impact of Soros and Gates along with others will return the world to an open, transparent and free society where humanity can take its rightful place in a united world free of the gross suffering and miseries of the past.