ESG Investing Is A given! Or Is It?
Because who would not want to "do good" if given the choice... Right?

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Well, the devil is not in the pretty marketing slide deck packaging but in what's in the box.

Here both ESG (Environmental, Social and Corporate Governance) Investing embracers and their recent "Anti-ESG" opponents are arguable a bit too naive and dogmatic.

Finance Professor Aswath Damodaran gave a great recent presentation on why ESG has its share of basic conceptual problems. Anyone interested should take 18 worthwhile minutes to watch.

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3-letter acronym consultant checklists, or their inverse (Anti-ESG), are not a very reasonable guide to how societies' long-term capital should be allocated by big businesses and states.

Well-regulated capitalism works by a series of very "unfair" and messy tradeoffs, but it has
steadily propelled human progress in the process.

Inspired by this, Your Analyst's latest edition of PiggyBack Newsletter features an article on why we should just stop outsourcing subjective morality and virtues to short-term populism:

This issue also features:

  1. A bear market value investing strategy comment, shared @commonstock here.
  2. "PiggyBack's Value Elsewhere" links, to free, worthwhile investing content with long "shelf-life"

Your Analyst,

Johan Eklund, CFA

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