Tariq Fancy, The Rumie Initiative founder and CEO and former BlackRock chief investment officer, joins ‘Power Lunch’ to discuss why he says that ESG metrics are not useful for investing. For access to live and exclusive video from CNBC subscribe to CNBC PRO:
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Emission. We did reduce. But the weather did major damaging. So we suspect we did use excessive cruise oil.
The federal reserve has code for lending currency to local bank. And local bank must follow currency code to lending the demand. The business must comply the currency code. If they do not we will face more recession.
#ESG is a scam and hurts poor people by increasing energy prices as they die of the cold. we need more global warming and greener forests. go carbon!
ESG is in a very early stage.
It’s still a concept and MSCI themselves have said that there methodology has more speculation than practicality.
For now companies are getting funds for good cause.
Surprised this still on YouTube
Yet the ESG woke jokes will destroy your portfolio and charge you a fortune to manage. Total fraud perpetrated by DC and corporate America.
As usual, the minority rules and we ALL pay for it.
ESG is marketing nothing else
It's a way for the powers that be to pick winners and losers
ESG is a green washing scam. Case in point, S&P ESG rating of Tesla. What a criminal joke.
Wow, 7 months on he has been proven so right. Evidenced by current high has prices.
ESG is a scam.
July 2022? He was right 👍
Nations with highest ESG ratings
Sri Lanka ESG rating 99.7
Netherlands ESG ratings 97.6
Sri Lanka collapsed revolution underway
Netherland mass protests due to Netherlands following ESG green agendas
Netherlands mass farmer riots
Pl check how the multi-lateral development Banks invest. ESG as being slandered in Financial markets is SO below par and dilutes the capability of ESG tool.
While Government has a role, did this person JUST recognized ESG investment does not work, only after the oil prices escalated? I am not clear about the conflicting messages.
Too little focus on the "G" part of "ESG". Corporate Governance / Management Teams ought to matter far more to the investment due diligence process.
brown jake gyellnhall
Wait. An honest man?
So ESG is the stock of gaslighting people into giving their money away to FRAUDULEND activists in exchange for a false hit of "Hero's Dopamine"? I can see why these people think it could last! 🙁
Hopefully all of the social engineering fails. If the end game is that we use less oil and gas, it will ultimately lead to a drastically lower standard of living….and for the poorest (usually black and brown) people. It probably won't impact white liberals who commute into CNBC everyday from CT and NJ though.
ESG is a backdoor way to move policies that can't be passed by government cause they know it isn't popular
Tariq totally undermines his argument when he says that policy changes need to occur to address our biggest issues which are social and environmental challenges (1:30 minute). ESG is just one way to use market pressure to make that happen on a policy level.
After listening to this guy I still don't understand what this all about..well I know it's always about making money and lots of it.. Mr fancy should explain to us simpletons what needs to change and how to achieve it to make this planet we live on sustainable and repair the damage we are inflicting on this beautiful world
The job of my investment person is to maximize my returns, not to conduct a social experiment with my money. Just like investing my tax dollars, in promoting social justice in softening criminal laws, that put citizens at risk of getting robbed, punched, or stabled. My tax dollars, like my investment dollars, are not to be used to promote social experiments, so groups feel good about themselves. Either example, I get a lower return, or subject myself to a criminal, who shouldn’t be on the street. Neither are good, at the expense of feel good non practicals feel good social experiments being conducted on hard working middle class citizens. No thanks
"We need a price on carbon" Really ? Blackrock hypocrisy
Former – because he actually called out their stupidity … I'm watching ESG and DEI destroy society.
China and India produce the bulk of the world's CO2 emissions. Why should the U.S. commit economic suicide to pay for China and India's carbon footprint?
I started a new saying on 3/20/23 –We the people, we the readers … Stopping ESG one click at a time! ESG really stands for (the new phrase) –> "Existential Socialism Growing!" Read it again, breathe it, reflect on it, copy & share it. Spread it … STOP ESG!
ESG is truly "Climate Communism!"
I mean, I have yet to fully form an option on ESG in particular, but here's my take on ethical investing: it's not investing in the traditional sense, which is targeted at maximizing return. It's basically a reusable donation: after the company you donate to succeeds, you get an amount that's at least what you put in adjusted for inflation, so you can (1) donate again, and (2) make sure the companies you donate to are solvent.
So it's something in between investing with maximum returns in mind and a donation (which is purely for a cause and guarantees a 100% loss (not counting the tax write-off).
ESG is a fraud, total BS!!!!!!!!!!!!!!!!!
what an insane conversation leading past the sale. i don't agree with the premise that exxon needs to be corrected either by ESG or by some socialist tax penalty for merely conducting business. what is going on in America? this is not capitalism in any way shape or form. both ESG and/or carbon tax penalty will weaken critical businesses that America needs.
A bunch of smoke where’s there’s no real fire. Carbon is not the driver of global warming, and the globe is not even warming – it’s cooling. There’s no problem in need of this “solution”. It’s a complete farce that’s been sold for five decades now, with zero evidence nor accountability for that lack of evidence. Wake Up People!!
ESG is nothing more than a social credit. Those behind it should swing in the wind.
ESG just killed Bud. Wake up and ignore Europe.
Does Blackrock get a.dismal ESG score for investing in China who benefits from slave labor and imprisons millions of muslims?
Tax on a naturally occurring gas is dumb. I mean how much tax are you going to charge me? $.05 every breath I take? There are nearly 8 billion mouth breathers in the world, this equates to approx. 18billion .lbs of CO2 per day.
I'm glad people are finally realizing this. Lots of companies are going broke trying to boost their ESG report cards. Disney, Anheuser-Busch, Target.. They put ESG over their customers and now they are losing billions. ESG is just a Ponzi scheme that just benefits companies like BlackRock. The sooner companies realize that the better.
He didn't really respond to her last question. Obviously ESG is extremely limited in effectiveness as ALL market based solutions are. But he didn't have a convincing argument for eliminating ESG entirely. Aren't most ESG investors the same people pushing for carbon taxes and other government intervention on emissions? I don't see how ESG is distracting any serious environmentalist from better solutions.
Why are they hoping to tax plant air again? If you want green, increase CO2. Trees and plants love it.
ESG is a political affiliation test and nothing more. I'm so sick of this crap
When has environmental concerns ever worked, electric car, no way . Esg connected to Blackrock, we're in trouble.
Does BlackRock hate capitalism?
People just don't seem to realize that this ESG thing is just companies hijacking social programs to keep government regulations away from them and to boost their PR. It's just like the banks before the 2008 crash, they kept saying that they were policing themselves and that they could regulate themselves. The corrupt government officials that were bought off by these banks said that since these banks were presumably self-regulating themselves that they didn't need any more regulations. This is all ESG is in reality. It's not politics, it's the hijacking of politics to your own ends. It's all about money.
The fact is society is rejecting wokeism. The truth is, carbon neutrality isnt going to solve any pollution problems. Overpopulation is the root of our problems, and all overpopulating comes from Africa and S C America, and liberals could care less about that. Second, we already have equality. All DEI does is create division and unfairness.
Corporate entities have a legally binding FIDUCIARY responsibility to SHAREHOLDERS (the actual investors who have skin in the game) not Stakeholders who are pushing woke/Marxist policies
WEF => LGBQT+ => CCP forced labor unchecked => ESG => lefty/righty new taxes
These ESG Cos are exposing themselves to huge lawsuits. The marketing is only to other ESG hypocrites.
ESG Disney 😂 enough said!
Agree! Investors need to punish investment firms who have violated their basic fiduciary responsibilities in the pursuit of their corporate ESG nonsense initiatives.