- 2 days ago
Powered by www.Streamr.nyc | With the climate crisis bringing the planet to the brink, Alex Wright-Gladstein's climate-friendly investment firm Sphere breaks down one of the biggest misconceptions in finance: that you have to choose between performance and impact. Drawing from her journey discovering climate change in middle school to building multiple climate tech companies out of MIT, Alex explains how a simple shift in investment strategy can drive both strong returns and meaningful environmental change.
Alex unpacks why fossil fuel companies have underperformed for decades, how most ESG funds miss the mark, and why climate-friendly index investing is more accessible than people think. She also shares hard-earned lessons from her path as a serial entrepreneur, including how to evaluate ideas, build confidence in decision-making, and develop the resilience required to succeed in sales and fundraising.
Whether you’re an aspiring founder, investor, or next-generation change maker, this conversation challenges outdated narratives and offers a new lens on how capital can shape the future.
Alex unpacks why fossil fuel companies have underperformed for decades, how most ESG funds miss the mark, and why climate-friendly index investing is more accessible than people think. She also shares hard-earned lessons from her path as a serial entrepreneur, including how to evaluate ideas, build confidence in decision-making, and develop the resilience required to succeed in sales and fundraising.
Whether you’re an aspiring founder, investor, or next-generation change maker, this conversation challenges outdated narratives and offers a new lens on how capital can shape the future.
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LearningTranscript
00:00We built Sphere so that people could invest in a climate-friendly way and do
00:06well in saving for retirement, so they wouldn't have to compromise on choosing
00:10between investing in something that makes good returns and investing in
00:15something that's good for the planet. It was really important to us in setting up
00:18Sphere.
00:27Hi and welcome to Tribe Talk where we alternate between speaking to young
00:31changemakers and established entrepreneurs in the social impact space. My name is
00:35Victoria and I'm one of the newest team members here at Tribe and I also work in
00:40philanthropy. I'm super excited to be here today with Alex Wright-Gladstein, the
00:44founder and CEO of Sphere. Alex, thank you so much for joining us today. Thanks so
00:49much for having me. Well, before we begin, I just wanted to have a brief interlude for
00:54a word from our sponsors.
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01:36to give, volunteer, and connect. So Alex, my first question to you is, what were your
01:42personal motivations that led you to found Sphere? Well, I've cared deeply about climate
01:47change ever since I was a kid. My seventh grade science teacher opened my eyes to the problem
01:51and I haven't been able to stop thinking about it since then. And so I decided early in my career
01:59that I wanted to be a serial entrepreneur. I kind of spent college trying to figure out what
02:05job I wanted to have to maximize my impact on climate and did internships in science, working
02:11in labs, in D.C., working in policy. I ended up doing an internship at a venture capital firm
02:18and that's where I learned about entrepreneurship. And I actually met a specific person, Larry Bach,
02:23who had been a serial entrepreneur. He had gone around to labs across the country looking for the
02:29smartest people in nanotech and convincing them to spin out their technologies to start companies.
02:33And he had started 20 different companies that way. 14 of those companies had gone public and
02:39learning his story made me realize, oh, serial entrepreneurship can be a career path. I want
02:44to do that. And so I decided to work at a later stage startup in climate after graduating so I
02:53could
02:53get some business experience. I figured if I was going to be the business co-founder of Climate Tech
03:00spin outs, I needed to have some business experience. And so I worked for five years and then went to
03:05MIT
03:05for an MBA as an excuse to meet people across campus inventing things, which was amazing because
03:11there were over 300 labs at MIT that do energy related research. And I got to meet a lot of
03:18the
03:18people in those labs. And that's how I met my co-founders of my first startup. They had invented the
03:23first processor chip to communicate using light. We spun that out in 2015. That company is called
03:29IR Labs. And we're cutting the energy use of AI in half by using light to move data between chips.
03:36And we've grown that company to where now we have customers like Intel, NVIDIA, AMD.
03:41And back in 2017, we started offering a 401k retirement savings plan to our employees. And I
03:49asked for a climate friendly investment option in the lineup. It ended up taking over three years
03:54and a lot of persistence to get a single option that at a baseline wasn't invested in fossil fuel
03:59companies. I couldn't believe how long it took, how hard it was. And that's what started me on the
04:05path of trying to learn about the 401k industry. And that ultimately led to me founding Sphere to
04:12make it easier for everyone else to invest in a climate friendly way than it had been for me,
04:16you know, a CEO asking service providers to make this possible for our employees.
04:21Well, that's such an incredible journey. And thank you for sharing that and incredibly inspiring to hear
04:26not only how you've pursued entrepreneurship multiple times, but you've also combined that with
04:31such a deep interest and passion and advocacy for the sustainability industry. And that's such an
04:38important strand throughout your tale. And one of one of sort of a key question that I really would
04:46love to ask you is, what are the main challenges and opportunities in advancing sustainability? And why
04:52is it so important at the moment? And if you could answer this question informed by your sort of
04:57experience, founding all these different companies and having insight from so many different angles,
05:03that would be really amazing.
05:06You know, the landscape is changing all the time. And right now, it's an especially unique one,
05:11because we made so much progress under recent administrations, really getting more renewable
05:19energy and climate tech deployed. And then a lot of that has been rolled back in the past year.
05:24And I think the challenges and opportunities, it's kind of the two sides of the same coin there.
05:33This is a time right now when climate tech companies are really having to prove that they
05:39have good business fundamentals, and they don't have to rely on government subsidies or government
05:45programs to make their businesses viable. And so it's been really tough. And a lot of climate
05:53organizations have been struggling as a result. But there are also a lot of climate organizations
05:59that are doing really well, because the business fundamentals do work. Solar and wind and that
06:06combined with batteries is less expensive than fossil fuel power generation for the grid in the US.
06:11So there are a lot of amazing renewable energy companies that are doing really well,
06:17even in this bad policy environment for renewables, just because the business fundamentals are there.
06:25And we built Sphere so that people could invest in a climate friendly way and do well in saving for
06:33retirement. So they wouldn't have to compromise on choosing between investing in something that
06:39makes good returns and investing in something that's good for the planet. It was really important
06:43to us in setting up Sphere. And so we also have done well because even though the policy environment for
06:50climate friendly investing in 401ks has been bad, it actually hasn't really negatively impacted us as
06:56far as we've seen, because our fund is designed to just have good performance. All it does is exclude
07:03fossil fuel companies, which have had the worst returns of any sector of the economy for the past two
07:10decades. So if all you do is exclude them, you can still have a fund that performs really well.
07:14It's a very simple approach to investing. You can still diversify well across the rest of the economy.
07:19And we have fees that are competitive with any typical S&P 500 index fund. So people aren't having
07:25to pay more for climate friendly investing. And so because the business fundamentals are there,
07:29we've been doing well. And now the flip side of the coin is the opportunity has grown enormously in
07:35the past year. People are realizing that they can't rely on the government to save us when it comes to
07:41climate change. And so they're thinking more and more about what they can do personally to help make
07:46sure that we have a safe planet to live on. And that means we have more and more people coming
07:51to
07:51us wanting to invest with us and really taking action where they had heard moving your money is
07:57one of the most impactful things you can do for climate in the past, but they hadn't really taken
08:01the steps to move their money. We saw a spike in people investing on election day and again on
08:07inauguration day. And we heard over and over again, people were doing this because they knew it was an
08:12important thing to do. They just hadn't gotten around to it. And seeing that the government isn't
08:18going to save us at this point, they realized, okay, now is the time that I need to take every
08:21action I
08:21can. And so that creates a big opportunity for a company like ours. And at the same time, the 401k
08:31advisors,
08:31the professionals who help decide what options are going to end up in a 401k plan, they see that
08:39demand and they want to keep their customers happy. And so as long as the business fundamentals are
08:44there, as long as the fund is doing well, it has good fees that are competitive, et cetera, they're
08:48happy to keep adding this as an option for people to invest in. And we set the fund up to
08:53be able to do
08:53that. So challenges and opportunities are unique right now with the current presidential administration
08:59that we have. But it's also created a void in the marketplace. You know, a lot of the bigger asset
09:05management firms that were claiming to offer climate friendly options have stopped offering those
09:09options. And we're really the only ones left standing. And that creates an opportunity as well.
09:14Well, it sounds like, I mean, you're doing incredibly important work. And I really love how you've really
09:20drawn attention to the fact that, you know, investing into sort of green energy and climate
09:25is actually going to bring you the same returns, which I feel, at least from my perspective, has often
09:30been a misconception where people think, oh, if I start impact investing, my returns are not going to be
09:35as high as if I go down a more traditional investment route. And so it's super, it's super amazing
09:41to hear you sort of shedding light on the fact that actually the returns could actually even be higher than,
09:47you know, if you're going down the traditional fossil fuel route, which kind of brings me to one of my
09:53other questions, which was, what is a surprising misconception people have about ESG investing or
09:59investing into green finance that you wish more people understood?
10:04Oh, well, you just named one, which is you don't have to compromise. And that that's such an important
10:10one. And actually, the fossil fuel industry has spent a lot of money getting us to believe that you do
10:14have
10:14to choose. You know, they say they get they pay people to say it over and over again, whether
10:18it's on Fox News or on the floor of the Senate. They keep saying things like, well, you got to
10:23choose between investing with your progressive values or investing for good returns. And they know
10:28the data is there. They know you don't have to choose. But they're not saying you'll get worse
10:32returns. They're just placing this false choice. And they've done a really good job of convincing
10:37people that you do have to choose, which is wild. So we're trying to push back on that.
10:41Another misconception is what ESG is. I've taken issue with the term ESG. Ever since I had first
10:50learned what it was, I was CEO of our labs looking for a climate friendly investment option for the
10:55401k plan. And our 401k advisors started offering ESG options. And I had never heard of the term.
11:03You know, I looked it up. Okay, environmental, social governance, investing, I guess I could
11:07understand why they would send this in response to me asking for climate friendly. But then looking
11:13up the funds themselves, I saw they were invested in Exxon and Chevron. And I thought, okay, I don't
11:18really know what ESG is, but I don't think it's climate friendly investing. So I think there's a
11:24big misconception about what the intent of ESG was now that I've been in the financial industry for a
11:29few years now. And I've really learned much more about ESG. What I've learned is that it was never
11:35the intention of ESG fund managers to make climate friendly funds. There's no definition actually of
11:41ESG beyond the three words that the acronym stands for. Beyond that, each fund manager interprets it
11:47differently. And the most frequent way of interpreting ESG is to assess the risks posed to companies by
11:55environmental, social and governance factors, not to assess the risks posed to the planet Earth or to
12:02people by companies. So it's an inward looking assessment, not outward looking. And so it's
12:08being presented by financial advisors as, hey, here's a fund that's better for the planet. But
12:13that's actually not the intent of the fund manager. The intent of the fund manager is to avoid risks
12:17for the companies in the fund. So it's a huge misconception. And I'm actually kind of glad that
12:22ESG has been on the outs recently. It's come under fire. And I have a different reason for
12:30disliking that term than I think a lot of the people who have gone on the attack about it. But
12:34I just don't think it was a term that served us well in investing. So I'm kind of glad that
12:39people
12:39aren't using it as much anymore. Well, I'm so happy you've sort of brought in another sort of different
12:44viewpoint on that today and specifically on the term ESG and where it's going as a term.
12:54And sort of bringing the conversation back a little bit more towards your business experience,
13:01how have your experiences as a serial entrepreneur shaped not only how you approach building a brand
13:07and business, but also how you what you expect from your team and your clients?
13:14Hmm. Yeah, it's really evolved a lot. What I've expected from my team, I've been an entrepreneur
13:24since 2015. And we've gone through COVID in the interim, and it really changed everything.
13:34And I would say there are downsides. It's tough for people who are just young, graduating out of
13:39college to, to learn as well, if they're working in a remote environment, and a lot of companies have
13:44gone to remote first and not having that in person interaction every day in an office, I think removes
13:49a lot of the learning opportunities that young people usually get straight out of school, or that
13:53they used to get straight out of school working in an office environment. But the pros, as somebody
13:59who hires on on my end is I've been able to hire just the absolute best talent, no matter where
14:04they
14:04are, and I don't have to try to convince them to move and move their families to some physical office
14:09sphere is completely remote. We don't we barely have two people in the same city across the US. And so
14:17it's been really amazing to have just such an incredible team to work with. At our labs, we also
14:24have an incredible team, but there was a lot of convincing people to move to the Bay Area where
14:29offices were, which is a big deal to move people in their families. So it's really nice to be able
14:33to
14:33tap into top talent, no matter where they are.
14:35No, I think the sort of remote first working is definitely given so many businesses, but also
14:41individuals and their families so much more flexibility, which, as you said, enables you to really
14:46hire the top time. And sort of taking that idea a little further is, I when I was looking into
14:52your
14:52background, so many of your ventures, you seem to pursue ideas that have seemed impossible, whether it is
14:58investing into sort of more sustainable options through your 401k or in some of your previous
15:05companies as well, which has been really cool to read. As someone who, you know, someone who's sort of
15:14starting out in this sort of space, how do you decide which ideas are worth pursuing versus which of those
15:19that are best sort of left on the drawing board?
15:24It's something I learned getting my MBA at MIT, where I took a lot of classes in entrepreneurship,
15:31and it's this concept of fail fast and fail often. They do a lot of trying to teach people that
15:37you
15:37shouldn't be scared of failure. You actually want to find out quickly if an idea isn't the right one.
15:42And so you break down the idea into the smallest possible piece that you can to get to an answer
15:50of, is this the right solution? Is this the right idea? And if you find out it isn't, if this
15:56little
15:56experiment you can do doesn't work, you want to get to that as quickly as possible, not spend a year
16:00of
16:00your life working on it before you realize, oh wait, this, you know, or even five years of your life
16:06before you realize, oh wait, this is not actually the right solution for this problem.
16:11And so, for example, while I was at MIT, IR Labs was the third technology that I worked on.
16:19I did start working with a few different labs across MIT prior to that, and there were some
16:25really cool technologies. And I was just learning how to assess technologies and their readiness to
16:30spin out into a company. And with each one that I worked on, I learned a lot and I brought
16:35that
16:36knowledge to then being able to assess the, what became the IR Labs technology and realizing,
16:41okay, this one's ready to go. But prior ones were amazing, but needed maybe another five years
16:46in the university lab setting before they'd be ready. And it took me a few months to figure that
16:49out, but I'm really glad I figured it out while I was still a student, while I was still in
16:54this kind
16:54of magical place where you can experiment and fail and the risks you're taking are not that big when
17:00you're in a university setting. It's much lower than when you're out in the working world and you've
17:05raised a lot of money. And so I felt grateful that I was able to do that experimenting while I
17:10was a
17:10student and iterate and then find really the right team and the right technology to spin out.
17:16No, I'm sure it's such an opportunity and such a privilege to be a student and to have that
17:20flexibility. And equally, so much respect to you for really making the most of it by the sounds of it.
17:26And sort of on that sort of student strand, if the next generation is the future of climate action,
17:39what skills or mindsets are most underrated among young changemakers today?
17:47First of all, I just have to say I'm so blown away by young changemakers today. It gives me so
17:51much
17:52hope for the future whenever I meet young people. It just seems to be a generation that on the whole
17:58is so much more in touch with the change that they want to see in the world and able to
18:05talk about tough
18:05topics and really call into question norms and really ask, why are we doing it this way? Isn't
18:11there a better way to do it? And be uncompromising, not just accept things are the way they are,
18:17just because it seems that this generation is really living their values in a whole new way
18:23that I haven't seen in prior generations. And it gives me so much hope. I think something that
18:28isn't taught in school and that oftentimes people don't realize until they get much later in their
18:35careers is sales. Being able to sell something is an incredibly valuable skill. And it's not something
18:44that's taught in school. But sales is really what makes a company successful. Someone can have a
18:50brilliant idea, but if they don't have people who know how to sell that idea, they'll never have a
18:58successful company. I think there's a lot of worship of engineers and of the people building things,
19:05but I think equally important, maybe even more important is the ability to sell the product. And when
19:10it comes to sales, the key skill is being okay with failure. You are in school, and especially
19:18if you're a good student, you're used to getting good grades, getting good validation, succeeding a
19:22lot of the time, maybe a majority of the time even. And then if you go into a sales job,
19:28you are going
19:29to hear no to a vast majority of the times that you pitch. You're going to be saying to lots
19:35of people,
19:35hey, do you want this thing? And they'll just be like, no, not the right fit for me. You know,
19:38no, I don't want this at this time. Or they'll just ignore you. And it can be very demoralizing
19:42for someone who's used to winning all the time. And so people who can hear no over and over and
19:49over again and still pick themselves up and still be excited and optimistic and bring that storytelling
19:54to the next person they pitch, that type of skill is hugely valuable and something that I think you only
20:01get through practice. So even like the old fashioned kind of cold calling types of jobs, I think can be
20:07really valuable, especially early in people's careers, so they can understand the value and
20:13how hard it is to sell and how important that is. No, I completely agree with you. I definitely
20:19feel like I had so much exposure to this in my own previous role. And I'm so, so grateful to
20:24have had
20:25that moving forward. And I think I saw somewhere on a podcast once that really building a business and
20:30being an entrepreneur is just rejection exposure therapy. So definitely agree with you on that
20:36point. And then just finally, one more question on that theme of failure is what's a failure or pivot
20:48you experienced that ended up shaping your approach more than any other success that you've had in your
20:52career? Hmm, I think what's really happened over my career is I've become more confident as an
21:04entrepreneur. And when I first started out as an entrepreneur, I already had the benefit of having done an
21:11MBA focused in entrepreneurship, which just basically means I heard other entrepreneurs lecture my classes
21:17multiple times per day for two years straight, different guest lecturers who were entrepreneurs
21:22themselves. So I had the benefit of a huge amount of knowledge shared with me from other entrepreneurs
21:25who had been through it. And so I think that saved IR labs from a lot of failure points we
21:34could have had
21:34because we'd heard so many other people's experiences. But to me, what really changed over time was that
21:40confidence. And confidence is super important as an entrepreneur. You're trying to convince other people
21:47to believe in your vision for the world. And when I was first starting out and pitching venture capital
21:52investors, I would pitch them and then they would always have feedback for me. And I would take their
21:57feedback so seriously. And they would give me this feedback, I would go back and change our pitch so
22:03that the next day, pitching the next VCs, it would be better, I thought. And then there was one day
22:08when
22:09I pitched two VCs, one in the morning, one in the afternoon. And the feedback from the one in the
22:13morning was,
22:15you're not raising enough, you need to be raising a bigger round. And the feedback from the one in
22:18the afternoon was, you're raising too much, you need to raise a smaller round. And coming back that
22:23evening and thinking, okay, how do I incorporate this feedback into my pitch? I realized, wait a
22:27second, I think I'm giving too much value to the feedback of people who have heard 20 minutes on the
22:33topic of what I'm doing, whereas I'd already been working on this for a year, I knew so much more,
22:38I had so much more context than they could possibly get in 20 to 30 minutes of chatting. And I
22:43realized,
22:43first, I need to not take every little bit of feedback so seriously. I need to be more confident
22:47in my own opinion of how much money we need to raise. That's that specific example. But in general,
22:53I've taken that learning forward. And it's not just how much to raise, it's really any big decision for
23:01the company, understanding no one understands what I'm doing as well as I do, and having some confidence
23:07in that. And then if I hear recurring feedback from pitches, if I'm hearing it from five,
23:12ten different investors all saying the same thing, I really pay attention to that. But I'm not
23:16swaying back and forth nearly as much as I did back then.
23:20Well, that's incredible advice. And I think really important for people of all ages, but especially
23:26young people and young change makers. So thank you so much for sharing that. What would your advice be
23:32on building out a narrative and a pitch around that, given that there is this sort of opposing
23:38narrative that this isn't really a profit making space in the same way that maybe other more
23:43traditional investments are? You know, I think at the end of the day, it's all about storytelling.
23:49And there's so many different ways to tell a story. You can tell it with data, you can tell it
23:55with
23:55personal anecdotes, or talking about specific situations. And we do all of those things. And so, you know,
24:05we point at data when we're talking about how, when you invest in fossil fuel companies, if you have been
24:11doing that for the past two decades, you've actually been losing out because it's had the worst returns
24:15of any sector of the economy. We also, we story tell when we talk about voting and, you know,
24:24in the world of 401ks, it's especially important. You cannot legally actually offer an investment option
24:31in a 401k plan that does not have as good of returns as comparable ones. And there are lawsuits all
24:38the time in the world of 401ks for this. So we talk about the fossil fuel underperformance. We also
24:43talk about how we vote. So one way we have impact is by not investing in certain companies. But another
24:48way we have impact is by voting our shares at the companies we do invest in to get them to
24:55do better
24:55for planet and for people. And a lot of people don't even really think about the fact that they
25:00are voters. You know, we think about going to vote every four years in political elections,
25:05but actually, if you invest in any kind of fund, like an ETF or a mutual fund or in a
25:10401k or anything,
25:12you're investing in hundreds of companies. And the fund manager is voting on your behalf
25:17every time there's a shareholder proposal at any of those companies. And there are a handful of
25:23shareholder proposals plus board elections at every single company you're investing in. So that's
25:27thousands of different topics that they're voting on your behalf on. And the big fund managers are
25:34voting against the climate change related shareholder proposals 98% of the time. And so we do a lot of
25:41storytelling when we talk about why we vote in favor of those climate change related shareholder
25:46proposals. And we're directly voting against what the management of the company recommends to do.
25:53You know, the 98% of the time that big fund managers are voting against these proposals,
25:58it's because management of each company is saying you should vote, we advise you vote against this
26:02proposal. But that's because corporate management is financially incentivized to maximize short-term
26:08returns. They're trying to maximize returns for the next quarter, for the next few quarters. We are
26:14representing investors who care about long-term returns. If you're saving for retirement, you have
26:18a time horizon of 10, 20, 30, 40 years even. And when you have that kind of time horizon, you
26:24should vote
26:25differently than management recommends. For example, putting solar on Costco's roof. It is an upfront
26:32investment. It costs money. It makes sense management would recommend against that. But if you're a long-term
26:36shareholder, you would care that it actually saves the company money after the first two or three year
26:41payback period. From then on, it's just upside for Costco. And so as a Costco shareholder, if you're
26:47holding onto those shares for more than a couple of years, you should be voting in favor of those
26:52shareholder proposals. There's a similar thing with the big banks. We invest in all of the biggest banks
26:58in the US. And they've all had shareholder proposals over the past few years saying,
27:03we want you to stop financing new fossil fuel development projects. Management has recommended
27:08against voting for those shareholder proposals. And so the big asset management firms keep voting
27:13against. But we at Sphere vote in favor because those loans they're making to develop new fossil fuel
27:20development projects. Aside from there being scientific consensus that we cannot develop more fossil fuel
27:26projects if we hope to stay within the bounds of planetary health that we need to see. Aside from that,
27:31from a purely financial basis, those loans are justified assuming there will continue to be
27:37sustained demand for fossil fuel products 20, 30 years from now. And even though right now we're in a
27:44political environment where it seems like, yes, the president loves fossil fuels, when you look at the long-term
27:49trends. The writing is on the wall. It's an industry in decline. And the demand very likely will not be
27:54there that they are assuming will be there and making their financial models to approve these
27:58loans. And so the banks will likely lose money on these loans in the long-term. It's just a financial
28:02bad deal for shareholders for their bottom line if they're planning to be shareholders of these banks
28:07for more than a few years. And so we vote against those proposals. And we find over and over again
28:11that
28:12voting for the planet also helps improve the financial long-term outcomes in our belief for
28:18these shareholders. And those things can go hand in hand. So it's a new way of looking at shareholder
28:23voting that we do a lot of storytelling to help the 401k community understand that voting for the
28:31planet also helps the bottom line for these investors who are saving for the long-term.
28:34No, that's really fascinating. And thank you for sort of explaining that in so much detail.
28:40One thing I wanted to pick out from that and some, I guess, thinking also about what I've been
28:46developing recently is I've been reading a lot of reports recently about how women are much more
28:53likely to invest their money with a little more values aligned and more likely to impact invest. And with
29:02a great wealth transfer that's about to happen, we're going to see more and more women who are
29:06inheriting large quantities of wealth and investing their money very differently to how traditionally
29:11men have invested their money. As a founder and CEO of a company that is sort of, you know,
29:20investing into the environment and into climate, did you find that your investors were skewed towards
29:28more women? And do you find that your clients tend to, do you have more female clients? Or what does
29:35that sort of gender split look like for you?
29:41You know, we actually don't. I would have thought that as well. But there are a lot of men out
29:47there
29:47who are very passionate about climate change as well. So we actually have very good diversity of who
29:51invests with us. And I think probably the statistics you're quoting are balanced out by,
29:58you know, this annoying thing in society where men have tended to engage more in investing decisions
30:07for families than women until now. I hope that's something that changes because there's also data
30:12showing that when women make investing decisions, oftentimes they're investing in broad market indices,
30:17writing the growth of the economy at large over time, which is a great way to invest. Whereas
30:23men oftentimes socially talk about investing. They like to brag about, hey, I invested in the stock
30:28before it was big and I made lots of money. They don't brag so much about the bets that don't
30:32pay off.
30:33And making those bets tends to not perform as well as just broadly diversified investing,
30:39which is what the women tend to do and not talk about it as much. And so I think we
30:43probably have
30:44a lot of male investors because they talk with their buddies about investing and they're trading
30:48tips all the time. And that's how they hear about us. Women historically have not spoken with each
30:53other socially about investing as much. And I really hope that we can start to buck that trend and have
30:57more and more women talking about these topics and as a result, investing more.
31:02Amazing. Well, thank you so much. I'm very cool to hear, to be honest, that men are also investing
31:07into climate and climate change. It's refreshing to hear about. I'm very happy. It's good news.
31:14Well, thank you for sharing all. I really appreciate all your insights. And yeah, once again,
31:21it was such a privilege to chat and thank you for your time.
31:24Yeah. Thank you so much. It's been a fun conversation.
31:26Tribe Talk is a streamer studio production. Try it free at s-t-r-e-a-m-r dot n
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31:54Tribe. Taking root today to advance tomorrow.
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