Not only is ESG failing to make money, but it is not even achieving its non-financial goals. One sizeable Columbia University and London School of Economics study published in 2021 found that US companies in 147 ESG portfolios had worse compliance records for both labour and environmental rules than US companies in 2,428 non-ESG portfolios. They also found that companies added to ESG portfolios did not subsequently improve compliance with labour or environmental regulations. This study added to a growing body of evidence that ESG investing is not only anti-democratic but ineffective.--Masko
Hanson's Answers to the questions from yesterday:
1) Biden abruptly pulled all U.S. troops from Afghanistan. He left behind to the Taliban hundreds of Americans and thousands of pro-American Afghans. Biden abandoned billions of dollars in U.S. equipment, the largest air base in central Asia — recently retrofitted at a cost of $300 million — and a $1 billion embassy. Our government called such a debacle a success. The world disagreed and saw only humiliation.
2) The Biden administration allowed a Chinese high-altitude spy balloon to traverse the continental United States, spying on key American military installations. The Chinese were defiant when caught and offered no apologies. In response, the Pentagon and the administration simply lied about the extent that China had surveilled top-secret sites.
3) In March 2021, at an Anchorage, Alaska mini-summit, Chinese diplomats unleashed a relentless barrage at their stunned and mostly silent American counterparts. They lectured the timid Biden administration diplomats about American toxicity and hypocrisy. And they have defiantly refused to explain why and how their virology lab birthed the COVID-19 virus that has killed tens of millions worldwide.
4) In June 2021, in response to Russian cyberattacks against the United States, Biden meekly asked Russian President Vladimir Putin to at least make off-limits certain critical American infrastructure.
5) When asked what he would do if Russia invaded Ukraine, Biden replied that the reaction would depend on whether the Russians conducted a “minor incursion.”
6) Between 2021 and 2022, Biden serially insulted and bragged that he would not meet Muhammad bin Salman, the de facto ruler of Saudi Arabia, and one of our oldest and most valuable allies in the Middle East.
7) For much of 2021, the Biden administration made it known that it was eager and ready to offer concessions to re-enter the dangerous Iran nuclear deal — at a time when Iran has joined China and Russia in a new geostrategic partnership.
8) Almost immediately upon inauguration, the administration moved the United States away from Israel, restored financial aid to radical Palestinians and both publicly and privately alienated the current Netanyahu government.
9) In serial fashion, Biden stopped all construction on the border wall and opened the border. During the 2019 Democratic presidential primary, Biden made it known that illegal aliens were welcome to enter the United States — some 6 million to 7 million did. He reinstated “catch and release.” And he did nothing about the Mexican cartel importation of fentanyl that has recently killed more than 100,000 Americans per year.
10) In the past two years, the Pentagon has embarked on a woke agenda. The Army is short by 15,000 in its annual recruitment quota. The defense budget has not kept up with inflation. One of the greatest intelligence leaks in U.S. history just occurred from the Pentagon.
The Pentagon refused to admit culpability and misled the country about Afghanistan and the Chinese spy balloon flight. The current chairman of the Joint Chiefs of Staff called his Chinese communist counterpart and head of the People’s Liberation Army to advise him that the U.S. military would warn the Chinese if it determined an order from its commander in chief, former President Donald Trump, was inappropriate.
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