The Disentangling, De-Globalizing World

This is the biggest capital event of our lifetime. It's the first time we've retired an enormous amount of operating capital stock that works incredibly well for the sake of the externalities. We're going to replace it with stuff that possibly doesn't work as well. The last investment question comes back to ESG. There is a backlash which isn't entirely surprising given how euphoric and how commercial much of the investment industry has been. Basic diligence should allow you to overweight things that are government, he says.