"Divesting assets to make a moral or political statement is nothing new. Decades ago, many public pension funds pulled their investments out of firms doing business in South Africa to protest apartheid.... However, it is one thing for an individual to make this decision about his or her own personal investments. That is the individual's personal choice. It is another thing for a city or state's pension board -- that is obligated to fully fund the promises made to its employees -- to jump ship and sell highly lucrative stocks at a potential loss. Regardless of one's moral or ethical viewpoint on guns, alcohol or tobacco, the decision of a pension board to divest without considering the performance of said assets is simply irresponsible and reprehensible."

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