I’ve written here and here (among other places) about the politicization of Wall Street through the ESG (“environment, social, governance”) mania, but it turns out that most ESG funds are lagging an already bad market. And for the simplest of reasons this year: what is best performing sector of the stock market this year? Fossil fuel companies. In other words, energy that works. If you are overweight in oil, gas, and coal, you’re up on the year. That’s one reason to run as fast as you can away from any fund that boasts it doesn’t invest in oil or other forms of energy that work.
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