U.S. Secretary of State John Kerry sits with World Economic Forum Founder Klaus Schwab before the Secretary addressed attendees on January 22, 2016, at the WEF’s annual meeting in Davos, Switzerland. [State Department Photo/Public Domain]
There was a time when you could buy an index mutual fund, set it, and forget it. That time is gone. When Jack Bogle founded Vanguard, he wasn’t thinking about politics. Hardly. He wasn’t envisioning an 800-pound gorilla like BlackRock using your money to vote your shares for its political agenda. Please. The mutual fund, in Bogle’s mind, was a low-cost, diversified (not exactly the case anymore in a lot of funds), tool for the individual investor. Now funds are acting like Super PAC influencers with a Great Reset agenda.
It would be one thing if the S&P 500 made money every year. In that case, maybe one could turn a blind eye. But losing a fifth of investors’ money in one calendar year turns that eye black and blue, and investors wonder, “What have you done for me lately? Why stick around?”
The anti-carbon crusaders gather in Davos at the WEF and talk about implementing an ESG agenda with OPM (other people’s money). Not cool. Is that how the “free” world is supposed to work?
Action Line: States pensions are opening their eyes to this madness and voting with their feet. There’s nothing like losing money to awaken a giant like BlackRock. But don’t hold your breath thinking they’ll change their ways. If you feel like you’re being taken advantage of, then look for greener pastures where you actually have a vote. Let’s talk.
P.S. Americans are voting with their feet, and their money.
- California’s Wealth Tax Will Drive Out Remaining Rich Residents
- Political Establishment Irate over Conservative Challenges to ESG
- NYC Bleeding Revenue as Wealthiest Flee the City
- ESG Money Managers Are Feeling the Heat
- Hey, Where’d All the Moving Vans Go?
Originally posted on Your Survival Guy.
