{"id":1494518,"date":"2022-05-27T11:44:39","date_gmt":"2022-05-27T15:44:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1494518"},"modified":"2022-05-27T11:44:41","modified_gmt":"2022-05-27T15:44:41","slug":"get-woke-go-broke-entrepreneur-predicts-a-reckoning-against-woke-capital","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/get-woke-go-broke-entrepreneur-predicts-a-reckoning-against-woke-capital\/","title":{"rendered":"Get Woke, Go Broke: Entrepreneur Predicts A Reckoning Against Woke Capital"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fget-woke-go-broke-entrepreneur-predicts-a-reckoning-against-woke-capital%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1494518&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>When Americans invest their hard-earned savings, they do not want those funds backing woke corporations\u2019 political agendas.<\/p>\n<p>Earlier this week, an exclusive <a href=\"https:\/\/www.dailywire.com\/news\/poll-by-two-to-one-margin-investors-reject-woke-companies-pushing-political-causes\">Daily Wire poll conducted by Echelon Insights<\/a> showed that Americans want companies they invest in to stop preaching and pursue profits. While 29% of respondents agreed it is a \u201cgood thing\u201d for companies to leverage their financial power for political or social means supported by executives, 58% \u2014 twice as many \u2014 said it is a \u201cbad thing.\u201d<\/p>\n<p>In an interview with \u201cMorning Wire,\u201d entrepreneur Vivek Ramaswamy explained that there is a \u201cdistinction\u201d between actual investors and investment institutions \u2014 and the former are tired of the latter tipping the scales of the political debate without their consent.<\/p>\n<p>\u201cThis is not a right or left-wing issue,\u201d Ramaswamy, the founder of <a href=\"https:\/\/www.dailywire.com\/news\/entrepreneur-who-launched-anti-woke-asset-management-fund-reports-flood-of-job-applicants\">excellence capitalism<\/a> asset management firm Strive, explained. \u201cThat\u2019s why you see a two-to-one ratio here.\u201d<\/p>\n<p>Ramaswamy observed that even for progressive investors who want to see their favorite causes advanced, the best way to do so is not through a corporate entity.<\/p>\n<p>\u201cThe way you would want to do it is to generate wealth for yourself that you can donate philanthropically,\u201d he said. \u201cAnd the way you generate wealth for yourself is through a capital market that most effectively enhances return. But what you\u2019re doing through a politicized economy is effectively handing that power over instead to a small group of investment institutions, to the corporate boardrooms of this country that aren\u2019t even the most effective ways of advancing your political agenda, even if you wanted to \u2014 say, from the progressive side or from the left-wing side.\u201d<\/p>\n<p>The Daily Wire poll found that most investors prefer to focus on profits instead of Environmental, Social, and Governance (ESG) goals \u2014 in which a company arranges its operations to be inseparable from a progressive agenda \u2014 when they choose their own assets, and most believe that other investors should have the same opportunity.<\/p>\n<p>Ramaswamy noted that there is a \u201cprincipal agent conflict\u201d at play when \u201cthe person who speaks on behalf of the client is saying things to corporate America that the client himself would not want to say.\u201d Indeed, asset managers like BlackRock, State Street, Vanguard \u2014 which manage a collective $21 trillion in capital \u2014 often pressure companies they hold to pursue racial or gender-based quota systems, diversity programs, and other political initiatives.<\/p>\n<p>\u201cYou might ask the question of why it is that those large firms are doing what they do. And this is really just a form of crony capitalism,\u201d Ramaswamy diagnosed. \u201cWhat they get in return is government favors. I mean, if you look at who got to administer the COVID-19 stimulus packages, it was none other than BlackRock \u2014 that\u2019s a pretty profitable business to be in. If you look at who staffs the Biden administration, including the Treasury Department, including in the Council of Economic Advisors, including the vice president\u2019s staff \u2014 a lot of BlackRock alumni. They are doing what the party in power wants them to do in return for favors that allow them to aggregate greater not only profit, but greater power.\u201d<\/p>\n<p>What is the most realistic way for investors to opt out of ESG-style investments \u2014 a right that 66% of investors supported in the Daily Wire poll? According to Ramaswamy, look no further than market competition.<\/p>\n<p>\u201cThat\u2019s a big part of why I founded Strive. To say, you know what we need? True diversity in the marketplace of ideas \u2014 including in asset management \u2014 that at least matches the true diversity of perspectives in the American economy that everyday citizens and everyday consumers share as well,\u201d Ramaswamy said. \u201cThat doesn\u2019t exist today\u2026 Do I think that citizens should be able to have their capital invested in ways that take their voice and their preferred advocacy behavior into account by their asset managers? Absolutely.\u201d<\/p>\n<p>\u201cI think that that reform is coming, but it\u2019s only going to come because of actual market competition. Not because we wish it into existence,\u201d he added.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When Americans invest their hard-earned savings, they do not want those funds backing woke corporations\u2019 political agendas. Earlier this week, an exclusive Daily Wire poll conducted by Echelon Insights showed that Americans want companies they invest in to stop preaching and pursue profits. While 29% of respondents agreed it is a \u201cgood thing\u201d for companies &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1482399,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1494518","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1494518","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1494518"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1494518\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1482399"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1494518"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1494518"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1494518"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}