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I've previously discussed ESG investing and how investing in what you view as subjective morality is actually nothing more than old school stock picking. I get it - we want to do what's right and make money. That's all well and good, but as it pertains to secondary markets and stock picking this is mostly a fool's errand and the investment management industry is taking advantage of this timely topic to sell what is nothing more than high fee active management sold as a do-gooder strategy that has its cake and eats it too. No.