Many ESG funds and ETFs are merely closet index funds, gussied up in ESG raiment.

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You don't need a Weatherman to know which way the climate blows.

In the first two posts of my Climate War series, I introduced the idea of a massive global mobilization to address climate change (thus the war analogy) and used the oil industry as an example of how large swaths of the current economy will be left behind. In this

post, I will examine another inconvenient truth, ESG investing has been ineffective. $30+ Trillion in ESG? According to the Global Sustainable Investment Review (“GSIR”) 2018 Review, ESG assets stood at $30.7 trillion at the start of 2018.[1]  If true, that would put ESG assets around 38 percent of all investment assets. …

The energy sector, as currently composed, is heading for collapse within a decade.

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Ironically, fossil fuel companies will become sources of funds for the new energy future.

In the first post of this series, I introduced the idea of the Climate War.  Here I want to use the oil industry to illustrate how a whole industry will be left behind as the world shifts into the third industrial revolution.  (The first industrial revolution was powered by coal, the second

by oil, and the third will be powered by renewables.[1]) Clearly the oil industry will be with us for a few more decades, but all the growth will be stripped out of it.  This can be seen in the car market over the past few years.  Internal combustion…

The real play is in companies that are leveraged to the creation of infrastructure assets.

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Infrastructure will look a lot different in the future.

I've been writing about the coming secular increase in global infrastructure spending in a series of blog posts.  Others are seeing the same thing, both in the M&A market and private equity universe. Infrastructure M&A In December, John Grayken's Lone Star Funds bought BASF's construction chemicals business for $3.5 billion.[1]  That unit

has over 7,000 employees and production sites and sales offices in over 60 countries. On Monday, WSP Global approached infrastructure engineering firm Aecom about a possible merger.[2]  For those of you who don't know Aecom, it is a global engineering firm that offers services in infrastructure, including: consulting,…

Global central bank intervention has altered the very fabric of the economic universe, time.

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Light bending around the sun is similar to the distortion caused by artificially low interest rates.

Like the Spacing Guild, central bankers the world over have bent the financial universe to their will.  The results have been spectacular.  If you were wealthy in 2009, you are almost certainly much more so at the end of 2019. In this unprecedented decent into interest rate suppression, asset purchases, and

the resulting stock market volatility suppression, there has been an unintended consequence, it has caused the periodicity of the economic cycle to become stretched.  In other words, global central bank intervention has altered the very fabric of the economic universe, time. And we are nowhere near touching the bottom…

Western governments are about to steal the central planning playbook from China. The plan is infrastructure spending.

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Global politicians marching in formation.

Much ink has been spilled bemoaning how Europe and the U.S. will become "Japanified", but pundits have missed the geographic mark.  The U.S. will become China, with Japanese characteristics. Global leaders must marvel at the high growth rates that China has been able to sustain for the past 20 years.  And although

this growth is slowing, it is still two to six times that of other similar sized economies. The economics profession has been mostly silent on this phenomenon as it puts the lie to every theory the mainstream discipline stands upon.  In short, a centrally-planned economy that crushes all…