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3) And Now for Some Good News: We’re Winning Our Fight Against ESG
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Our report card on “environment and social justice” investing by dozens of major money management firms from State Street to Fidelity with tens of trillions of dollars invested found that most got a D or F grade by putting ESG issues over getting optimal returns for their clients.
But the tide is changing, and here’s a New York Times headline from this weekend that brought a smile to our faces:
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Why has ESG suddenly fallen out of favor? The NYTimes says (in part) because of outside pressure from watchdog groups like CTUP. We warned that these climate change and racial justice funds would be lousy investments, and so they have. A Morningstar report calculates that ESG funds underperformed the market by six percentage points, meaning lower returns for everyday investors.
The trend is in our direction, but we aren’t letting up until money management firms and state pension funds follow their fiduciary duty and stop playing politics with Americans’ pensions.
We will be updating our landmark report from last April in the weeks ahead.
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4) Sports Illustrated, RIP
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SI has announced that it is firing most of its staff. Whether it will continue as a weekly publication is in great doubt.
This is a sad – even tragic – story of how wokism and progressive ideology have ruined one of America’s most iconic magazines.
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For many decades Sports Illustrated was a must-read for sports fans throughout the country. It was pure entertainment with spectacular photography, brilliant writing, wit, and humor. It was an adrenaline rush every week to see which spectacular athlete would don the cover. (Michael Jordan and Muhamad Ali have the most multiple covers.)
But in recent years, the editors decided that SI should be a political and social commentary rag – not a sports magazine. It embraced a radical climate change agenda, celebrated the unpatriotic Colin Kaepernick for taking a knee as if he were the Jackie Robinson of our era, trashed Donald Trump regularly, embraced the LGBTQ and DEI agenda, and on and on. We weren’t getting sports stories, but scalding social statements and lectures.
Sports is supposed to be an escape from society’s problems, not a preachy New York Times editorial page.
For many of us, the end came a few years ago when SI started self-righteously using the swimsuit issue to make political points. Subscribers longed for the days of beauties like Kathy Ireland, Cheryl Tiegs, and Christie Brinkley.
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5) Jordan Peterson Tweets CTUP Elites Study
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Now we know we’ve hit the big time!
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6) Guess Who Will Pick Up the Tab?
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Last week Biden announced yet another unconstitutional $5 billion student loan forgiveness program. Here’s a simple explanation of how this program works:
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