John Mauldin

John Mauldin

Each week, investors and financial professionals around the globe turn to John Mauldin to better understand Wall Street, global markets, and the drivers of the world economy. And for good reason. John is a noted financial expert, a New York Times best-selling author, a pioneering online commentator, and the publisher of one of the first publications to provide investors with free, unbiased information and guidance—Thoughts from the Frontline—one of the most widely read investment newsletters in the world.

Videos by John Mauldin

Big Tech Made You a Digital Serf | Frank McCourt

Big Tech is watching. Companies like Google, Meta, and X (Twitter) track what you read
and watch, where you drive, and what you buy. Unless you live off the grid, most of this
is out of your control.

Frank McCourt, Jr., the executive chairman of McCourt Global and former LA Dodgers
owner, is putting up $500 million of his personal fortune to fight this invasive system
and make the internet better for everyone, especially children. This starts with
reclaiming our digital privacy.

Learn more by visiting Project Liberty and checking out McCourt’s new book with co-
author Michael Casey, Our Biggest Fight.

Go here to learn more about Frank McCourt, Jr. and Project Liberty:
https://www.projectliberty.io

Go here to learn more about McCourt’s new book with co-author Michael Casey, Our

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Nuclear’s Untapped Potential: Unlocking Unlimited Clean Power | Robert Zubrin

Energy demand is set to skyrocket—in the US and around the globe. What if we could tap an energy source that is clean, abundant, and cheap? We could if regulators would get out of the way.

Aerospace and nuclear engineer Dr. Robert Zubrin highlights how oppressive regulation blocks nuclear projects without improving safety. You will hear about the exciting progress scientists are making with fusion and small modular reactors. We also cover how the US is ceding lucrative global nuclear markets to China.

Dr. Zubrin is the author of The Case for Nukes: How We Can Beat Global Warming and Create a Free, Open, and Magnificent Future. Learn more here:
https://bit.ly/3PhKy1S

Follow Dr. Robert Zubrin on X here:
https://twitter.com/robert_zubrin

Follow Dr. Robert Zubrin on LinkedIn here:

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India Could Dominate the World or “Collapse in on Itself” | Jacob Shapiro

India looks amazing on paper: 1.4 billion people, the world’s fastest-growing economy, rapid digitization, and arms wide open to foreign investment.

In this episode of Global Macro Update with Cognitive Investments partner Jacob Shapiro, you’ll hear about the hottest growth sector in India. Jacob gives it a “9 or a 10.”

We also cover Jacob’s predictions about India’s changing position in the multipolar world, which is one of my core investment themes.

I’ve written many times that India will be one of the few countries that can do business with both the East and West. Jacob says India’s success might force it to pick sides… or turn it into a global powerhouse in its own right.

You’ll find a link to the Gavekal Research founder Charles Gave interview I discuss with Jacob below.

Go

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Friedman on the “Two Chinas” and How Putin Saves Face

George Friedman says there are two Chinas: one based in Shanghai and another that is still effectively a third-world country. He paints a grim picture of China, with security lockdowns, home inspections, and paralysis among its leaders. He says Xi Jinping may have already lost control, and the risk of civil war is real.

George and I also unpack the military stalemate in Ukraine and the increasingly complex posturing in the Middle East.

You will also hear why China won’t invade Taiwan, which Middle East country is the best model for success, and how the US could help end the war in Ukraine.

George Friedman is a renowned geopolitical strategist, best-selling author, and the founder of Geopolitical Futures. You can get special access to his work at Geopolitical Futures by following the

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China, Energy Markets & The Bond Market Threat | David M. Hay

Grant Williams connected me with Evergreen Gavekal CIO David Hay many years ago,
calling him “one of the good guys.”

In this interview, David and I unpack the future of nuclear energy and oil & gas investing,
along with the trouble in China’s stock and real estate markets.

David adds to my long list of reasons why China is un-investable right now. He also
shares a specific investing signal we should all watch—and deems it “the most
important thing” in our conversation. It’s a technique endorsed by Paul Tudor J ones.

You will also hear about the opportunities David sees in Japan, the ticker of an insurance
company David likes right now, and why he’s personally invested in molten salt small
nuclear reactors.

For all of us following the nuclear energy revival, David recommends reading

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Investing Sentiment and Strategy: Keys to a Stress-Free Financial Journey | Jared Dillian

Former Wall Street trader Jared Dillian is back to discuss the Fed, a better way to manage money, and his latest book, No Worries: How to Live a Stress-Free Financial Life.

Jared writes multiple financial newsletters, his work is regularly published on Bloomberg, and you’ll often spot him on major media outlets like MSNBC or Fox Business. Pinning him down for this interview wasn’t easy.

We cover market sentiment, some of Jared’s positions, and why central banks are stockpiling gold. We also chat about the book. Jared wants everyone to get the big things right—house, car, student loans. Those choices will dictate your financial well-being, not your coffee order.

Go here to learn more about Jared Dillian’s book, No Worries: How to Live a Stress-Free Financial Life:

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US-China Dynamics: Key Considerations for Investors in a Global Market

The thought of risking American lives and resources over Taiwan leaves most Americans perplexed. The goal for the US here, which former DoD official Elbridge Colby and I agree on, is to avoid a war with China.

To do that, Elbridge says we urgently need to overhaul our defense strategy. He lays out a concise plan for this in my latest Global Macro Update interview.

Here’s Colby:

“[T]he best thing for the American people, and frankly the best thing for freedom and democracy in the world, is for us to not get in a war, but meet our core interests.”

Colby is a co-founder and principal of the Marathon Initiative, a foreign policy think tank, and the author of The Strategy of Denial: American Defense in an Age of Great Power Conflict.

Go here to subscribe to Global Macro Update:

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Taiwan Says ‘No’ to Unification: What’s China’s Next Move? | Elbridge Colby

Will the US go to war with China over Taiwan? Most Americans have a hard time seeing that as a real possibility. Why should the US care about an island right off China’s mainland that’s smaller than its biggest national park?

Foreign policy expert Elbridge Colby, who served as Deputy Assistant Secretary of Defense for Strategy and Force Development, breaks down China’s plan to dominate the Eastern Hemisphere—starting with Taiwan—and then challenge US hegemony.

Colby is a co-founder and principal of the Marathon Initiative, a foreign policy think tank, and the author of The Strategy of Denial: American Defense in an Age of Great Power Conflict.

Go here to subscribe to Global Macro Update:
https://www.mauldineconomics.com/go/JM528R/YTB

Learn more about Elbridge Colby here:

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Macro Framework Briefing – Investing in 2024

Mauldin Economics Publisher and COO Ed D’Agostino believes we are at an inflection point in the markets.
For years, investors have been able to buy broad-based ETFs and do pretty well. Those days are over.
Ed details how he and his elite team within Mauldin Economics use themes to focus their investment research—a must in this new investing environment. Ed also unpacks three of his themes for you and shares specific recommendations.

Go here to learn more about Ed D’Agostino’s new investment research service:
https://www.mauldineconomics.com/go/JM529S/YTB

Follow Ed D’Agostino on LinkedIn:
https://www.linkedin.com/in/ed-d-agostino-415475296/
Download the Mauldin Economics App here:
https://community.mauldineconomics.com/download-app

Timestamps:
00:00 – Market changes ahead
02:17 – How

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Unmasking AI’s Dark Side: From Warfare to Daily Life with Paul Scharre

Former US Army Ranger Paul Scharre knows all about AI’s darker potential. He talks to Mauldin Economics publisher Ed D’Agostino about AI’s role in combat, the rise of Chinese-style techno-authoritarianism, and US vulnerabilities in the Panama Canal.

Paul is the Executive Vice President of the Center for a New American Security. He’s authored two books, including Four Battlegrounds: Power in the Age of Artificial Intelligence. Prior to that, he completed multiple tours in Iraq and Afghanistan.

Paul shares Ed D’Agostino’s concerns about AI in the hands of adversaries like China, who are using AI-driven facial recognition for widespread public surveillance. Watch the interview to hear the part about China’s public surveillance that most Americans miss…

Please subscribe to Global Macro

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Do Third Parties Matter in U.S. Elections? A Deep Dive with Frank Luntz

Today’s guest, renowned political pollster Dr. Frank Luntz, believes the once absurd
thought of the two leading presidential candidates debating each other while one wears
prison orange and the other receives geriatric medical support is, in fact, a possibility.

Yet, 70% of Americans don’t want a Trump vs. Biden rematch. Have we finally reached
the point where a third-party candidate could win? Dr. Luntz shares invaluable insights
on the 2024 election with Mauldin Economics Publisher Ed D’Agostino.

Please be sure to subscribe to Global Macro Update on the Mauldin Economics
website. Subscribers get a free weekly email with a link to each new video, additional
commentary from Ed D’Agostino on these interviews, and a full transcript.

Go here to subscribe to Global Macro Update:

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Ex-Fed Economist Claudia Sahm on Global Dynamics, Politics, and the Economy

Good stuff is happening. GDP is up. Unemployment is low. Inflation has dropped. And families are bringing in more money than they have in years. Yet people seem miserable. Former Fed economist Claudia Sahm explains the disconnect between the rosy economic data and how people perceive things.

Please be sure to subscribe to Global Macro Update on the Mauldin Economics website. Subscribers get a free weekly email with a link to each new video, additional commentary from Ed D’Agostino on these interviews, and a full transcript.

Go here to subscribe to Global Macro Update:
https://www.mauldineconomics.com/go/JM528O/YTB

Learn more about Claudia Sahm here:
https://stayathomemacro.substack.com

Follow Claudia Sahm on LinkedIn:
https://www.linkedin.com/in/claudiasahm/

Follow Ed D’Agostino on

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The Collapse of the Unipolar World | Felix Zulauf

When Felix Zulauf has a hunch, he’s usually right. Mauldin Economics Publisher Ed D’Agostino interviews Zulauf, the former head of UBS’s institutional portfolio management group and the founder of Zulauf Consulting, about the end of the multipolar world and where the markets are headed.

Please be sure to subscribe to Global Macro Update on the Mauldin Economics website. Subscribers get a free weekly email with a link to each new video, additional commentary from Ed D’Agostino on these interviews, and a full transcript.

Go here to subscribe to Global Macro Update: https://www.mauldineconomics.com/go/JM528N/YTB

Learn more about Felix Zulauf here: https://www.felixzulauf.com/about-us/

Follow me on LinkedIn: https://www.linkedin.com/in/ed-d-agostino-415475296/

Please stay in touch by

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Investing as a Life Hedge and Opportunities in Emerging Markets | Jared Dillian

Argentina may have finally done something right. Mauldin Economics Publisher Ed D’Agostino interviews Jared Dillian, author of the soon-to-be-released book No Worries and Editor of The Daily Dirtnap, about investing in emerging markets, Argentina’s new anarcho-capitalist president-elect, and how to build a “life hedge” into your portfolio.

Preorder Jared Dillian’s new book, No Worries, here:
https://www.jareddillianmoney.com/go/JD037MS0014/MEC

Learn more about Jared Dillian here:
https://www.jareddillianmoney.com

Stay informed on the big trends by subscribing to Global Macro Update here:
https://www.mauldineconomics.com/go/JM528M/YTB

Follow me on LinkedIn:
https://www.linkedin.com/in/ed-d-agostino-415475296/

Please stay in touch by following me on X (formerly Twitter) @EdDAgostino:

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China’s GDP Mirage, Investment Risks, and Financial Overhaul with George Magnus

China wants to de-risk its economy away from the US and US allies. As former UBS economist George Magnus put it in this episode of Global Macro Update, China has been “pursuing policies that we would now call decoupling” for the past 10 or 15 years. Its goal is to “establish dominant market shares of 70% or more in a range of modern industries at the frontier of science and technology.”

George is the author of several books, including Red Flags: How Xi’s China Is in Jeopardy. He’s also an associate at Oxford University’s China Centre. He speaks to Mauldin Economics Publisher Ed D’Agostino about everything investors need to know about China today.

You can learn more about George Magnus here:
https://www.georgemagnus.com

Stay informed on the big trends by subscribing to Global Macro

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No Coincidence: US Enemies Foment War Across the Globe

“Usually, coincidences don’t exist in geopolitics.” Mauldin Economics Partner & COO Ed D’Agostino speaks to Jacob Shapiro of Cognitive Investments about military tensions running hot across the globe.

The Israel-Hamas war is top of mind. But at the same time, Kosovo is pointing fingers at Serbia over a gun battle at a monastery. China’s Coast Guard rammed into a Philippine boat in contested waters in the South China Sea. And the war in Ukraine rages on. It almost makes you wonder if US enemies are acting in concert to spread our military and budget thin.

You can learn more about Jacob Shapiro here: https://www.cognitive.investments/Jacob-Shapiro

Stay informed on the big trends by subscribing to Global Macro Update here:
https://www.mauldineconomics.com/go/JM528K/YTB

Please stay in

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Former CIA Director on Israel, Ukraine, and China | General Petraeus

Few people bring together as much expertise on the military, geopolitics, and investing as former CIA Director General David Petraeus, who is currently a partner at global investment firm KKR.
General Petraeus is also the co-author of a new book, Conflict: The Evolution of Warfare from 1945 to Ukraine.
Learn more here: https://www.harpercollins.com/products/conflict-david-petraeusandrew-roberts?variant=41006278508578

In this episode of Global Macro Update, Petraeus and Mauldin Economics Partner Ed D’Agostino discuss how the conflict in the Middle East could escalate, what Putin has really accomplished in Ukraine, and the United States’ delicate relationship with China.

As Petraeus says, in the past decade we’ve gone from a world of “benign globalization” to one of “renewed great

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The Geopolitics of Reshoring: A New World Order

Mexico is now the #1 US trading partner. This is no fluke. Mexico has the second-cheapest labor costs in the world, right behind India. China has slipped to number seven.

These are all pieces of an unstoppable, multi-industry investing megatrend that the Mauldin Economics Macro Team is tracking. Find out where they see investable opportunities in this megatrend, including three specific companies on their Watchlist.

Time stamps:
00:00 – Introduction
00:15 – Foreign companies dominate advanced electronics we depend on
01:16 – TSMC’s location exposes the US to security risks
01:30 – Apple’s role in the Great Reshoring
02:23 – Taiwan’s national autonomy in question
03:00 – Lack of resilience leads to billions in lost revenue
03:57 – Can’t depend on China for rare earth elements
05:08 –

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Why Uranium Prices Are Skyrocketing: Expert Insights with a Uranium CEO | Amir Adnani

The US cannot rely on Russia and its satellite states for uranium anymore. Mauldin Economics COO Ed D’Agostino and Uranium Energy Corp. CEO Amir Adnani talk US energy policy and the critical role nuclear plays for the US military, NASA, and artificial intelligence-backed technologies.

You can learn more about Amir Adnani here:
https://www.uraniumenergy.com/about/meet-the-team/officers-and-directors/

Stay informed on the big trends by subscribing to Global Macro Update here:
https://www.mauldineconomics.com/go/JM528E/YTB

Please stay in touch by following me on X (formerly Twitter) @EdDAgostino
https://twitter.com/EdDAgostino

Time stamps:

00:00 – The most exciting macro-investing story of the day

01:28 – A supercharged version of 2007

04:40 – Russia’s grip on uranium enrichment

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End of an Era: Jacob Shapiro on Why Globalization Was a 30-Year Aberration

Mauldin Economics COO Ed D’Agostino interviews the master of nuance Jacob Shapiro, a partner at Cognitive Investments and co-founder of Geopolitical Futures with the legendary George Friedman. Jacob breaks down why the last 30 years of globalization were an aberration, how it started to unwind with Obama’s tire/poultry trade war, and which country will become “the next China.”

You can learn more about Jacob Shapiro here:
https://www.cognitive.investments/Jacob-Shapiro

Stay informed on the big trends by subscribing to Global Macro Update here:
https://www.mauldineconomics.com/go/JM528G/YTB

Please stay in touch by following me on X (formerly Twitter) @EdDAgostino:
https://twitter.com/EdDAgostino

Time stamps:

00:00 – Get used to higher prices

00:25 – Intro to Jacob Shapiro

02:29 –

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Powell’s Singular Focus, Housing Stagflation & Avoiding a Kinetic Battle with China | Peter Boockvar

Bleakley Advisory Group CIO Peter Boockvar shares the only thing Fed Chair Jerome Powell cares about, why new housing construction is about to plummet, and what dog food says about the economy. Boockvar says talk of China’s economic Armageddon is overblown and highlights why that’s good for everyone.

You can learn more about Peter Boockvar here:
https://www.bleakley.com/peter-boockvar-joins-bleakley-advisory-group-as-chief-investment-officer

Stay informed on the big trends by subscribing to Global Macro Update here:
https://www.mauldineconomics.com/go/JM528D/YTB

Please stay in touch by following me on X (formerly Twitter) @EdDAgostino:
https://twitter.com/EdDAgostino

Time stamps:

1:53 – New inflation data

13:22 – Economic soft-landing?

19:50 – What doesn’t happen because of the

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What the WSJ Gets Wrong About China with Louis Gave

Mauldin Economics COO Ed D’Agostino talks to Louis Gave, CEO of Gavekal Research, about China’s so-called economic crisis, the Fed’s unspoken third mandate, and “the real story of the summer.” You’ll also hear about Louis Gave’s top investment themes, the future of reshoring, and what the United States’ $30+ trillion debt train means for the US dollar.

You can learn more about Louis Gave here:
https://research.gavekal.com/author/louis-vincent-gave/

Stay informed on the big trends by subscribing to Global Macro Update here:
https://www.mauldineconomics.com/go/JM528A/YTB

Please stay in touch by following me on X (formerly Twitter) @EdDAgostino:
https://twitter.com/EdDAgostino

Time stamps:

Introduction: 00:00

The world’s most important asset class: 01:03

The Fed’s unspoken third

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What Uranium Bulls Get Wrong & How Bill Gates Is Backing Nuclear with Jan Stuart

Jan Stuart has one of the most fascinating jobs in finance. As an energy analyst at investment bank Piper Sandler, he not only monitors trends in the energy markets, but also the spiderweb of geopolitical forces that affect how (and if) 8 billion people across the globe keep the lights on.

In the latest Global Macro Update interview, Jan and Mauldin Economics COO Ed D’Agostino discuss nuclear energy’s “green” makeover, the private support Bill Gates is pouring into nuclear development, and whether uranium bulls are too early to the party.

You can learn more about Jan Stuart here: http://www.pipersandler.com/about/people/jan-stuart

Stay informed on the big trends by subscribing to Global Macro Update here:
https://www.mauldineconomics.com/go/JM499Z20/YTB

Please stay in touch by

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Space Wars, Taiwan Under Siege, and “Rich Men North of Richmond” with Dr. Pippa Malmgren

I am very excited to have Dr. Pippa Malmgren as my guest this week.

Our discussion touches on a wide spectrum of strategic hot spots, including the state of modern warfare.

The war theater has changed, advises Pippa, and the new battlefield has moved into space. It’s the new race to control what’s orbiting the planet.

We live in a GPS-dominated world, which completely relies on satellites. If an adversary knocks out the right satellite—and this capability exists today—our world would grind to a halt.

Other risks include the strategic use of “space junk” that create debris fields and render an entire critical orbit unusable. This is a tactic Russia has already deployed.

In WWII, taking the next hill was part of a battle mission. Today, it’s taking the next planetary body. The moon

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Fentanyl & Cartels: China’s Deadly Drug War with the US | Allison Fedirka

US trade with China is way down with one disturbing exception: fentanyl. Thousands of Chinese companies are capable of manufacturing ingredients needed to produce the drug and exporting them to the West, along with instructions on how to create fentanyl powder.

Many of these companies are state-owned enterprises, according to Allison Fedirka, my guest this week. She says there is no denying that China’s government is involved with the fentanyl drug trade to the US.

Allison Fedirka is the director of analysis at Geopolitical Futures (GPF). My readers are familiar with the in-depth work of George Friedman and his team at GPF.

Fentanyl is the number one cause of drug overdoses in the US. The involvement of Mexico’s drug cartels, and the possible expansion of fentanyl production into

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Rates, Housing, Inflation, and Zombies with Barry Habib

Zombie companies need cheap money to survive. Cheap money is a thing of the past, and casualties are piling up. It’s a familiar script: borrow money to fund growth, and compete on price. That business model fails when interest rates rise quickly. As debt-burdened, low-cost providers get squeezed by higher rates, more will fail. The irony is that culling weak companies may actually be inflationary—a knock-on effect the Fed will not welcome. My guest this week is a Mauldin Economics favorite—Barry Habib of Highway.ai. Barry is concerned about the Fed’s approach to data. He fears it is looking for clues in the rear-view mirror. Looking ahead and extrapolating trends would give the Fed a better perspective and less incentive to raise rates.

There are a lot of variables in the real estate

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The Power of Price and Margin Strategies | Samuel Rines

When inflation spiked last year, companies responded by raising their prices. As price pressures started to ease, companies opted to prioritize pricing over volume. The move made perfect sense, says Samuel Rines, Managing Director at Corbu, LLC, as pricing helped maintain margins. It’s a strategy he has dubbed “price and margin” (PAM). And as input costs retreated and prices stayed steady, the money fell to the bottom line. It’s one of the things that kept him bullish in the face of widespread bearishness early this year. He also sees several things simmering beneath the surface that suggest the economy may not be as weak as many believe.

All that and more are covered in this week’s conversation with Sam.

You can learn more about Sam, his work, and his book here:

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Get Elected and Profit Like Pelosi

Trust in elected officials has been in steady decline for decades. It’s hard to decide if members of Congress and other elected officials are self-serving or civil servants. One thing is certain—many are getting richer while in office. They are investing based on insider knowledge. If you or I did that, we’d go to jail. If you are in Congress, it’s perfectly legal.

Matt K. Lewis just released a book on this topic, and he pulls no punches. Filthy Rich Politicians explains just how badly our system is broken and which politicians are the most egregious when it comes to lining their pockets.

In this week’s conversation, Matt and I discuss:

– Legal trading on insider information.
– Politicians’ quest for “honest graft.”
– Nepotism: How friends and family get rich.
– How much money you

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ESG: Trillions Squandered and Zero Progress

The envisioned benefits of ESG investing—owning companies that follow responsible environmental, social, and governance policies—have failed to materialize. Instead, the blind acceptance of ESG precepts has resulted in trillions of dollars being misallocated and zero progress toward its principle target: climate change.

Terrence Keeley, author of Sustainable: Moving Beyond ESG to Impact Investing, shows how ESG got the ideology right and the methodology wrong. So far, socially responsible investing hasn’t changed anything while handing investors subpar returns.

In this interview, Terry and I discuss:

– ESG will not be enough. We need economic growth that benefits more people and is sustainable.

– Why we must invest in “dirty” firms if we want to make them greener.

– How to achieve

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