Utah State Treasurer Marlo Oaks recently made headlines for his outspoken opposition to ESG investing in Utah. ESG, which stands for environmental, social, and governance, is a popular investment strategy that seeks to align financial goals with social and environmental goals. But Oaks believes that ESG investing is not in the best interests of Utah's taxpayers.
According to Oaks, ESG investing can be risky and expensive, and it may not provide the returns that Utah needs to fund its public services. He also argues that ESG investing can be politically motivated, and that it may lead to the exclusion of certain industries, such as fossil fuels, that are important to Utah's economy.
Oaks is not alone in his opposition to ESG investing. Many conservatives and business leaders have criticized the strategy as a form of virtue signaling that prioritizes social and environmental goals over financial performance. But supporters of ESG investing argue that it can actually lead to better financial performance in the long run, as companies that prioritize sustainability and good governance tend to be more resilient and successful over time.
Regardless of the debate over ESG investing, it is clear that many investors are interested in socially responsible investing strategies. According to a recent survey by Morgan Stanley, 75% of investors are interested in sustainable investing, and 71% believe that companies who prioritize ESG factors may be more profitable in the long run.
In other investing news, Disney recently announced plans for a multi-billion-dollar investment in its Walt Disney World park in Florida. CEO Bob Iger revealed that the company plans to invest in new attractions, hotels, and transportation infrastructure over the next 10 years, in an effort to make the park more appealing to visitors and boost revenue.
Meanwhile, good news on the public health front and a bullish analyst report helped to drive up shares of a major insurer. The company's stock rose after news broke that a new COVID-19 treatment had shown promising results in clinical trials, and an analyst team released a report predicting strong earnings growth for the company in the coming year.
In the airline industry, Raymond James recently updated its estimates for U.S. airlines ahead of Q1/23 earnings reports. The update was primarily due to a more positive outlook for travel demand, as vaccination rates increase and COVID-19 restrictions ease in many parts of the world.
And in the oil industry, OPEC+ surprised investors with a decision to cut crude production, which helped to boost oil prices. The move was seen as a strategic effort to recapture prices above $80 per barrel, which many OPEC+ members see as a key threshold for profitability.
Finally, the Saudi Arabian government is making a big bet on the video game industry, with a $38 billion investment in the country's potential to become a major hub for gaming. The investment will fund the creation of new gaming studios, as well as training and development programs for local talent.
Overall, the world of investing is always changing, with new trends and strategies emerging all the time. Whether you are a seasoned investor or just starting out, it is important to stay informed and keep up with the latest news and developments in the markets.
