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ESG investing

S&P Hits U.S. States With Politicized Credit Scores

Ideological criteria will now influence the credit ratings of state and local governments, thanks to S&P Global Ratings. In addition to rating governments on meaningful financial criteria, in March the biggest of the top three credit-rating firms began to apply an environmental, social and governance, or ESG, rating system. But Utah isn’t about to submit to these subjective standards. State officials, including myself, recently wrote a letter to S&P objecting to the ESG indicators and ratings it has assigned to Utah and calling for the company to withdraw them.

2022-05-17T12:43:38-04:00May 8th, 2022|News|
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The ESG Backlash

The movement for environment, social, and governance (ESG) investing, after several years of headline-grabbing growth, is about to hit a wall of resistance. Conservatives have come to see this collection of business trends, most often encountered at corporate conferences and investing seminars as yet another "woke" assault on mainstream society.

2022-03-11T13:47:00-05:00March 9th, 2022|News|
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ESG on the Verge of a Scandal

Environmental, social, and governance investing have been one of the largest sources of outperformance in the last two years, however, a mis-selling scandal could be coming to ESG investing. Most investors know mis-selling scandals from PPI, endowment mortgages, and diesel cars. ‘Greenwashing’ is not new by any means but high-profile cases with DWS and BlackRock are both escalating.

2022-02-25T14:57:38-05:00February 24th, 2022|News|
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Shareholders Reign Supreme Despite CEO Promises to Society

Chief executives love to talk about “stakeholder capitalism.” But when they face a final choice to sell a company and divide the spoils between workers and shareholders, guess who gets the money? You got it: Shareholders are the winners—along with the executives themselves.

2022-02-16T16:00:53-05:00February 10th, 2022|News|
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Climate Tyrants’ New Tactics

Chief Justice John Marshall’s observation, “[t]hat the power to tax involves the power to destroy,” has become part of American political lore. Marshall understood that the state’s revenue-extracting power can be weaponized—even against those who have committed no crime. We are now seeing a corollary to that notion in finance, with fossil fuel companies as the target. It turns out the government may not need to tax your company into oblivion if it can isolate you from all sources of commercial financing.

2022-02-15T15:31:29-05:00February 9th, 2022|News|
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As markets decline, investors lose their love for ESG

Volatility has whipsawed markets as investors reprice stocks in the face of inflation risks and Federal Reserve hawkishness. The benchmark S&P 500 Index had its worst month in January since the beginning of the pandemic and the technology-heavy Nasdaq 100 has tumbled 11% from its November peak.

2022-02-15T16:07:39-05:00February 4th, 2022|News|
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In Race to Protect Investor Portfolios, ESG Funds Become Afterthoughts

Inflows into U.S. exchange-traded funds with higher environmental, social and governance standards have dropped sharply in the past two months. ESG equity ETFs added about $1.2 billion in December and January combined, compared with roughly $10.8 billion in same period one year earlier - an 89% drop-off.

2022-02-15T15:29:41-05:00February 3rd, 2022|News|
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ESG Investing—The Great Wall Street Money Heist

ESG refers to the Environmental, Social, and Governance risk theoretically embedded in a business. However, while ESG investing is about taking these risks into account in investment decisions, these are all the things NOT on a company’s balance sheet or earnings statements. Such is the inherent problem.

2022-02-08T15:53:41-05:00February 1st, 2022|News|
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ESG Pioneer Whose Firm Rose to Top Now Sees ‘Disconcerting’ Boom

Almost four decades ago, Dodson founded Parnassus Investments -- a little known firm outside of ESG circles -- and watched it grow into the world’s largest money manager dedicated to environmental, social and governance factors. The 78-year-old retired in October after he and his family sold their stakes in the business.

2022-02-08T16:01:06-05:00January 27th, 2022|News|
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ESG Investing Can Do Good or Do Well, but Don’t Expect Both

The biggest and boldest claim of ESG investors is that investing based on environmental, social and governance conditions will not just improve our world, but make you more money. I have problems with both parts of the claim. The burgeoning market for green bonds shows the difficulties clearly, and stocks with a sustainability label aren’t so different.

2022-02-08T15:59:02-05:00January 24th, 2022|News|
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Two Truths and a Lie: Environmental, Social, and Governance (ESG)

In recent years, corporations, investors and consumers have shown increased interest in business practices that go beyond the basics of how goods and services are produced or sold. “ESG” is a set of criteria that measures a business’s commitment to Environmental, Social, and Governance (ESG) principles.

2022-02-08T16:10:28-05:00January 18th, 2022|News|
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It’s time for Larry Fink to come clean about fossil fuels

Breaking: A previously-unreleased pro-oil/gas letter sent by BlackRock to Texas lawmakers and oil/gas executives reveals that the company is simultaneously 1) trying to gain status by supporting anti-oil/gas net zero goals, and 2) trying not to lose any pro-oil/gas investors.

2022-01-26T14:34:00-05:00January 18th, 2022|News|
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