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(Mark Hulbert, an author and longtime investment columnist, is the founder of the Hulbert Financial Digest; his Hulbert Ratings audits investment newsletter returns.)
CHAPEL HILL, N.C. (Callaway Climate Insights) — What would you call a mutual fund company that has increased its ownership of ExxonMobil XOM 0.00%↑ shares in every calendar year of the past two decades except for the pandemic year of 2020?
Climate change denier? Money grubber that prioritizes profits over the planet?
Wrong on both counts. Would you believe that the right answer is Vanguard, the mutual fund giant that those on the right claim to be too “woke” — the fund company that Texas has prevented from doing business with any state pension plans because of its alleged antipathy to fossil fuels?
Only in America can the largest shareholder of one of the world’s largest oil and gas firms be accused of being too hostile towards fossil fuels.
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