There’s probably at least one company you refuse to support, and you’re not alone! A wildly popular question on Reddit last week was “What is a company that you refuse to support and why?” Posters complained about Comcast’s terrible customer service and underhanded marketing and sales tactics, Ticketmaster’s excessive fees, and beer giant AB-InBev’s pattern of buying up craft breweries and ruining quality.
People also chose to boycott companies based on graver moral issues. Some protested Mylan, who raised the price of their life-saving EpiPens by 500% in just six years. Others focused on Walmart’s exploitation of their employees to keep them at minimum wage and without benefits. One user said they could “never forgive [BP] for Deepwater Horizon,” but another pointed out that Halliburton is really to blame for the environmental disaster.
But boycotts are complex. With mergers and acquisitions it can be hard to know who you’re actually buying from. And what many don’t realize is that even if they’re not directly purchasing goods or services from these companies, they may still be funding their businesses. Companies like Halliburton, Mylan, and Comcast are often included in standard investment or retirement portfolios. With every dollar you’ve invested, you’re giving money to those companies you’ve sworn not to support.
Until now, divesting from a single company while holding the market was basically impossible. But with OpenInvest, you can back your boycott by divesting from your least favorite companies. On the back-end, we’ll instantly tweak all holdings to ensure you stay balanced and diversified.
So go ahead, put your money where your mouth is! The fact is, you simply don’t need to fund Comcast, or Halliburton, or just about anyone else, to be fully diversified. Don’t let anyone tell you otherwise.