Musings on Markets: ESG's Russia Test: Trial by Fire or Crash and Burn?

The author critiques ESG (Environmental, Social, Governance) investing as a fundamentally flawed concept that failed to protect investors from Russia-related losses and argues that ESG measurement is endemic to the system rather than fixable. The article categorizes ESG defenders into three groups—Revisionists, Expansionists, and Utopians—and concludes that ESG will eventually be replaced by the next business fad (likely 'sustainability'), leaving only self-deluded practitioners and knowing charlatans in the space.