EAGG - 'Dean of Valuation' to ESG advocates: Stop lying about the movement's costs

New York University professor Aswath Damodaran, a Seeking Alpha contributor and widely followed valuation expert, doubled down Thursday on his criticisms of the environmental, social and governance movement, saying that ESG advocates typically underplay the costs associated with reforms. In an interview with CNBC, Damodaran argued that investors were being "co-opted" by companies and investment funds through the ESG movement when it should be the investors themselves making informed choices that weigh social and environmental concerns vs. potential returns. "Stop lying," he told ESG advocates during his CNBC appearance. "Please be open and honest that being good will cost us, will inconvenience us." The remarks followed a series of tweets Damodaran sent early in the week in which he blasted ESG investments, calling arguments for the trend "muddled" and "incoherent." Damodaran argued that ESG success is hard to define, with different investors holding various ideas of what would make a company

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'Dean of Valuation' to ESG advocates: Stop lying about the movement's costs