It’s something else. I have several stock funds. Suddenly, after Biden became president, they went from making about four or five percent to losing bigtime. I researched the biggest losers and found that exactly thirty percent of each fund was composed of companies that said their primary concern was ESG or DEI. A couple of them had a VP or director of ESG or DEI. Several had a staff of people dedicated to those things.
Here’s the legal problem. A company has a fiduciary responsibility to protect and grow the value of the firm for their owners, the stockholders. These firms had mostly declining earnings going back, as far as I could trace, to when they went woke. When Elon Musk started talking about lawsuits for breach, a lot of firms scaled back the mention of ESG in their earnings calls. But not the actual policies involved.
Why would a firm like Oppenheimer promote those funds which are obviously not going to make much money for their clients? It’s because the biggest investors are Blackrock and Calpers. Both of those have said if you’re not onboard with ESG or DEI you won’t get their investments and therefore the fund managers won’t get their bonuses.
I’m astonished there haven’t been huge lawsuits, but they will be on the horizon if the government changes to something remotely conservative. Right now, I suspect the government is putting its thumb on the scales, preventing lawsuits.
The woke ones are stealing money from you to “save the earth.”