We’ve mentioned many examples in recent Hotlines about the money pouring OUT of ESG investments, because so much money is being lost on this green and social justice crusade. Now we have more recent evidence of what we call “peak wokeness” from the Wall Street Journal.
Here’s the cheerful headline and chart:
The about-face comes after tightened regulatory oversight, higher interest rates that have slammed clean-energy stocks and a backlash that has made environmental, social and corporate-governance investing a political target…
The third quarter was the first time more sustainable funds liquidated or removed ESG criteria from their investment practices than were added, according to Morningstar.
We would also mention this turning point comes after CTUP’s landmark report.
Turns out most investors still want financial returns, not to finance a left-wing political agenda!
Something tells us the nascent ESG movement is going the way of the fad of Pet Rocks in the 1970s. Remember these?