2022-12-14
Vanguard is one of the top three asset managers that between them own just about the whole world.
And they have now forsworn the ESG investment philosophy in favour of (wait for it ... ) investing in profitable businesses!
Now I would never suggest that investments should be made on the basis of profitability alone or we would all be running drug cartels, but the fact that such a mammoth investment house has thrown in the towel on "green" investments represents as big crack in the "green" narrative as we could imagine.
"In other words, saving the planet has suddenly taken a back seat to client returns at two of the foremost climate change virtue signallers on Wall Street…"
Fortune and Freedom brings us the story.
