The climate change-focused investment strategy known as ESG suffered another blow Tuesday at the hands of someone who was once its biggest steward on Wall Street: Larry Fink. The BlackRock CEO called for “energy pragmatism” in his annual letter to investors. He said that consists of using clean energy to reduce global warming emissions while relying on fossil fuels for energy security.
This is the result of hitting them where they can feel it. The reality is the companies like BlackRock did not start to retreat until tens of billions of dollars from state pension funds began to get pulled shrinking the scale of it's business therefor affecting fees. Understand able behavior, and we see the same from other asset managers. What is ridiculous is that BlackRock and others like them, were able to charge us more for the same products-they just renamed several etfs-legally this is call fleecing.
This is the result of hitting them where they can feel it. The reality is the companies like BlackRock did not start to retreat until tens of billions of dollars from state pension funds began to get pulled shrinking the scale of it's business therefor affecting fees. Understand able behavior, and we see the same from other asset managers. What is ridiculous is that BlackRock and others like them, were able to charge us more for the same products-they just renamed several etfs-legally this is call fleecing.
RatFink made his money, while others lost plenty
https://open.substack.com/pub/tucoschild/p/sustainable-esg-funds-secretly-invested?utm_source=share&utm_medium=android&r=2mh23j