https://financialpreparedness.com/wp-content/uploads/2022/10/221014_FP88.pdf

The point I want to make is that this kind of utopian crazy talk can only occur at the end of a long and artificially large bull market, when investors, managers and policymakers take profitability (and thus financial survival) for granted. If not for the Fed's massive currency printing and ultra-low interest rates since 2009, we wouldn't be talking about this kind of pie-in-the-sky nonsense. Instead of trying to hold white men accountable for their alleged implicit racism, Vanguard would be focused on their actual fiduciary duty: holding corporate managers accountable for producing profits.

Several months ago I was reading a book when I saw this quote, which I thought perfectly captured the zeitgeist: “This sort of thing [universities losing top researchers and consolidating hard science departments to save money while creating new chaired professorships in diversity studies and diverting more funding to campus diversity offices] illustrates the kind of priorities that emerge in a bubble that is not only financial but also intellectual....bubbles burst when people catch on...since [a] boom is based on expectations, things can go south with amazing speed once those expectations start to shift.” ~ Glenn Harlan Reynolds, The Higher Education Bubble

Investors are starting to catch on that their assets have been quietly hijacked by a small clique of do-gooder zealots, which may help explain why global stock markets have tanked in recent months.