The DC Today - Thursday, February 2, 2023
The Dividend Cafe
The Dividend Cafe - The Bahnsen Group
4.9 • 572 Ratings
🗓️ 2 February 2023
⏱️ 8 minutes
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Summary
ASK DAVID “Could you give us some tips on what we can do to fight ESG?”
~ Mark S.
It is the subject of much obsession at places like National Review’s Capital Matters, and I am engaged in many efforts to fight for the interests of shareholders when it comes to the activity of corporate managers taking their P’s and Q’s from the radical and incoherent agenda of various fads and virtue-signaling alphabet soup movements. I have primarily noted that ESG has really been more of a marketing tactic for Wall Street to raise money at higher fees than anything else. But there is no question that there are many other consequences and intentions behind the movement, and that the movement’s lack of clarity and specificity as to what “environmental, social, and governance” principles they advocate has rendered it a moving target. I commend Aswath Damodaran of NYU for his frequent wisdom on the issue, and I will soon be posting more about general shareholder activism and rights and what TBG is doing in this regard.
Links mentioned in this episode: [TheDCToday.com] (https://bahnsen.co/3JyLk8w) DividendCafe.com TheBahnsenGroup.com
Transcript
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| 0:00.0 | Welcome to the DC Today, your daily market synopsis of the Dividing Cafe, brought to you every Monday through Thursday to bring you up-to-date information and perspective on financial markets. |
| 0:15.2 | Well, hello and welcome to the Thursday, D.C. today. If my voice sounds a little bit hoarse, it's because the Pacific |
| 0:23.1 | Christian Tritons are the San Joaquin League champions as of last night, outright league champs, |
| 0:29.8 | and, you know, perhaps I was there and perhaps my voice got a little use. But more importantly, |
| 0:36.0 | it was a really interesting day of markets. The day after |
| 0:38.4 | Fed Day actually saw a rally continuation. And I love something that has happened. And some people |
| 0:43.4 | aren't going to understand this. A bunch of stocks are getting hit really hard right now after |
| 0:49.1 | market. And a bunch of stocks were up huge today during market. And it's all company specifics. |
| 0:56.1 | You have the largest social media company in the world was up 23% today alone. |
| 1:01.3 | And as I'm talking after hours, and by the way, this could rotate later because that happens from time to time in the immediate aftermath of the futures market. |
| 1:13.4 | And, you know, aftermarket activities are not always as reliable. |
| 1:17.9 | But I'm going to check the update as I'm speaking here. |
| 1:21.8 | But you have a rather significant revenue decline at Apple is the largest company in the world. |
| 1:28.7 | And I bring it up because it's in the media right now. |
| 1:31.5 | And you had idiosyncratic or bottom up fundamental news that has not been well received |
| 1:36.9 | by the largest e-commerce retailer in the world and the largest search engine. |
| 1:41.7 | So these are big tech companies all down. |
| 1:44.2 | You got other big tech companies that were up. And my point is, that's not about the Fed. |
| 1:48.7 | And that's what I mean, why it's reasonably positive to see the market acting in that more |
| 1:55.3 | idiosyncratic and bottom up way. It is Darwinian. Some companies are responding to unexpected good news. Other companies |
| 2:03.6 | are responding poorly to unexpected bad news. And that's interesting for a day after the Fed. I want to |
| 2:10.2 | continue checking numbers as we're speaking. But so far, everything I said is holding up. |
... |
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