The Path Ahead: Reflections on Trump's Election

Newground chief executive Bruce Herbert shared his reflections on the 2024 elections in a message to clients and friends.

Dear Friends,

I write with a mix of emotions knowing that, like me, you may also feel shock, anger, and quite a lot more over Donald Trump’s reelection – and no one could blame us. Tuesday, Nov. 5th was heavy, and it has become even more so as his initial cabinet picks are being announced. 

That said, history teaches that dark hours have a way of awakening the light in people – often sparking powerful movements of resistance and reform. 

Five items follow:

A. Hinge Time

For many, this moment feels pivotal, with American democracy itself in the balance. May it serve as a clarion call, inviting us to transcend the political cycle and to reaffirm a commitment to concepts involving stewardship, equity, and a long-term vision for societal and planetary well-being. 

 From J.R.R. Tolkien’s The Fellowship of the Ring,

I wish it need not have happened in my time, said Frodo. 

So do I, said Gandalf, and so do all who live to see such times. But that is not for them to decide. All we have to decide is what to do with the time that is given us.

And, with an eye toward stirring our collective resolve, I share a Middle Eastern proverb – the favorite of a dear Pakistani friend – which goes:

Dogs may bark, but the caravan moves on.

 So, whether the dogs may bark, growl, or even bite – let us forge ahead in fellowship because numbers, time, and two-and-a-half centuries of democratic norms are all on our side.

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B. TP

Thursday, through the auspices of the Seattle World Affairs Council, a small group of us enjoyed a Chatham House Rules conversation with a ranking Major General of the Air Force who, thankfully, felt that the government and its systems are too interlaced and impenetrable for the worst of current political speculations to happen.

Observing the recent proposals for his cabinet, my own hope is that the more inexpert and inept Trump’s appointees are, the more likely it is they will trip over their own laces and do things in ways that are readily thwarted – in the way that the early attempts at a Muslim ban in TP #1** were blocked by state AGs.

** TP = Trump Presidency

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C. Eight MAGA Years

Friday, a colleague of some standing told me he is retiring from his post at US|SIF (our industry’s trade association – the leading voice advancing sustainable investing in the US). 

We first met when I co-taught the US|SIF’s Fundamentals of Responsible Investment training in Denver – which commenced @ 8am the day after Hillary Clinton's defeat. Talk about an audience of anguished, sleep-deprived, and openly grieving people!

Even though the 2016 election ushered in a truly difficult time, looking back my colleague and I agree on the importance of leaning in, with confidence that our collective efforts will minimize harm, if not carry the day.  

Despite TP #1 and nearly a decade of rising MAGA influence, the period has also seen important advancements in the field, including:

• The filing of many thousands of shareholder proposals, which have moved the needle on both issues & policy, while creating strong allies in the corporate and regulatory arenas.
  
  
• The SEC Climate Disclosure Rule. 
  
  
• The Inflation Reduction Act (IRA). 
  
  
• Collaborations between the UN Principles of Responsible Investment (PRI), the CFA Institute, and the Global Sustainable Investment Alliance (GSIA). 
  
  
• The Chartered SRI Counselor (CSRIC) designation being created.

(Newground’s Bruce Herbert contributed to materials that formed an initial foundation for the CSRIC’s core curriculum.)

_______

D. Steady On

Now enjoying its 30th year, Newground's theory of change remains wedded to the premise that ethical stewardship of money and proactive engagement is the primary driver of meaningful change. 

In the eight MAGA years we have filed & co-filed roughly 88 shareholder proposals – each one designed to address a specific issue or advance a structural policy. Topics have ranged from human rights and the South Dakota Access Pipeline, to disclosure of Dark Money political spending, to fair corporate vote-counting, climate change, and equal pay for women.

We acknowledge that the election outcome carries genuine threats. Key environmental protections, civil rights advancements, and public health policies will all face challenges, as will recent advances on climate action and worker protections. Reproductive rights will come under further attack, and the divisive political landscape is likely to further strain our country’s social fabric.

However, despite the political winds having shifted, Newground remains steadfast in our dedication to impactful investment and advocacy for systemic change that is fair, just, and equitable.

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E. Where From Here?

Persevere

1. Stay on course, with renewed purpose – addressing systemic issues with persistence and resilience.

Engage & advocate more than ever

2. The coming years call for heightened resolve and commitment to democratic processes and outcomes. 

Recognize the leverage you have

3. The capital you entrust to Newground effects real change. Every dollar we invest on your behalf, every proxy we vote, and every corporate negotiation we undertake reflects your vision for a more equitable and sustainable world. 

Foster resilience & community

4. Lean in to community. Engage in conversations that cultivate your own network of support and foster bridgebuilding with others (even when it’s difficult).

5. Be inspired by history. Three days before the election, Newground’s Nancy Herbert visited the USS Arizona Memorial at Pearl Harbor. Being there, she took inspiration from America’s resilience and ability to rise from the ashes, and has embarked on a weekly practice of reading great speeches made in times of peril. Her first was Sir Winston Churchill’s “We shall fight on the beaches” speech made June 4, 1940 to the British House of Commons.

6. Read 10 Ways to Cope With What Just Happened by Fran Korten, the then-publisher of Yes! Magazine. Originally published in 2016, its ideas are as pertinent and relatable today as in the days following Trump’s first election.

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In closing

Newground remains committed to the mission of aligning capital with values – in ways that meet your financial goals while advancing justice, sustainability, and human dignity. 

Thank you for standing with us, and for believing in the possibility of a better world!

While the road ahead may at times seem long, we are grateful for your trust and I feel honored to walk this path alongside you.

Warmly,                 . . . Bruce

Note: This material is intended for educational purposes only.  As with all our public writing, blog posts do not constitute tax, financial planning, or investment advice; likewise, they are neither an offer to sell nor solicitation to buy any investment or security.