????你知道誰持有.223口徑大毒蛇（Bushmaster）步槍制造商自由集團（Freedom Group）超過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名一年級小學生和7名成人，也就是加州的公立學校教師們。

????自由集團是由私募股權和對沖基金集團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。2006年4月，塞伯路斯通過收購大毒蛇武器公司（Bushmaster）創(chuàng)建了這一平臺，此后它又添加了10家武器、彈藥和軍火配件商（包括Remington防務公司，Marlin Arms公司和Barnes Bullets公司等）。

????加州教師退休基金（The California State Teachers' Retirement System, 簡稱CalSTRS）曾承諾出資5億美元，參與一個總額75億美元的基金，為自由集團提供資金支持，意味著它事實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年底申請上市，2011年初撤回了申請。事實上，實際數字可能更高，因為加州教師退休基金還曾承諾出資1億美元，參與一個10億美元的前身基金，這只基金可能進行了原始投資。

????老實說，我不知道這是為什么。先來看看加州教師退休基金的投資責任聲明部分：

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

????自由集團造成了社會傷害？我不是說造成社會傷害是它的使命，但這顯然是一個可預見的后果。

????而且，加州教師退休基金早已列明“在對任何投資決定進行財務分析時應該包括的”21條風險因素。下面列出的這條側重于人類健康：

????如果一項投資所涉行業(yè)或公司的產品對人類健康高度有害，可能引發(fā)較多的產品責任訴訟、政府監(jiān)管處罰、聯合國制裁和關注以及其他機構回避投資，這項投資的長期盈利能力就可能面臨風險。

????制造半自動步槍當然屬于這一類了。

????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.