One of the biggest asset managers in the world said farewell to a net-zero alliance of similar-size giants. Some say it’s going to cause a domino effect. Others say it won’t, basically because everyone’s already too deep in net-zero commitments. What say you?
The basic physics, economics and arithmetic of net zero with current technologies will eventually break through all of the magical thinking about net zero by 2050. So Vanguard's move will, forgive the pun, be at the vanguard of a continuing return to reality. But not before more damage is done to the living standards of billions around the world.
Here in the USA, rank-and-file folks are waking up to the realities of ESG and NZAM, and right-wing politicians are pushing back HARD at the Sate level, which is where the rubber meets the road for a lot of their funds.
It it my hope that this becomes just another "Green Fad", and goes the way of the Dodo before it can inflict too much more damage, but only time will tell that tale in full.
I've been a Vanguard client for decades, and I try to keep up on events, but your report is the first I'd heard about this even tho I now find it has been reported in major media. Thanks for that. Perhaps now Vanguard will be able to focus on their client service, which needs attention.
ESG requires much…..and would say is not rational…then again, who would have said that we would move away from a merit based society to one based on race, gender, and alleged inclusion…who would say that the definition of what is a “woman or man” would be now blurred? That the open indoctrination, without parental approval, of children towards gender modification would happen…..no….that we emulated China’s zero based COVID control policies over free people and mandated a vaccine that killed and is killing millions while
Pharma, MDs, governments, business leaders became billionaires…,no? But yes. So ESG can easily become mainstream !
In hindsight, all this was easy to predict but it's always easy in hindsight. My hope is in the pendulum and I'm already seeing signs of it returning from that far-left direction it was swung into.
I just hope physics is allowed in the game. Right now he's sitting on the sidelines saying put me in coach. Meanwhile the coaches daughter is held captive by a cartel with big money on the game.
This is exactly my concern, too. Physics always wins... if it's allowed to play as you say. If it keeps getting ignored so we can keep playing the game of destruction, then things are not looking good.
I say Vanguard is trying to duck a lawsuit. So working from that premise, if any other big player is sued, they will do the same. There is some hope as some State AGs/Sec of States are leaving the WOKE firms that held their pensions, savings as WOKE is not related, at all actually, to asset performance.
Well it is nice to see challenges to the ESG movement financial institutions still receive significant pressures to hold to net zero. It is a big ship with a lot of inertia and will take time to change course and when it does it won't be like it was 15 years ago. There will still be plenty of mal investment happening and these investments will pay off because people will be forced to pay for it much like I have no choice but to purchase wind power when it is available. Air travellers will be forced to purchase canola based SAF at higher prices than kerosene.
Most people around the world not just Americans do not understand finance or how to invest. We spend too much time trying to keep up with the Jones. Many have many credit cards that are charging them upwards to 30% interest which when I was young was called loan sharking and they people criminals in jail for it. This administration is bailing out yet another Yankee union at the taxpayer's expense and no one is going to jail nor are we the voters going to do shit about it. The media will not cover it and you are getting screwed. Some advice for all of you learn how to invest your own money and you will be happy you did as you can control your own destiny. You will get better returns as well, but you must be willing to also take a loss for bad decisions.
What if ESG was a plan to onshore USA manufacturing and promote Green USA Prevailing Wage made products, while blackballing dirty, slave-labor made Chinese products? We'd probably still go to Walmart and buy the Chinese products anyway but not if they were more expensive due to a carbon tax and an anti-slave labor tariff? And what if there was only two or three decades of oil left to burn (that which can be extracted, processed, and transported at a positive EROI), might an energy transition plan be warranted? Would they tell you if oil "Peaked" and would you even belive them or understand it if they did? Furthermore, what if they devised a plan to make it socially unacceptable for everyone not to get with the plan and economically beneficial to do so, would you still bet against it? Just because you think it doesn't make sense (and it doesn't, at least not for the reasons they are telling you), does'nt mean you should jump in and swim against the stream, hoping to be right? Question the narrative, including your own biases, and then stand along side the stream and fish for winning opportunities. You can't stop ESG anymore than you can stop vaccines, but you can understand it and make smart choices that serve your best interests. Make ESG work for you.
I have more belief in asset managers than politicians and bureaucrats, because they will follow the money. As long as Govts keep bribing them they'll hang around. Perhaps this is the start of the long view where they can see Govts withdrawing. We can but hope🙏.
That is exactly correct. The elites have to go to the guillotine before they recognize that the vast majority of ordinary, but smart and real, people oppose their views and actions. Most people would not care if these elites acted 'elite', fly in private jets, and whatever; even have their stupid orgies. The ONLY point of interest to the man on the street is whether he is free, left alone, and is not opposed in a normal family life. It is critical to be equal before a law that is fair.
Right. And Dimon's been at it again, warning this weekend the crisis will last a few years and how we need more investments in oil and gas.
This is certainly the impression I was left with after COP27 and the push for companies to not just make commitments but work on these commitments.
The basic physics, economics and arithmetic of net zero with current technologies will eventually break through all of the magical thinking about net zero by 2050. So Vanguard's move will, forgive the pun, be at the vanguard of a continuing return to reality. But not before more damage is done to the living standards of billions around the world.
Here in the USA, rank-and-file folks are waking up to the realities of ESG and NZAM, and right-wing politicians are pushing back HARD at the Sate level, which is where the rubber meets the road for a lot of their funds.
It it my hope that this becomes just another "Green Fad", and goes the way of the Dodo before it can inflict too much more damage, but only time will tell that tale in full.
I've been a Vanguard client for decades, and I try to keep up on events, but your report is the first I'd heard about this even tho I now find it has been reported in major media. Thanks for that. Perhaps now Vanguard will be able to focus on their client service, which needs attention.
ESG requires much…..and would say is not rational…then again, who would have said that we would move away from a merit based society to one based on race, gender, and alleged inclusion…who would say that the definition of what is a “woman or man” would be now blurred? That the open indoctrination, without parental approval, of children towards gender modification would happen…..no….that we emulated China’s zero based COVID control policies over free people and mandated a vaccine that killed and is killing millions while
Pharma, MDs, governments, business leaders became billionaires…,no? But yes. So ESG can easily become mainstream !
In hindsight, all this was easy to predict but it's always easy in hindsight. My hope is in the pendulum and I'm already seeing signs of it returning from that far-left direction it was swung into.
As Doomberg has regularly pointed out, in the contest between physics and platitudes, physics is undefeated. This is simply that truism coming to pass
I just hope physics is allowed in the game. Right now he's sitting on the sidelines saying put me in coach. Meanwhile the coaches daughter is held captive by a cartel with big money on the game.
at some point, reality will win. I just hope things are salvageable when it does
This is exactly my concern, too. Physics always wins... if it's allowed to play as you say. If it keeps getting ignored so we can keep playing the game of destruction, then things are not looking good.
I say Vanguard is trying to duck a lawsuit. So working from that premise, if any other big player is sued, they will do the same. There is some hope as some State AGs/Sec of States are leaving the WOKE firms that held their pensions, savings as WOKE is not related, at all actually, to asset performance.
Irana, my PayPal has been giving me trouble lately. Did you get your monthly subscription payment from me?
I haven't checked, Stephen, but I will.
I still cling fast to my fervent belief that Perpetual Motion Wind Turbines will save the world from Climate Catastrophe Armageddon by 2035.
I know this to be true, because I fervently believe in the Science of Perpetual Motion.
And Science is *always* true.
And Science can *not* be questioned. EVER.
Science heretic unbelievers will burn for eternity in the hell of neverending lake of EV Lithium-battery fires.
Anyway, Net Zero is the almighty deity of Climate Catastrophe Science Belief.
Thou shaltest not-eth taketh the holy name of the god Net Zero in vain.
Vanguard has chosen the path of EV hellfire for denying Net Zero.
🍾
Vanguard, Black Rock, and other 'funds' use other people's money to do a LOT of dirty work. Why give it to them?
Well it is nice to see challenges to the ESG movement financial institutions still receive significant pressures to hold to net zero. It is a big ship with a lot of inertia and will take time to change course and when it does it won't be like it was 15 years ago. There will still be plenty of mal investment happening and these investments will pay off because people will be forced to pay for it much like I have no choice but to purchase wind power when it is available. Air travellers will be forced to purchase canola based SAF at higher prices than kerosene.
Most people around the world not just Americans do not understand finance or how to invest. We spend too much time trying to keep up with the Jones. Many have many credit cards that are charging them upwards to 30% interest which when I was young was called loan sharking and they people criminals in jail for it. This administration is bailing out yet another Yankee union at the taxpayer's expense and no one is going to jail nor are we the voters going to do shit about it. The media will not cover it and you are getting screwed. Some advice for all of you learn how to invest your own money and you will be happy you did as you can control your own destiny. You will get better returns as well, but you must be willing to also take a loss for bad decisions.
What if ESG was a plan to onshore USA manufacturing and promote Green USA Prevailing Wage made products, while blackballing dirty, slave-labor made Chinese products? We'd probably still go to Walmart and buy the Chinese products anyway but not if they were more expensive due to a carbon tax and an anti-slave labor tariff? And what if there was only two or three decades of oil left to burn (that which can be extracted, processed, and transported at a positive EROI), might an energy transition plan be warranted? Would they tell you if oil "Peaked" and would you even belive them or understand it if they did? Furthermore, what if they devised a plan to make it socially unacceptable for everyone not to get with the plan and economically beneficial to do so, would you still bet against it? Just because you think it doesn't make sense (and it doesn't, at least not for the reasons they are telling you), does'nt mean you should jump in and swim against the stream, hoping to be right? Question the narrative, including your own biases, and then stand along side the stream and fish for winning opportunities. You can't stop ESG anymore than you can stop vaccines, but you can understand it and make smart choices that serve your best interests. Make ESG work for you.
More will exit the alliance if for no other reason than the legal risks.
I have more belief in asset managers than politicians and bureaucrats, because they will follow the money. As long as Govts keep bribing them they'll hang around. Perhaps this is the start of the long view where they can see Govts withdrawing. We can but hope🙏.
Agree. Asset managers are worth watching closely.
Net zero is what it says a complete zero of any logic and science.
The media gives too much credence on opinion and not enough on science based fact. Frightening schoolchildren is as low ignorance gets.
When does common sense restore itself?
When all other options have been exhausted, I imagine.
That is exactly correct. The elites have to go to the guillotine before they recognize that the vast majority of ordinary, but smart and real, people oppose their views and actions. Most people would not care if these elites acted 'elite', fly in private jets, and whatever; even have their stupid orgies. The ONLY point of interest to the man on the street is whether he is free, left alone, and is not opposed in a normal family life. It is critical to be equal before a law that is fair.