And the unkillable rates-growth stocks argument
Next, it is also possible that ESG-positive companies tend to become bureaucratic messes, and will therefore underperform over time. Modern corporations’ exclusive focus on shareholder returns has encouraged the flow of capital into productive companies and given those companies an effective organising principle. Perhaps companies that put stakeholders — employees, fellow citizens and so on — on par with shareholders lose focus and underperform.
, because those companies’ future profits are worth less relative to the risk-free returns from holding Treasurys to maturity. The problem with the argument is, or should be, well known. Long-term interest rates change for various reasons, most importantly because of monetary policy and the outlooks for growth and inflation. If rates are rising because the growth outlook is stronger, then while the discount rate rises, profits should rise too. This is an offsetting effect.
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