
Terrence Keeley’s celebration of Tim Buckley’s apparent conversion on the road to Damascus (“Vanguard’s CEO Bucks the ESG Orthodoxy,” op-ed, Feb. 27) is telling for what it omits. I’ll take at face value Mr. Buckley’s statement that “ESG investing does not have any advantage over broad-based investing,” but that admission understates the problem. Any investment strategy that imposes nonfiduciary constraints necessarily reduces return on investment.
Read Original