Taking politics out of investing is a worthy goal, if you actually do it

Florida’s governor hailed good news for the retired: the Sunshine State’s pension fund will now base its investment decisions on returns. What was it doing before?

Well, according to Ron DeSantis, tax dollars and proxy votes had been “commandeered” by “wealthy, woke” chief executives with ideological delusions. Under a resolution passed last week, managers are no longer allowed to “sacrifice investment return” to “promote any non-pecuniary factors” when investing state funds or participating in votes.

“Our economy’s going to be much better off if everything’s not politicised,” DeSantis declared, escalating a politicised fightback against environmental, social and governance, or so-called ESG, policies.

Let’s be honest here. Mere discussion of this topic can occasionally prompt eyes to glaze over. But bear with me.