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“I sometimes joke that there are way more socialists who need a financial adviser than there are socialist financial advisers,” said Zach Teutsch, a financial adviser and founder of Values Added Financial, a financial advisory firm for progressives. “People are really yearning for this. They want an adviser who shares their disdain for a US economy that’s dominated by obscenely wealthy multi-billionaires.”

The yearning is there, but an important question to ask early on is how much of an impact anti-capitalist or transformative investing will have.

Attempts to invest ethically aren’t exactly new. The concept of socially responsible investing dates back centuries, and today there are a variety of approaches that fall under this umbrella. In recent years, they’ve attracted increased skepticism about their efficacy and ethics. The positive impact socially responsible investing strategies claim to have is often hard to measure, and there isn’t a single rigorous definition for what “socially responsible” means — what’s ethical to one person might be unforgivable to another.

“There’s been a huge amount of interest, but also a huge amount of competition and marketing dollars spent by those larger investment firms that are basically looking to make a quick buck,” said Sonia Kowal, president of Zevin Asset Management, an investment management firm that focuses on socially responsible investing. “There’s a lot of impact washing going on.”

Because it’s a relatively new idea, anti-capitalist investing doesn’t yet have a clear-cut definition. Anti-capitalist investments and efforts fall across a spectrum, and not everyone would use the term “anti- capitalist” to refer to them. As Pien told Recode, “I wouldn’t go so far as to describe myself as anti-capitalist because I still participate in this economy. … But I would like a world that’s different from the current capitalist system that we have.”

Making up part of this spectrum is “transformative investing,” whose goal is to transform the “extractive economy” — meaning the system we have now, where finite resources are extracted and only a few people are rewarded with profits — into a “regenerative economy” where capital is spread more equitably and controlled more democratically. It’s a concept popularized by Resource Generation, a social justice organization whose members are wealthy young Americans who have made a commitment to redistributing all or most of their money.

Operating at the more radical end of the anti-capitalist investment spectrum is a firm like Chordata Capital, which offers an explicitly anti-capitalist approach to wealth management. Some of Chordata’s clients don’t want any return on their investments, and they might work on a plan to spend down their wealth over a period of 20 years.

“Sometimes when we use that language, [anti- capitalist investing], people say it’s a paradox. I think that comes from a place of people believing that there’s no real alternative to capitalism,” said Kate Poole, who leads Chordata with co-founder Tiffany Brown.

Poole advises clients on making investments into worker cooperatives, which are businesses that are owned by workers whose profits are shared among them, or community-controlled loan funds, like the one run by the Boston Ujima Project, which gives working-class members a vote on which participating businesses in their community should get funding.

However, the financial services industry currently isn’t built for transformative investing. The general principle of investing is to minimize risk and maximize profit by holding different kinds of assets instead of putting all your eggs in one basket. It’s more difficult to maintain asset diversity when you’re avoiding all publicly traded stocks. Financial advisers are also required by law to manage their clients’ investments through custodians, which are often large banks, that safekeep assets. “Many of these firms don’t custody investments outside of Wall Street,” said Luong. That means investing into a small, community-based business requires investment advisers to do more research and paperwork than when you’re investing in traditional investment vehicles that include many publicly traded companies.

It can also be a challenge to find worthy non-Wall Street options that align with transitioning to a regenerative, more equal economy. Kelly Cahill, a 34-year-old Resource Generation member, told Recode, “I liked the idea of moving my money to community-based investments instead of the stock market, but … where do I put it?” While an increasing number of retirement funds — which are the most common way that most Americans hold stocks — are offering socially responsible investment options, unless you can hire a financial adviser, it’s unlikely you’ll have the knowledge and access to do community-based investing.

Cahill, who received a significant settlement due to an accident, initially followed common financial advice and put half of her money into the stock market. “I ignored it for a year,” she recalled. “And then when I finally did look at it, I was just blown away by how much it grew in that time.” She realized she didn’t need all of it, so she joined Resource Generation and found a financial adviser who could help her redistribute a third of it into community-based investments.

Resource Generation offers a database of financial professionals and firms qualified to help people with transformative investing. For now, the list is still small, with fewer than 30 investment firms able to provide at least some off-Wall Street investment options and transformative investing support. But Nadav David, an organizer at Resource Generation who helped create the database, told Recode there’s been an uptick in interest.

“Within the last several years, I’ve definitely seen much more conversation about actually fully divesting from Wall Street and from public markets, and more in communities,” he said. Meanwhile, Resource Generation’s membership has grown. According to the organization, at the end of 2019, it had 702 members; by the end of 2021, it had 1,155.

“We’re interested in ending inheritance as we know it, and being the last generation of people to be able to accumulate wealth in this way,” David said.

As transformative investing grows, even if it remains a niche part of the financial market, emphasizing how it’s different from other kinds of ethical investing will become even more important, especially if it wants to avoid the haziness that surrounds socially responsible investing. As of now, the latter is vastly more popular. In 2020, almost 36 percent of professionally managed assets globally were classified as socially responsible investments. Within this category, environmental, social, and corporate governance (ESG) integration was the most popular strategy — a little over $25 trillion in assets used ESG integration in 2020. This includes factoring in a company’s carbon footprint or how well it treats employees when calculating the risk or return on an investment, because such factors could impact the financial performance of the business. ESG doesn’t necessarily prioritize social values over financial performance.

In comparison, only $352 billion went toward impact or community investing. Still, that $352 billion is a 42 percent increase since 2016. It speaks to the growing appetite for alternative investment strategies beyond the surface-level impact washing often associated with ESG investing.

While no one seems to be under the illusion that radical investing alone will solve the problem of wealth inequality, the emergence of this trend suggests that the next several decades may be transformative for the financial services industry. For a small number of wealthy young Americans coming into inheritances, it isn’t enough to donate to a few charitable causes — one of the loudest critiques of big philanthropy is that it lacks transparency and is undemocratic. They’ve recognized a need to move beyond feeling guilty about their own privilege and the profound inequality that exists in the world. They’re attempting to alter the power imbalance in the relationship they have with others, and feel as though they’re part of a community that’s not just connected by wealth.

Pien recalls her late father’s advice on how to manage money. “He said, ‘Listen, Andrea, I know you like to redistribute money, but know that you need to have at least $13 million to be absolutely secure,’ which I thought was absurd,” she said. “Part of why I want to participate in this movement of redistribution is that my dad worked really, really hard — and was really isolated. He didn’t have a lot of close friends.”

“I want the future to look like everyone having a little bit more than enough,” Pien continued. “Everyone being able to feel affirmed in their identities and feel connected to their communities around them — not isolated.”

Anthony Hopkins and Banks Repeta in Armageddon Time.

James Gray’s Armageddon Time is a semi-autofictional story of a sixth-grader named Paul (Banks Repeta) growing up in Queens in the 1980s who, after some trouble in his public school, ends up at a private academy at the behest of his grandfather (Anthony Hopkins). A jolt of a cameo with political implications appears midway through — I don’t want to ruin it — but the film’s broader aim is to excavate the layers of privilege that the protagonist, whose ancestors fled the Holocaust, is slowly coming to realize. Paul’s family is navigating the gluey border between being the target of anti-Semitism and enjoying the opportunities and social standing that their Black neighbors will never have. Meanwhile, Paul is caught between his left-leaning family and the children at his new school who casually drop racial slurs, or pump fists and chant “Reagan! Reagan!” at the mention of an upcoming election. It’s a truly poignant, troubling, and ultimately brilliant work of memory and self-implication.

How to watch it: Focus Features will open Armageddon Time in the US later this year.

Aftersun

A youngish man and his 11-year-old 
daughter sit together on a couch, looking tired. A24
Frankie Coreo and Paul Mescal in Aftersun.

One of the festival’s breakout hits is Aftersun, from first-time director Charlotte Wells and starring Normal People heartthrob Paul Mescal. In the 1990s, 11-year-old Sophie (first-timer Francesca Corio) is on holiday with her father, Calum (Mescal), and for a long time Aftersun seems like it’s merely the memories of a happy childhood. But we slowly come to realize that we’re seeing those memories as an older Sophie tries to process her relationship with her father, who, while loving and supportive, is fighting his own demons. Reminiscent of Joanna Hogg’s Souvenir movies, Aftersun is directed with a sure hand and immense empathy by Wells. We’re all just trying to do our best; what is left in Sophie’s memories is immense grace.

How to watch it: A24 will release Aftersun in the US.

Broker

 Neon
Song Kang-Ho in Broker.

Hirokazu Kore-eda won the coveted Palme d’Or with his devastating 2018 drama Shoplifters. Now he’s returned with Broker, another gentle story about people on society’s margins — one that packs a considerable emotional punch. The story starts when young mother So-young (Lee Ji-eun) drops off her infant son at a church in a “baby box.” Two detectives observe the action, but more importantly, so do Dong-soo (Gang Dong-won) and Sang-hyun (Parasite star Song Kang-ho), who work under the radar as adoption brokers on the Korean “gray market.” Broker is sentimental and sweet, often funny, and a lighter take on Kore- eda’s ongoing project of exploring chosen families.

How to watch it: Neon will release Broker in the US.

Close

Two young boys. A24
Eden Dambrine and Gustav De Waele in Close.

An unspeakably tender story about young friendship and grief, Lukas Dhont’s Close is the story of Rémi (Gustav De Waele) and Leo (an extraordinary Eden Dambrine), two young teens who have been best friends since childhood. They spend nights at one another’s house and say they are closer than brothers. But when Leo is made to feel self-conscious about their relationship by classmates, who ask if they are a couple, he starts to push Rémi away, and Rémi’s reaction leads to tragedy. Incredibly understated and finely realized, Close makes use of silence and nearly imperceptible facial expression to follow Leo through the months that follow, exploring the kinds of emotions and desires that young teens often feel but rarely understand. It’s an elegant, beautiful, moving film.

How to watch it: A24 will release Close in the US.

Decision to Leave

the faces of a man and a woman. Cannes Film Festival

Park Hae-il and Tang Wei in Decision to Leave.

Park Chan- wook (Oldboy, The Handmaiden) brings his rich imagination and lush, masterful sensibility to film noir with Decision to Leave, a twisty thriller with nods to Hitchcock but certainly in a mystery-movie class all its own. It’s a kind of “black widow” story, centering on Hae-joon (Park Hae-il), a detective in Busan. He stumbles into a case involving Seo-rae (Tang Wei), who is a Chinese immigrant, newly widowed, and the prime suspect in the murder of her husband. Nothing is naturalistic about Park’s editing, which fades from timeline to timeline and often puts us inside Hae-joon’s head; we’re trying as hard to follow what’s going on as he is. And in the end, it becomes a swoony romance with a gloriously sharp edge.

How to watch it: Mubi will release Decision to Leave in the US.

Funny Pages

A teenager in a comics store. A24
Daniel Zolghadri in Funny Pages.

A gritty little delight of a film, Funny Pages is the tale of teenaged cartoonist and comics obsessive Robert (Daniel Zolghadri), who isn’t interested in his parents’ college plans for him. All he wants is to draw — specifically, draw the kind of underground R. Crumb-style alt-comics that don’t make much money. He rents a room in a seventh-circle-of-hell-style basement apartment in Trenton, New Jersey, and picks up a job on the side; that’s how he meets Wallace (Matthew Maher), a strange guy who nonetheless had a mid-level job at a comics publisher that Robert worships. Their misadventures also function as a coming-of-age moment for Robert, who is staring down the barrel of the rest of his life and not seeing what he’d hope there. It’s a weird, smudgy, hilarious story from first-time feature director Owen Kline, and a grimy fun time.

How to watch it: A24 will release Funny Pages in the US.

God’s Creatures

A young man and his mother 
stand together, looking worried. A24
Paul Mescal and Emily Mortimer in God’s Creatures.

Anna Rose Holmer and Saela Davis (writer/director and editor, respectively, of The Fits) return to co-direct God’s Creatures, a harrowing and revealing story set in a small Irish fishing village. Troubled son Brian (Paul Mescal) returns home from years drifting abroad, to the delight of his mother, Aileen (Emily Watson), and the consternation of some others. He rekindles an acquaintance with old flame Sarah (Aisling Franciosi) and restarts the family oyster farm. But then he’s accused of sexual assault, and the small village — especially Aileen — is cast into turmoil. A carefully-tuned story about the complicated social dynamics that arise in close-knit communities, God’s Creatures is a sharp-edged acting showcase and a devastating exploration of how justice and love do, and don’t, exist alongside one another.

How to watch it: A24 will release God’s Creatures in the US.

One Fine Morning

An older 
man and his adult daughter sit together. Sony Pictures Classics

Pascal Greggory and Lea Seydoux in One Fine Morning.

Mia Hansen-Løve’s Bergman Island was my favorite film of 2021, so expectations ran high for One Fine Morning — and I was not disappointed. Sandra (a luminous Lea Seydoux) is a young widowed mother and a translator whose life is full with caring for her young daughter and her ill father, whose condition is rapidly deteriorating. Then Clement (Melvil Poupaud), a married astrophysicist and friend of her late husband, re-enters the picture, and life begins to overflow with love, and longing, and loss, and joy. Time, in One Fine Morning, passes like a poem or a song, a string of moments weighty with emotion. History and the future can’t be helped, so you have to hang on to the moment. It nearly brushes melodrama, but Seydoux’s performance anchors the film, ultimately rendering it a love letter to the present, and to the ways heartbreak and hope intertwine.

How to watch it: Sony Pictures Classics will release One Fine Morning in the US.

Return to Seoul

    <img alt="A young woman stands in Seoul at night." src="https://cdn.vox-

cdn.com/thumbor/Vo7Cp0SMoLyPBpPFkeXmMFpxCi4=/800x0/filters:no_upscale()/cdn.vox- cdn.com/uploads/chorus_asset/file/23589655/returntoseoul.jpg" /> Sony Pictures Classics

Park Ji-min in Return to Seoul.

Return to Seoul is a stone-cold stunner. The drama centers on Freddie (fantastic newcomer Park Ji-min), born in Korea but adopted by French parents; at 25, she’s decided to visit the land of her birth for the first time. With confidence, director Davy Chou plumbs Freddie’s interior landscape — this isn’t about finding home so much as reckoning with the realization that you feel like you don’t have one. As we move with Freddie through her life’s evolutions, she continually refuses to conform to audience’s expectations. It’s the rhythm, the warp and woof of the film, that really makes it sing, the ways Freddie’s turmoil breaks the surface at unexpected moments, capturing a difficult experience like lightning in a bottle.

How to watch it: Sony Pictures Classics will release Return to Seoul in the US.

R.M.N.

A man 
crouches with a gun, his young son looking on. IFC Films
In R.M.N., xenophobia threatens to destroy a community.

With films like 4 Months, 3 Weeks and 2 Days and Graduation, Cristian Mungiu is the reigning king of the Romanian New Wave. His latest, R.M.N. (named for the Romanian abbreviation for a brain-scanning MRI), is a rigorous, naturalistic, and devastating cross-section of xenophobia. Set in a Romanian town in which the local bakery is planning to employ immigrants, it’s certainly about a particular time and place. But it’s hard to ignore that the sentiments expressed by the townspeople about the outsiders — anchored in a long, barn-burning scene at a town meeting — are being echoed in countries all over the world, including, indisputably, our own. It’s a must-see.

How to watch it: IFC Films will release R.M.N. in the US.

Showing Up

A woman works on sculptures. A24
Michelle Williams in Showing Up.

Showing Up is an absolute, wry joy of a little comedy about making art and living life. The film marks another collaboration between Kelly Reichardt, her longtime writing partner Jon Raymond, and Michelle Williams, who plays Lizzy, a stressed-out artist in Portland. Her hot water is broken. Her cat caught a bird in the night. Her parents are unruly and her brother is troubled, and meanwhile she’s trying to get ready for a solo show. The film feels pulled from familiar reality for anyone who’s ever tried to make creative work — and it’s quiet, clever, and a whole lot of fun.

How to watch it: A24 will release Showing Up in the US.

Three Thousand Years of Longing

That “stories are powerful” is such an oft-repeated axiom that it’s become banal. Yet George Miller (Mad Max: Fury Road, Babe: Pig in the City) finds new life for it in Three Thousand Years of Longing, a fairy tale for adults about how myths create meaning from madness and desire imparts bittersweet joy. Tilda Swinton stars as a lonely but content narratologist who accidentally lets loose a millennia-old djinn (Idris Elba) and breaks open something in her soul at the same time. The film draws on millennia of storytelling traditions (including, most obviously, Scheherazade’s), rendering it continually surprising. Sentimental, fantastical, and unabashedly moony, it’s a romance and a storytelling apologia all in one.

How to watch it: MGM will open Three Thousand Years of Longing in the US on August 31.

Tori et Lokita

A young boy and a young woman sing together. Cannes Film Festival
Pablo Schils and Mbundu Joely in Tori et Lokita.

Brothers Jean-Pierre and Luc Dardenne have made a long career of telling intimate stories from people marginalized by European society: drifters, strugglers, and, increasingly, immigrants. Their recent work, including Tori et Lokita, interrogates an uncomfortable truth — that the kindness of strangers and individual charity will never be enough to overcome inhumane and unjust systems that aim to divide societies and keep people in fear. Tori et Lokita follows a young woman (a terrific Mbundu Joely) and a boy (Pablo Schils) who have fought their way as undocumented immigrants into Belgium, where they team up to scrabble for a living and, they hope, gain papers that will make legal work possible. Things turn tragic, as they have for so many, and the conclusion is damning and biting: It’s not the people fighting for their life who are their problem, but the world in which their existence is rendered expendable.

How to watch it: Tori et Lokita is awaiting US distribution.

Triangle of Sadness

A ship’s captain drinks 
wine. Neon
Woody Harrelson in Triangle of Sadness.

Brace yourself. The latest satire from Swedish director Ruben Östlund (Force Majeure, The Square) is uproarious, bleak, drenched in bodily fluids, and practically emblazoned with “Eat the Rich” in neon lights. It starts, briefly, in the world of modeling (the “triangle of sadness” being an area between the brows often tinkered with by plastic surgeons), but soon we’re on a luxury yacht populated by the worst people in the world. From there, things go nuts. Triangle of Sadness draws on everything from Roman vomitoriums to Lord of the Flies, skewering with equal force those who make their money without scruples and those who lack the courage of their convictions to do anything about it. It’s frequently gross, blunt as a battering ram, and very, very 2022.

How to watch it: Neon will release Triangle of Sadness in the US.

Un Petit Frère

A mother with two young sons sits on a bus. Cannes Film Festival

Annabelle Lengronne, Sidy Fofana, and Milan Doucansi in Un Petit Frère.

In 1989, Rose (Annabelle Lengronne) moves from the Ivory Coast to France with two sons in tow, searching for more opportunities for them. But life takes many twists and turns. In Un Petit Frère, we watch as decades of their lives unfold, with Rose and, eventually, her children realizing that nothing in life is simple. And ultimately, the choices of mothers and older brothers shape the destiny of the youngest. Writer and director Leonor Serraille crafts a beautifully tender portrait of a family, a gentle meditation on the meanings of memories and how our pasts mold our presents and futures.

How to watch it: Un Petit Frère is awaiting US distribution.

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