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“The secretary of state emphasized in his letter that there is “little to no evidence” to back that up, although Morales offers no evidence of his own to substantiate the allegations.” This is funny. The articles author is basically calling out the fact the Morales can find no evidence of a positive impact. Yet instead of pointing out a positive impact just retorts that it’s a negative. Come on man! DO some journalism stuff.
Wouldn’t any positive or negative impact just be an opinion? “ESG-backed funds do better in the long run” is the same as saying “4-3 defenses win the most championships!” It may be true – but correlation doesn’t mean causation. In this case, corporations heavy in ESG type things are probably just good at being profitable because they’ve got their stuff together, meaning Blackrock’s statement is likely true.
If he doesn’t like funds that use ESG, just don’t invest in them. This is about like a fund saying we can make money buying undervalued companies and waiting for their price to go up. That has never been considered fraud and it’s has about the same causation/correlation factor as ESG.
Indiana voters get what they deserve when they vote for an idiot just because they have an “R” next to their name.
The only policy of the state of Indiana should be the old one – we invest in what gets the best returns, period. All these ESG nonsense is Indiana is carrying water for energy companies and trying to force asset managers to continue to invest in companies like coal. And we are using state pension funds for police, firefighters, teachers …
I can only hope that legislators also are putting their retirement funds on the lines with these policies.
What a giant waste of time from a giant man-baby.
There was a lengthy article recently in the Wall Street Journal detailing how ESG funds significantly underperformed other funds. I know the wokestappo won’t like that but facts are not fungible.
So’s the fact that Indiana would have dropped those funds because they got worse returns without a single change to our laws.
If the most ESG-iest fund in the land gets the highest returns, Indiana should be putting our money in it. We as a state are saying, no, we will do everything in our power NOT to invest in that fund.
Explain how that makes fiduciary sense to pensioners.
I remain convinced that 98% of the folks commenting on this issue do not understand what they’re talking about. The state’s ESG law was the equivalent of passing a bill mandating that the sun rise in the east and set in the west.
environmental, social or governance is also a “political Ideology” in itself. The return probably never worth the cost associated. In fact, these policies are often quota systems, buying technology before it’s economical like offset carbon credits, etc. ESG is another attempt to move towards greater socialism.
Wow!
I feel safer already with Morales at the helm.