TED@State Street Boston
Audrey Choi: How to make a profit while making a difference
奧朱立．喬: 我們如何在獲利的同時，也讓世界變得不一樣？
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全球資本市場能否成為社會變革的催化劑？根據投資專家奧朱立．喬（Audrey Choi）的說明，私人個體擁有全球將近一半的資本，這使得他們可以藉由投資捍衛社會價值與永續性的公司，來讓世界變得不同。「我們比過去有更多的能力可以做出選擇，」她說，「所以，改變你的看法吧！。投資在你想讓世界變不一樣的地方。」
Audrey Choi - Sustainable investment expert
Audrey Choi is a thought leader on how finance can be harnessed to address public policy challenges. Full bio
Audrey Choi is a thought leader on how finance can be harnessed to address public policy challenges. Full bio
Double-click the English transcript below to play the video.
00:13
I believe big institutions
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我相信，
大型機構有獨特的潛力
可以創造改變，
可以創造改變，
00:15
have unique potential to create change,
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我也相信，身為個人的我們
00:17
and I believe that we as individuals
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00:19
have unique power
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也有獨特的力量，
00:21
to influence the direction
that those institutions take.
that those institutions take.
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可以影響那些
大型機構的決策方向。
大型機構的決策方向。
我過去不太信這套，
00:24
Now, these beliefs did not
come naturally to me,
come naturally to me,
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00:27
because trusting big institutions,
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因為相信大型機構，
00:29
not really part of my family legacy.
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真的不是我家的家訓。
00:32
My mother escaped North Korea
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我的母親，10歲時從北韓逃出來。
00:34
when she was 10 years old.
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00:36
To do so, she had to elude
every big institution in her life:
every big institution in her life:
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為此，她這一生經常
必須躲避一些大型機構：
必須躲避一些大型機構：
專制政府、佔領軍，
甚至邊境巡邏的武裝部隊。
甚至邊境巡邏的武裝部隊。
00:40
repressive governments, occupying armies
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00:43
and even armed border patrols.
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00:46
Later, when she decided she wanted
to emigrate to the United States,
to emigrate to the United States,
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之後，當她決定移民到美國時，
她必須對抗一個整體文化，
00:50
she had to defy an entire culture
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00:52
that said the girls would never
be the best and brightest.
be the best and brightest.
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就是「女孩永遠不會是
最好跟最聰明」的文化。
最好跟最聰明」的文化。
00:56
Only because her name
happens to sound like a boy's
happens to sound like a boy's
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因為她的名字乍聽
起來像個男孩子的名字，
起來像個男孩子的名字，
00:59
was she able to finagle her way
into the government immigration exam
into the government immigration exam
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她才得以唬弄的方式，通過政府
的移民考試，來到美國。
的移民考試，來到美國。
01:02
to come to the United States.
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01:05
Because of her bravery and passion,
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由於她的勇氣與熱情，
01:08
I've had all the opportunities
that she never did,
that she never did,
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我擁有了所有
她未曾有過的機會，
她未曾有過的機會，
也因此彻底改变了我的
人生。
人生。
01:10
and that has made my story so different.
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01:14
Instead of running away
from big institutions,
from big institutions,
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但我並沒有閃避大型機構，
01:16
I've actually run toward them.
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反而是奔向它們。
01:18
I've had the chance
over the course of my career
over the course of my career
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在我的職業生涯中，
我有機會在華爾街日報、
白宮工作。
白宮工作。
01:20
to work for The Wall Street Journal,
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01:22
the White House
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現在，我在全世界最大的金融機構
01:23
and now one of the largest
financial institutions in the world,
financial institutions in the world,
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負責領導永續發展的投資。
01:26
where I lead sustainable investing.
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01:28
Now, these institutions are like tankers,
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這些機構像是油輪，
而在裡面工作，
01:31
and working inside of them,
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01:32
I've come to appreciate
what large wakes they can leave,
what large wakes they can leave,
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讓我很感激能領會到它們
所走過的痕跡。
所走過的痕跡。
我逐漸相信，
01:36
and I've become convinced
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這個掌管全球資本市場的機構，
01:37
that the institution
of the global capital markets,
of the global capital markets,
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01:40
the nearly 290 trillion dollars
of stocks and bonds in the world,
of stocks and bonds in the world,
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手中握有全球價值290萬億
美元的股票和債券，
美元的股票和債券，
01:45
that that may be one
of our most powerful forces
of our most powerful forces
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是能供我們驅遣，為社會帶來積極變化的
強大力量之一，如果我們願意的話。
強大力量之一，如果我們願意的話。
01:48
for positive social change
at our disposal,
at our disposal,
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01:50
if we ask it to be.
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現在，我知道你們有些人在想，
01:52
Now, I know some of you are thinking,
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01:54
global capital markets,
positive social change,
positive social change,
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全球資本市場和
積極的社會變革，
積極的社會變革，
01:57
not usually in the same sentence
or even the same paragraph.
or even the same paragraph.
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好像八竿子打不著關係。
02:01
I think many people think
of the capital markets
of the capital markets
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很多人會認為
資本市場就像一片汪洋。
資本市場就像一片汪洋。
02:03
kind of like an ocean.
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02:04
It's a vast, impersonal,
uncaring force of nature
uncaring force of nature
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它浩大、無情、冷漠，
不會因我們的期許
或渴望而受影響。
或渴望而受影響。
02:08
that is not affected
by our wishes or desires.
by our wishes or desires.
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02:11
So the best that our
little savings accounts
little savings accounts
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所以，我們存款帳戶
或退休帳戶裡面那點小錢能做的，
或退休帳戶裡面那點小錢能做的，
02:13
or retirement accounts can do
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頂多就是搭一搭牛市的順風車，
02:15
is to try to catch some waves
in the good cycles
in the good cycles
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02:18
and hope that we don't get
inundated in the turbulent ones,
inundated in the turbulent ones,
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並祈禱自己不要
遇上熊市就好了。
遇上熊市就好了。
02:20
but certainly our decisions on how
to steer our little retirement accounts
to steer our little retirement accounts
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但可以肯定的是，
當然，我們對自己
退休金帳戶的那點小操作，
退休金帳戶的那點小操作，
並引響不了世界的主流，
02:25
don't affect the tides,
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02:26
don't change the shape or size
or direction of the waves.
or direction of the waves.
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也改變不了他們投資的
內容、規模及方向。
內容、規模及方向。
但，這是為什麼呢？
02:31
But why is that?
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02:33
Because actually,
one third of this ocean of capital
one third of this ocean of capital
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因為實際上，這大海裡的
三分之一資本，
三分之一資本，
02:36
actually belongs to individuals like us,
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是掌握在像我們這樣
的個體戶手上的，
的個體戶手上的，
而剩餘的大部分，
是由機構掌控，
是由機構掌控，
02:40
and most of the rest
of the capital markets
of the capital markets
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02:42
is controlled by the institutions
that get their power and authority
that get their power and authority
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但他們的力量、
權力和資金
權力和資金
02:45
and their capital from us,
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也是我們這些會員、參與者、
受益人、股東和公民所付予的。
受益人、股東和公民所付予的。
02:47
as members, participants,
beneficiaries, shareholders or citizens.
beneficiaries, shareholders or citizens.
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02:51
So if we are the ultimate owners
of the capital markets,
of the capital markets,
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所以，既然我們是
資本市場的最終擁有者，
資本市場的最終擁有者，
02:55
why aren't we able
to make our voices heard?
to make our voices heard?
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為什麼我們沒有話語權呢？
為什麼我們不能
引響他們的投資方向呢？
引響他們的投資方向呢？
02:58
Why can't we make some waves?
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我先問各位另一個問題：
03:00
So let me ask you a different question:
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你們最近有沒有人在超級市場或星巴克
買過「公平貿易咖啡」？
買過「公平貿易咖啡」？
03:02
did any of you buy fair trade coffee
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03:05
the last time you were
at a supermarket or at Starbucks?
at a supermarket or at Starbucks?
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03:07
OK. Do any of you go to the restaurant
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好的，你們有沒有人去餐廳吃飯，
為了環保，點「永續養殖鱒魚」，
為了環保，點「永續養殖鱒魚」，
03:10
and order the sustainably farmed trout
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03:12
instead of the miso-glazed
Chilean sea bass
Chilean sea bass
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而不是點你超級想吃的
「味增釉面智利鱈魚」？
「味增釉面智利鱈魚」？
03:15
that you really wish you could have?
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03:17
Do any of you drive hybrid cars
or even electric cars?
or even electric cars?
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你們有沒有人開油電混合車
或甚至是電動車？
或甚至是電動車？
03:21
So why do we do these things?
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所以，我們究竟為什麼
要做這些事情？對吧？
要做這些事情？對吧？
03:23
Right? One electric car doesn't amount
to much in a fleet of 1.2 billion
to much in a fleet of 1.2 billion
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一部電動車的市場根本無法與
擁有120億個內燃機引擎的傳統汽車市場相比，
擁有120億個內燃機引擎的傳統汽車市場相比，
03:27
combustion engine vehicles.
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03:29
One fish is just one fish in the sea.
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一條魚對於整個
海洋也算不了什麼。
海洋也算不了什麼。
03:33
And one cup of coffee
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而一杯咖啡
03:35
doesn't amount to a hill of beans
in this crazy world.
in this crazy world.
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對於堆積成山的咖啡豆而言，
也同樣微不足道。
也同樣微不足道。
03:39
But we do these things
because we believe they matter,
because we believe they matter,
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但我們做這些事情，
是因為我們相信它有意義，
是因為我們相信它有意義，
03:41
that our actions add up,
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我們的行為積少成多，
會影響到其他周圍的人，
會影響到其他周圍的人，
03:43
that our choices might influence others
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03:45
and collectively,
what an impact we can have.
what an impact we can have.
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最終會讓我們
匯聚成巨大的力量。
匯聚成巨大的力量。
03:48
So, in my bag I have a coffee mug
that I bought a couple of years ago.
that I bought a couple of years ago.
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我包包裡有一個咖啡杯，
好幾年前買的。
好幾年前買的。
03:51
It's a reusable mug.
It has all these things printed on it.
It has all these things printed on it.
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它可以重複使用，
杯身上印有文字和花紋，
杯身上印有文字和花紋，
03:54
Look at some of the things
that are on it, that it says.
that are on it, that it says.
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杯身上寫著，
「這個杯子能反複使用。」
03:57
"This one cup can be used
again and again."
again and again."
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04:00
"This one cup may inspire others
to use one too."
to use one too."
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「這個杯子可以鼓勵
其他人也買一個來用」
其他人也買一個來用」
「這個杯子可以拯救我們的地球。」
04:04
"This one cup helps save the planet."
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04:06
I had no idea this plastic cup
was so powerful.
was so powerful.
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我真搞不懂，這塑膠杯
為什麼這麼紅。（笑聲）
為什麼這麼紅。（笑聲）
04:09
(Laughter)
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所以，為什麼我們認為
04:10
So why do we think that our choice
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選擇一個四塊錢、可重複使用、
04:12
of a four dollar shade-grown
fair trade artisanal cup of coffee
fair trade artisanal cup of coffee
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手工製作、公平貿易、
遮蔭種植的咖啡杯就有意義，
遮蔭種植的咖啡杯就有意義，
04:16
in a reusable mug matters,
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04:18
but what we do with 4,000 dollars
in our investment account
in our investment account
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但善用我們的退休金投資賬戶裡
的4000美金，就沒意義呢？
的4000美金，就沒意義呢？
04:21
for our IRA doesn't?
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04:23
Why can't we tell the supermarket
and the capital markets
and the capital markets
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為什麼我們不告訴
超級市場和資本市場，
超級市場和資本市場，
04:26
that we care,
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我們真的在乎，
04:28
that we care about fair labor standards,
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我們在乎公平的勞工規範，
04:30
that we care about sustainable
production methods
production methods
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我們關心永續的生產方法
及健康的社會。
及健康的社會。
04:33
and about healthy communities?
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04:34
Why aren't we voting
with our investment dollars,
with our investment dollars,
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為何我們不靠投資
來表明我們的立場，
來表明我們的立場，
04:37
but we would vote with our lattes?
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而是要靠拿鐵呢？
04:40
So I think it has something
to do with the myths,
to do with the myths,
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我覺得這跟我們的
錯誤觀念有關，
錯誤觀念有關，
04:43
the fables that we all carry around
in our collective consciousness.
in our collective consciousness.
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跟我們的集體意識有關。
04:47
Do you remember the Grimm's fairy tale
about the magic porridge pot?
about the magic porridge pot?
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大家還記得《格林童話》
中那個神奇的粥鍋嗎？
中那個神奇的粥鍋嗎？
04:50
If you said to the pot,
"Boil, little pot, boil,"
"Boil, little pot, boil,"
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如果你對鍋子說，
「煮吧，小鍋子，煮吧」，
「煮吧，小鍋子，煮吧」，
04:53
it would fill up with sweet porridge.
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它就會煮出一鍋香甜的粥。
04:55
And if you said, "Stop, little pot, stop,"
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而如果你說，
「停，小鍋子，停」
「停，小鍋子，停」
04:57
it would stop.
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它就會停下來。
04:59
But if you got the words wrong,
it wouldn't listen,
it wouldn't listen,
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但如果你說錯咒語，
它不會聽你的，
它不會聽你的，
05:02
and things could go terribly awry.
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而且事情會變得很糟糕。
05:05
So I think when it comes to markets,
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所以當談到市場，
05:07
we have a little bit
of a similar fable in our heads.
of a similar fable in our heads.
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我認為我們的腦袋裡也有一個
類似的小鍋子童話。
類似的小鍋子童話。
05:09
We believe that the markets
is this magic pot
is this magic pot
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我們相信市場就是這個
只聽懂一條指令的魔法鍋，
只聽懂一條指令的魔法鍋，
05:12
that obeys only one command:
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05:14
make more money.
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就是：賺更多的錢。
05:16
Only those words said exactly that way
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只有準確地說出這幾個字，
才會讓鍋子裝滿黃金。
05:19
will make the pot fill up with gold.
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05:22
Add in some extra words
like "protect the environment,"
like "protect the environment,"
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但如果說一些其他字眼，
像是「保護環境」，
像是「保護環境」，
05:26
the spell might not work.
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咒語就可能無效了；
05:28
Put in the wrong words
like "promote social justice,"
like "promote social justice,"
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加上幾個錯誤的詞，
比如像是「提倡社會正義」，
比如像是「提倡社會正義」，
那你可能會看到，
你的錢在變少，
你的錢在變少，
05:32
and you might see your gold coins shrink
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05:34
or even vanish entirely,
according to this fable.
according to this fable.
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甚至可能全部消失。
05:38
So we asked people,
what do you really think?
what do you really think?
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所以我想問，
你們真正的想法是甚麼？
你們真正的想法是甚麼？
05:41
And we actually went out and polled
a thousand individual investors,
a thousand individual investors,
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我們針對一千名個體投資者
進行了問卷調查，
進行了問卷調查，
05:45
and we found something fascinating.
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我們發現了一些
有趣的現象，
有趣的現象，
05:47
Overwhelmingly,
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絕大部分的人，希望在
咒語中加入更多的詞。
咒語中加入更多的詞。
05:49
people wanted to add
those extra words into the formula.
those extra words into the formula.
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71%的人說，「沒錯，
我們對永續發展投資有興趣。」
我們對永續發展投資有興趣。」
05:52
71 percent of people said yes,
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05:55
they were interested
in sustainable investing,
in sustainable investing,
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大家對「永續發展投資」的定義是，
以傳統的投資標準來看，
以傳統的投資標準來看，
05:58
which we define as taking the best
in class investment process
in class investment process
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06:01
that you already have traditionally
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這項投資要是最好最賺錢的，
06:03
and adding in the extra
information you get
information you get
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除此之外，還要兼顧環保、
社會責任和良好的管理。
社會責任和良好的管理。
06:05
when you think about the environment
and society and good governance.
and society and good governance.
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06:08
71 percent wanted that.
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71% 的投資人都認同。
06:10
72 percent said that they believe
that companies who did that
that companies who did that
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72% 的投資人說，他們相信
這樣做的公司會有
較佳的財務表現。
較佳的財務表現。
06:13
would actually do better financially.
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06:15
So people really do believe
that you can do well by doing good.
that you can do well by doing good.
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人們的確相信，如果你做好的事，
就會有好的投報。
就會有好的投報。
奇怪的是：
06:19
But here was the weird thing:
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06:20
54 percent of the people
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54% 的人說，
06:22
still said if they put their money
in those kinds of stocks,
in those kinds of stocks,
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如果他們把錢
放在這類股票上面，
放在這類股票上面，
06:26
they thought that they
would make less money.
would make less money.
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他們認為他們會賺得比較少。
06:29
So is it true?
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真的是這樣嗎？
06:31
Do you get less sweet porridge
if you invest in shade-grown coffee
if you invest in shade-grown coffee
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如果你不喝樹蔭咖啡，
而是投資它，
而是投資它，
你的收益就會減少嗎？
06:35
instead of drinking it?
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像Burt's Bees或Ben & Jerry's
這種投資公司，
這種投資公司，
06:37
Well, you know, the investors
in companies like Burt's Bees
in companies like Burt's Bees
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06:41
or Ben & Jerry's wouldn't say so.
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他們可不會這麼認為。
06:42
Right? Both of those started out
as small, socially conscious companies
as small, socially conscious companies
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這兩家公司都發展自
很小的社會關懷公司，
很小的社會關懷公司，
06:46
that ended up becoming
so popular with consumers
so popular with consumers
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最後因深受顧客的喜愛，
06:50
that the giants Unilever
and Clorox bought them
and Clorox bought them
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最後被聯合利華和
高樂氏這樣的大公司
高樂氏這樣的大公司
06:53
for hundreds of millions of dollars
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分别以數億美元的價格所收購。
06:55
each.
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但這裡有件重要的事，
06:57
But here's the important thing.
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這些企業了解，
06:59
Those corporations realized
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如果他們想保護
自己的投資價值，
自己的投資價值，
07:00
that if they wanted to protect
the value of their investments,
the value of their investments,
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07:03
they had to preserve
that socially conscious mission.
that socially conscious mission.
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他們就必須持續保留
這種社會責任。
這種社會責任。
07:06
If they didn't keep adding in
those extra words
those extra words
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如果這些品牌不在
生財咒語裡加點詞，
生財咒語裡加點詞，
07:08
of environmentally friendly
and socially conscious,
and socially conscious,
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例如「友善環境」、
「社會責任」之類，
「社會責任」之類，
07:10
those brands wouldn't make more money.
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2080
它们就沒法賺更多的錢。
07:14
But maybe this is just the exception
the proves the rule, right?
the proves the rule, right?
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3336
但，這也許只是例外。
07:17
The serious companies
that fund our economy
that fund our economy
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那些專注於賺錢的公司
07:20
and that fund our retirements
and that really make the world go round,
and that really make the world go round,
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推動了我們的經濟，
支付了我們的退休金，
支付了我們的退休金，
少了他們這世界還真沒辦法運轉，
07:23
they need to stick to making more money.
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2440
07:26
So, Harvard Business School
actually researched this,
actually researched this,
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哈佛大學商學院做了這項研究，
他們發現了一些有趣的現象。
07:29
and they found something fascinating.
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1762
07:31
If you had invested a dollar 20 years ago
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2630
如果你在20年前投資一塊錢
07:34
in a portfolio of companies
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到只關心單一季度盈餘
的投資組合公司，
的投資組合公司，
07:35
that focused narrowly on making more money
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2216
07:38
quarter by quarter,
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1936
那一塊錢20年後會成長到14.46元。
07:40
that one dollar
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07:41
would have grown
to 14 dollars and 46 cents.
to 14 dollars and 46 cents.
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3856
這算不錯了。
07:45
That's not bad until you consider
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但是，如果你把同樣的
一塊錢轉而投資到
一塊錢轉而投資到
07:47
that if instead
you'd invested that same dollar
you'd invested that same dollar
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3016
07:50
in a portfolio of companies
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專注關心社會環境議題
的投資組合公司，
的投資組合公司，
07:52
that focused on growing their business
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1810
07:54
and on the most important
environmental and social issues,
environmental and social issues,
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你就會知道，後者是更好的選擇，
因為那一塊錢
07:58
that one dollar would have grown
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2176
08:00
to 28 dollars and 36 cents.
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3440
20年後會成長到28.36元，
08:04
almost twice as much sweet porridge.
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2896
相當於兩倍的收益。
08:07
Now, let's be clear, they didn't make
that outperformance
that outperformance
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當然，我們要明白一點，
他們並不是靠四處撒錢
來換取好的名聲。
來換取好的名聲。
08:10
by giving away money
to seem like a nice corporate citizen.
to seem like a nice corporate citizen.
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08:13
They did it by focusing on the things
that matter to their business,
that matter to their business,
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3216
他們是靠專注於
影響業務的重要事情，
影響業務的重要事情，
08:16
like wasting less energy and water
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比如在製造過程中，
減少浪費的能源及水資源；
減少浪費的能源及水資源；
08:18
in their manufacturing processes;
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1776
08:20
like making sure the CEO contracts
had the CEOs incentivized
had the CEOs incentivized
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3376
或是確認公司的聘僱合約中，
可以激勵CEO專注於
公司及社區的長期發展，
公司及社區的長期發展，
08:23
for the long-term results of the company
and the communities they served,
and the communities they served,
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而不是只看短期的季度表現；
08:27
not just quarterly results;
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1376
08:28
or building a first class culture
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2296
或是建立一流的公司文化，
08:31
that would have higher employee loyalty,
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2336
使員工有更高的忠誠度、
08:33
retention and productivity.
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501520
1960
更高的留職率及生產力。
不只哈佛，牛津大學
也做了類似研究，
也做了類似研究，
08:36
Now, Harvard's not alone.
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08:37
Oxford also did a research study
where they examined 120 different studies
where they examined 120 different studies
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对120項不同研究的結果進行分析。
08:41
looking at the effect
of sustainability and economic results,
of sustainability and economic results,
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3456
他們致力於研究永續發展
對公司收益的影響，
對公司收益的影響，
08:45
and they found
time and time and time again
time and time and time again
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2776
他們一次次地發現，
08:48
that the companies that cared
about these kinds of important things
about these kinds of important things
192
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3856
那些重視永續發展的公司
08:51
actually had better
operational efficiency,
operational efficiency,
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2040
往往具有較佳的經營效率、
較低的資本成本，
08:54
lower cost of capital
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1816
08:56
and better performance
in their stock price.
in their stock price.
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2240
及較高的股價表現。
接下來我們聊聊艾爾．高爾。
（柯林頓任內的副總統）
（柯林頓任內的副總統）
08:59
And then there's Al Gore.
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1536
09:00
So 20 years ago, when I worked
for Al Gore in the White House,
for Al Gore in the White House,
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2936
20年前我在白宮
為艾爾．高爾工作，
為艾爾．高爾工作，
他是最早呼籲企業和政府
09:03
he was one of the early pioneers
pleading with businesses and governments
pleading with businesses and governments
198
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要重視氣候變化
問題的先鋒之一。
問題的先鋒之一。
09:07
to pay attention to the challenges
of climate change.
of climate change.
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離開白宮後，
09:10
Post-White House, he opened
an investment firm called Generation,
an investment firm called Generation,
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3048
他創立了一家名為
《世代》的投資公司，
《世代》的投資公司，
09:13
where he baked environmental
sustainability and other things
sustainability and other things
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3264
將永續環境發展及其他議題放進
09:16
right into the core investment process.
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1880
公司的核心投資流程裡面。
09:18
And at the time there was
a good bit of skepticism about his views.
a good bit of skepticism about his views.
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3656
當年他的觀點可是遭到了不少懷疑。
09:22
Ten years later, his track record
is one more proof point
is one more proof point
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3736
10年後，他的投資經歷又再次證明，
09:26
that sustainable investing done right
can be sound investing.
can be sound investing.
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3696
只要做法正確，
永續投資是大有可為的。
永續投資是大有可為的。
09:30
Far from making less sweet porridge
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1856
將永續發展加入咒語，
不但不會減少甜粥的數量，
09:31
because he added
sustainability into the mix,
sustainability into the mix,
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2376
反而使它更加美味。
09:34
he actually significantly
outperformed the benchmark.
outperformed the benchmark.
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說到永續發展投資，
09:37
Now, sustainable investing,
209
565560
1536
09:39
the good news is
it doesn't require a magic spell
it doesn't require a magic spell
210
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2880
它的好處在於並不需要念咒語，
也不需要什麼內幕消息，
也不需要什麼內幕消息，
09:42
and it doesn't require
some investment secret,
some investment secret,
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3176
它不是菁英的特權，
09:46
and it's not just for the elite.
212
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1576
09:47
It is not just about private equity
for billionaires.
for billionaires.
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3496
也不是億萬富翁的私人股權。
它不是那些噱頭十足的投資，
比如清潔技術
比如清潔技術
09:51
It's not just groovy-sounding investments
like clean technology
like clean technology
214
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2953
09:54
or microfinance in emerging markets
215
582217
1696
或是新興市場的微型貸款，
09:55
or artisanal bakeries in Brooklyn.
216
583937
2223
或者布魯克林的手工烘培坊。
09:59
It's about stocks and bonds
and Fortune 500 companies.
and Fortune 500 companies.
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587000
3016
而是股票、債券
與財富500強企業。
與財富500強企業。
這是共同基金，
10:02
It's about mutual funds.
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590040
1216
10:03
It's about all the things
219
591280
1456
是我們今天能在市場上
所看到的投資產品。
所看到的投資產品。
10:04
we already see in the market today.
220
592760
2160
10:07
So here's why I'm convinced
221
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1976
這就是為什麼我堅信，
只要我們聯合起來，就有能力
只要我們聯合起來，就有能力
10:09
that we collectively have the power
222
597520
2136
可以為永續發展投資
創立一個新的常態典範。
創立一個新的常態典範。
10:11
to make sustainable investing
the new normal.
the new normal.
223
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3080
10:15
First, the proof points
are coming out all the time
are coming out all the time
224
603560
4216
第一，一直以來
都有大量證據顯示，
都有大量證據顯示，
10:19
that sustainable investing done right,
225
607800
2016
永續發展投資是做對的事情，
10:21
preserving all the same
good principles of investing,
good principles of investing,
226
609840
3216
它保存了投資的優點，
10:25
the traditional sphere, can pay.
227
613080
1960
也保存了能賺錢的優良傳統。
10:27
It makes sense.
228
615520
1816
這是說得通的。
10:29
Secondly,
229
617360
1416
第二，我們面臨的最大障礙，
10:30
the biggest obstacle standing in our way
230
618800
2136
也許只存在於我們的腦袋裡。
10:32
may actually just be in our heads.
231
620960
2040
10:35
We just need to let go of that myth
232
623520
2056
我們要消除這種錯誤觀念，
10:37
that if you add your values
into your investment thinking,
into your investment thinking,
233
625600
4256
就是一旦在投資決策中
加入了道德價值，
加入了道德價值，
你的收益就會減少的錯誤觀念。
10:41
that you get less sweet porridge.
234
629880
1616
10:43
And once you get rid of the fable,
235
631520
1656
只要你拋棄這種錯誤觀念，
10:45
you can actually start appreciating
those facts we've been talking about.
those facts we've been talking about.
236
633200
3456
你會開始感激
我們今日談的那些事實。
我們今日談的那些事實。
10:48
And third, the future is already here.
237
636680
1976
第三，未來已經到來了。
10:50
Sustainable investment today
is a 20 trillion dollar market
is a 20 trillion dollar market
238
638680
2976
今日的永續發展投資
是一個20萬億的市場，
是一個20萬億的市場，
10:53
and it's the fastest-growing segment
of the investment industry.
of the investment industry.
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641680
3376
而它專注的投資產業
是成長最快的類別。
是成長最快的類別。
10:57
In the United States,
it has grown enormously, as you can see.
it has grown enormously, as you can see.
240
645080
3216
它在美國已經大幅成長。
11:00
It now represents
one out of every six dollars
one out of every six dollars
241
648320
2696
在專業經理人的管理下，
現在每六塊就有一塊錢
投資於這個產業。
投資於這個產業。
11:03
under professional management
in the United States.
in the United States.
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2400
11:06
So what are we waiting for?
243
654400
1320
所以，我們還在等甚麼？
11:09
For me, it goes back to the inspiration
that I received from my mother.
that I received from my mother.
244
657160
3334
對我而言，它代表著
從我母親身上獲得的鼓舞。
從我母親身上獲得的鼓舞。
她明白自己一生的追求，
11:13
She knew that she wanted a life
245
661240
1536
11:14
where she would have the freedom
to make her own choices
to make her own choices
246
662800
2640
就是能擁有選擇的自由，
11:18
and to have her voice heard
and write her own story.
and write her own story.
247
666280
3216
能發出自己的聲音，
寫出自己的故事。
寫出自己的故事。
11:21
She was passionate about that goal
248
669520
2456
她為自己的目標激動不已，
11:24
and she was clear that she would let
no army, no obstacle,
no army, no obstacle,
249
672000
3616
她也清楚地知道，
她不會讓軍隊、困難、
大型機構擋住她的去路。
大型機構擋住她的去路。
11:27
no big institution stand in her way.
250
675640
2520
她成功地來到了美國，
11:31
She made it to the States,
251
679040
1856
11:32
and she became a teacher,
252
680920
1736
她成為了一名老師，
11:34
an award-winning author
253
682680
1696
一名獲獎的作家，
11:36
and a mother,
254
684400
1256
一名母親，
11:37
and ended up sending
her daughters to Harvard.
her daughters to Harvard.
255
685680
2696
最後還把女兒們送進哈佛。
11:40
And these days, you can tell
that she is amply comfortable
that she is amply comfortable
256
688400
3096
這些年來，你可以這麼說，
她在這個世界上
最強大的機構中也能吃得開。
最強大的機構中也能吃得開。
11:43
holding court in the most powerful
institutions in the world.
institutions in the world.
257
691520
4056
這簡直太不可思議了，
11:47
It seems almost too prophetic
258
695600
1896
11:49
that her name in Korean means
259
697520
2296
因為她的名字在
韓語中的意思就是
韓語中的意思就是
11:51
"passionate clarity."
260
699840
1280
「充滿激情，目標明確」。
11:54
Passionate clarity:
261
702280
1656
「充滿激情，目標明確」，
11:55
that's what I think we need
to drive change.
to drive change.
262
703960
2776
這正是我們變革所需要的。
11:58
Passion about the change
we want to see in the world,
we want to see in the world,
263
706760
3336
激情說的是，
我們渴望改變世界，
我們渴望改變世界，
12:02
and clarity that we are able
to help chart the course.
to help chart the course.
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而目標明確說的是，
我們走在正確的路上。
我們走在正確的路上。
12:06
We have more opportunity today
than ever before
than ever before
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我們比以前有更多的機會，
12:09
to make choices.
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可以做出各種選擇。
12:11
We have more power than ever before
to make our voices heard.
to make our voices heard.
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我們比過去有更多的能力，
可以發出自己的聲音。
可以發出自己的聲音。
12:16
So change your perspective.
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所以，改變你的看法吧！
為你的小改變投下神聖一票。
12:20
Vote with your small change.
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12:21
Invest in the change
you want to see in the world.
you want to see in the world.
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投資在你想要讓世界
變不一樣的地方。
變不一樣的地方。
12:25
Change the fables
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破除迷信！
12:27
and change the markets.
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改變市場！
謝謝各位！
12:29
Thank you.
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12:30
(Applause)
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（掌聲）
ABOUT THE SPEAKER
Audrey Choi - Sustainable investment expertAudrey Choi is a thought leader on how finance can be harnessed to address public policy challenges.
Why you should listen
Audrey Choi is CEO of Morgan Stanley's Institute for Sustainable Investing. She is also Managing Director and Head of Morgan Stanley's Global Sustainable Finance Group. In these roles, she oversees the firm's efforts to support resilient communities and promote economic opportunity and global sustainability through the capital markets.
Prior to joining Morgan Stanley, Audrey held senior policy positions in the Clinton Administration, the Commerce Department and the Federal Communications Commission. While at the White House, she served as Chief of Staff of the Council of Economic Advisers and Domestic Policy Advisor to the Vice President.
Previously, Audrey was a foreign correspondent and bureau chief at The Wall Street Journal. She is currently a member of President Obama's US Community Development Advisory Board and on the boards of several national nonprofits focused on education, conservation and impact investing. Audrey is a graduate of Harvard College and Harvard Business School.
Audrey Choi | Speaker | TED.com