????你知道誰(shuí)持有.223口徑大毒蛇（Bushmaster）步槍制造商自由集團(tuán)（Freedom Group）超過(guò)6%的股份？上周五，正是這種步槍在康涅狄格州紐敦鎮(zhèn)槍擊殺死了20名一年級(jí)小學(xué)生和7名成人，也就是加州的公立學(xué)校教師們。

????自由集團(tuán)是由私募股權(quán)和對(duì)沖基金集團(tuán)塞伯路斯資本管理公司（Cerberus Capital Management）成立的一家非上市軍火集團(tuán)。2006年4月，塞伯路斯通過(guò)收購(gòu)大毒蛇武器公司（Bushmaster）創(chuàng)建了這一平臺(tái)，此后它又添加了10家武器、彈藥和軍火配件商（包括Remington防務(wù)公司，Marlin Arms公司和Barnes Bullets公司等）。

????加州教師退休基金（The California State Teachers' Retirement System, 簡(jiǎn)稱(chēng)CalSTRS）曾承諾出資5億美元，參與一個(gè)總額75億美元的基金，為自由集團(tuán)提供資金支持，意味著它事實(shí)上可能持有這家槍支制造商6.67%的股份。這家槍支制造商曾于2009年底申請(qǐng)上市，2011年初撤回了申請(qǐng)。事實(shí)上，實(shí)際數(shù)字可能更高，因?yàn)榧又萁處熗诵莼疬€曾承諾出資1億美元，參與一個(gè)10億美元的前身基金，這只基金可能進(jìn)行了原始投資。

????老實(shí)說(shuō)，我不知道這是為什么。先來(lái)看看加州教師退休基金的投資責(zé)任聲明部分：

????除了盈利因素，非經(jīng)濟(jì)因素也是投資決策時(shí)的考慮因素。非經(jīng)濟(jì)因素是指與收益最大化和保存本金不直接相關(guān)的因素。考慮非經(jīng)濟(jì)因素，是為了確保加州教師退休基金的作為或者不作為不會(huì)加劇、縱容或造成社會(huì)傷害。

????自由集團(tuán)造成了社會(huì)傷害？我不是說(shuō)造成社會(huì)傷害是它的使命，但這顯然是一個(gè)可預(yù)見(jiàn)的后果。

????而且，加州教師退休基金早已列明“在對(duì)任何投資決定進(jìn)行財(cái)務(wù)分析時(shí)應(yīng)該包括的”21條風(fēng)險(xiǎn)因素。下面列出的這條側(cè)重于人類(lèi)健康：

????如果一項(xiàng)投資所涉行業(yè)或公司的產(chǎn)品對(duì)人類(lèi)健康高度有害，可能引發(fā)較多的產(chǎn)品責(zé)任訴訟、政府監(jiān)管處罰、聯(lián)合國(guó)制裁和關(guān)注以及其他機(jī)構(gòu)回避投資，這項(xiàng)投資的長(zhǎng)期盈利能力就可能面臨風(fēng)險(xiǎn)。

????制造半自動(dòng)步槍當(dāng)然屬于這一類(lèi)了。

????Do you know who owns more than a 6% stake in the maker of .223 Bushmaster rifles, like the one used last Friday to murder 20 first graders and seven adults in Newtown, Connecticut? California public schoolteachers.

????The company in question is Freedom Group, a privately-held firearms conglomerate formed by private equity and hedge fund group Cerberus Capital Management. Cerberus created the platform in April 2006 via the acquisition of Bushmaster, after which it added another 10 makers of firearms, ammunition and accessories (including Remington, Marlin Arms and Barnes Bullets).

????The California State Teachers' Retirement System (CalSTRS) committed to invest a whopping $500 million into a $7.5 billion Cerberus fund that has helped bankroll Freedom Group. That means that it effectively could own a 6.67% stake in the gun maker, which filed to go public in late 2009 before pulling the offering in early 2011. In fact, the figure could be even higher since CalSTRS also committed $100 million to a $1 billion predecessor fund, which likely made the original investment.

????What I honestly don't understand, however, is why. Check out the following part of the pension system's statement on investment responsibility:

????Non-economic factors will supplement profit factors in making investment decisions. Non-economic factors are defined as those considerations not directly related to the maximization of income and the preservation of principal. The consideration of non-economic factors is for the purpose of ensuring that the Retirement System, either through its action or inaction, does not promote, condone or facilitate social injury.

????Does Freedom Group not facilitate social injury? I'm not suggesting that social injury is its mission, but it certainly is a foreseeable consequence.

????Moreover, CalSTRS has identified?21 risk factors "that should be included within?the financial analysis of any investment decision." Here is the one titled Human Health:

????The risk to an investment's long-term profitability from business exposure to an industry or company that makes a product which is highly detrimental to human health so that it draws significant product liability lawsuits, government regulation, United Nations sanctions and focus, and avoidance by other institutional investors.

????Pretty sure the manufacture of semi-automatic rifles would apply here as well.