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You can have your money or your virtue signaling, but not both.
US fund managers suffered their worst-ever quarter for ESG-focused products as the pace of client redemptions intensified.
Client withdrawals from US funds targeting environmental, social and governance goals reached $8.8 billion in the first three months of 2024, according to fresh data compiled by Morningstar Inc.
Let’s break it down.
There’s only one possible argument for ESG investing and that’s government regulations. Plenty of profitable companies adopting ESG goals, but they generally do so when they’re already flailing in an uncertain economy and because they’re trying to win over governments, major investors, like unions, or polish their image.
There’s no inherent virtue there. It’s just ‘greenwashing’.
The inherent profitability of core ESG though comes from government regulations. If the government mandates something, then otherwise unprofitable money sinks suddenly start looking really good. It’s what convinces investors to throw money at green energy, electric cars or companies that mandate that 60% of executives be members of minority groups, ex-cons or drag queens.
But live by the government regs and die by them too.
Republican states are starting to slowly move against DEI and the smart money is currently on a shift of power at the White House. And that means all the Biden administration’s “equity is at the center of everything we do” routine is endangered. And then so is ESG.
Thank you for posting some good news, hopefully governments will not bail them out. Here in ukistan, everything is totally opaque and we can only work out what is happening by looking at the US.
It has long been on my bucket list to revisit the UK, particularly London, to visit the amazing graves in Westminster (Vaughan Williams, of course!), as I once did as a boy soprano, singing evensong services in St. Paul’s, and elsewhere. What we now see happening in GB (and the US) is just so disheartening. And scary.
Looks like ESG policies actually are driving behaviors…just not in the way Larry Fink had hoped.
I have found that as a straight white male, it has been impossible to be employed. I can’t tell you how many interviews I’ve had with people that have zero interest in what I have to say. The last place I worked just needed to make it looked like they hired a white guy. They had the GDS that I know well a requirement and tested me on my skill level with it. Then on the first day, they tell me that I am not allowed to use it. It was a remote job, my microphone and webcam didn’t work, and when I tried to mention this to the trainer, I was ignored and she would start the class without me if I was the last one to come back from break. If other people were last, then she would wait. I was the only white male in the entire group of new hires. The trainer said racist things like she only likes to hang around hispanic people and before every sentence she mentioned that she is a latina.
When I file complaints with the EEOC about this obvious racism and discrimination they tell me that me being fired is not severe and they will not investigate. The system is very clear that there is no place for someone like me. This is why 71% of suicides are from straight white males. My good friend’s brother and my best friend both killed themselves last year and were straight white males. I hope that there comes a change because this is becoming no going back territory and anyone who isn’t a racist who reads any MSM article or news piece should be filled with rage and it’s unforgiveable what they are doing.
I work in the travel industry and the system is very difficult to use and very travel agents know how to do simple routine things because it has a high learning curve. I know it better than anyone and nobody cares. In fact, it has caused problems for me when I know it far better than my supervisors. Job performance has no value in today’s world, they only care about diversity and if you are white, it doesn’t matter if you are the michael jordan of your field, they have no interest in what you offer.