The Woke Street Journal
In the news:
Matthew Tuttle's Unraveling Market Myths
Launches of ESG funds plummet as investors pull back-FT
Managers drop sustainability labels from products amid scrutiny from clients and regulators
Funds are going to beat the market from time to time, could be skill, could be luck, could be both, that’s not the issue. The issue is portfolio managers using metrics other than trying to make money for shareholders and using their clout to push change that they can’t get done at the ballot box. ESG Is Under Fire. How These 5 Funds Still Beat the Market.-Barron’s
Nope, and BlackRock only appears to have retreated. Despite BlackRock’s retreat, the ESG battle hasn’t been won-UnHerd
But last year everything changed, and this week it was reported that BlackRock would be laying off 600 employees as it looks to de-emphasise its ESG activities. The firm had lost 10% of its $10 trillion AUM. How, then, was the behemoth finally felled?
After eight out of 10 ESG funds underperformed the S&P index in 2022, many explained it away through that year’s tech slump. But when the same thing happened in 2023, and Morningstar announced that sustainable equity fund returns trailed indices last year by more than a percentage point, ESG funds’ chronic underperformance became undeniable.
SCOTT SHEPARD: IS BLACKROCK’S RETRENCHMENT FROM ESG REAL?-National Center For Public Policy Research
Don’t celebrate BlackRock’s move toward apparent political neutrality quite yet.
Will Hild: Woke businesses have ‘disconnected’ themselves from their shareholders and consumers-Just The News
Consumers’ Research Executive Director Will Hild says the origins of woke business practices and DEI mandates started to increase when large asset managers, like BlackRock and Vanguard, “hoovered up” large amounts of money from local, state, and federal pension funds. “Because they were using other people’s money, they could afford to use it for political purposes rather than just focusing on returns,” Hild explains. He says this breach of their fiduciary duty has allowed them to “entrench” woke ideology into corporate boardrooms.
Corporate war over 'woke': DEI policies face legal scrutiny-CNBC
Why Corporate America Has Gone Quiet on ESG-WSJ
"Some companies, including Coca-Cola, are rebranding corporate reports and committees, stripping ESG from titles. Advisers are coaching executives on alternative ways to describe their efforts, proposing new terms such as ‘responsible business.’ In lieu of lofty pronouncements, many CEOs are aiming to be more precise and to set goals that can be achieved. Saying as little as possible is recommended.
"One caveat: Many CEOs stress that they continue to follow ESG commitments made years ago—even if they are no longer talking about them as often publicly.”
The dystopia of Biden’s ‘woke’ progressive movement-Washington Times
Progressives are aghast. Populists have won elections in the Netherlands and Italy and are ascending in Germany. Despite indictments on 91 counts in three states and Washington, D.C., former President Donald Trump leads President Biden in the polls.
For good reason. Where progressives control the levers of government — for example, America’s big cities — crime and homelessness abound, and immigration spinning out of control threatens social order.
Can DEI survive an anti-woke backlash? Activists take aim at corporate diversity programs-The Week
Corporate diversity efforts might be in trouble in 2024. Axios reported that companies "are backing away from 'DEI'" — shorthand for "diversity, equity and inclusion" efforts — in the wake of the Supreme Court's ruling against affirmative action and the resignation of Harvard President Claudine Gay, who had been targeted by conservative activists because of her commitment to DEI. Said Axios: "The year ahead will be pivotal for corporate diversity efforts."
The rule from the NYSE would create a listing entity called a Natural Asset Company (NAC), which would be empowered to control private and public lands by capturing “the intrinsic and productive value of nature” and block things like logging, herding, and drilling from happening on the land. The Securities and Exchange Commission is considering the proposal to approve NACs and is taking public comment until January 18.
Congress must protect nation’s history from woke activists-Washington Examiner
If it is not stopped, what or who is next? Removing the statues of Thomas Jefferson and Abraham Lincoln from the Jefferson and Lincoln memorials? Renaming the Washington Monument as the “Nation’s Big Tall Obelisk”? Or is obelisk a no-no because the ancient Egyptians used a lot of them?
WATCH: Dallas Mavs CEO openly admits she fires anyone who doesn’t support woke protocols-The Blaze
Rather than focusing on being the best basketball team in the NBA, the Dallas Mavericks are more focused on implementing DEI and other woke practices.
I am not a scientist and have no idea if we are going through global warming, and if we are, what causes it. I do think you have to hear both sides and found this an enlightening interview. https://twitter.com/TuckerCarlson/status/1744777758507504061
The views and opinions expressed herein are those of the Chief Executive Officer and Portfolio Manager for Tuttle Capital Management (TCM) and are subject to change without notice. The data and information provided is derived from sources deemed to be reliable but we cannot guarantee its accuracy. Investing in securities is subject to risk including the possible loss of principal. Trade notifications are for informational purposes only. TCM offers fully transparent ETFs and provides trade information for all actively managed ETFs. TCM's statements are not an endorsement of any company or a recommendation to buy, sell or hold any security. Trade notification files are not provided until full trade execution at the end of a trading day. The time stamp of the email is the time of file upload and not necessarily the exact time of the trades.
TCM is not a commodity trading advisor and content provided regarding commodity interests is for informational purposes only and should not be construed as a recommendation. Investment recommendations for any securities or product may be made only after a comprehensive suitability review of the investor’s financial situation.
© 2023 Tuttle Capital Management, LLC (TCM). TCM is a SEC-Registered Investment Adviser. All rights reserved.
