Buy Woke, Go Broke: The Failure of ESG Investing

In the popular mind, managers of big corporations are to be seen as entrepreneurs. They are further removed from many entrepreneurial thoughts than a schoolteacher. Managers have gotten where they are not through work, sensible risk-taking, determination, and reading markets but rather through guile, elbow, machinations, and reading the minds of their superiors to the point to mentally wipe their behinds before they need to dump. A manager (this includes the CEO) is the quintessential invertebrate. They will go with any fad that promises them plain sailing for a second. Don’t expect those to make decisions that are good for the company. They can’t. 

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