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The Slow Death of ESG and DEI, by John Norberg – Brown Pelican Society of Lousiana

The Slow Death of ESG and DEI, by John Norberg

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By John Norberg, First Things, February 4, 2025

A couple of years ago, another financial advisor with whom I work related the following story to me: He was at a conference chatting with an executive from a global financial firm when the topic of ESG (environmental, social, and governance) investing was brought up. ESG is a popular label for investing in companies most aligned with woke values. Companies that have a carbon-neutral commitment or a certain number of minorities on their boards, for instance, are prime targets for ESG investing.

The executive candidly admitted, “Yeah, we can only make a tiny margin on the rest of our products, so this ESG is the greatest thing—we take our S&P 500 fund, kick out the fifty or sixty worst offenders, and then slap the ESG label on it and charge five times more for the portfolio—and people eat it up.” Hearing this story, I was both amused and concerned. Was this the truth behind one of the fastest-growing strategies in the industry? …

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