Doug Casey on the impact of DIE and ESG on corporate cultures

The concepts of DIE (diversity, inclusion, and equity) and ESG (environmental, social, and governance) have inundated corporate culture like a tidal wave of sewage.  They’re viewed as being good, positive, and something that everybody should observe when they should be thrown out with the garbage.  They’re purely destructive. 

One of the causes for this, other than our corrupt education system, is that corporations today are usually not run by entrepreneurs.  Entrepreneurs, the founders, generally have one way of thinking.  Later, managers take over.  The company is then run by suits, heavy with lawyers and accountants. They’re what the French call “petit fonctionnaires.”  These are people with bureaucratic mindsets, better at backslapping and backstabbing than creating value, who come to consider themselves as masters of the universe.  It’s not good.

~ Doug Casey, "Doug Casey on Why Woke Corporations Will Go Broke," International Man, June 14, 2022

Carla Harris on venture capital funds going to women and minorities

There was about $3.8 billion that were allocated to black and hispanic founders last year [2020].  That number was $11 billion this year [2021].  Now the amount of VC dollars distributed also skyrocketed, and with respect to women, while the percentage was down, the absolute amount went up.  It was $3.8 billion and change that was allocated to female founders last year [2020].  That number was over $6 billion this year [2021]: only 2%, but the absolute dollars is something we need to pay attention to.  Slowly but surely, it's starting to penetrate.

~ Carla Harris, Morgan Stanley senior client advisor, Bloomberg TV interview, February 1, 2022

Kevin Duffy on diversity and Big Tech

The greatest long-term threat to Silicon Valley in general and the tech behemoths in particular may be the corrupting influence of egalitarian groupthink, all in the name of "diversity."

~ Kevin Duffy, The Coffee Can Portfolio, August 11, 2020

Daniel Ajamian on diversity and equality

Another utopia, requiring yet another new man.  The perfectibility of man was now man’s responsibility, not God’s.  We have a war on cancer, a war on drugs, a war on poverty, a war on terror, a war on a virus.  We must eliminate bigotry, racism, prejudice.  We must embrace diversity: we are all different.  In the same head and at the same time we must embrace equality: we are all the same.

~ Daniel Ajamian, "The Greatest Political Strategist in History," talk delivered at the 2020 Mises University

WealthManagement.com: blacks make up 7% of employees at ESG firms

White people make up about 80% of employees in socially responsible investment firms, according to a January 2019 study published by industry consultants and financial advisers about racial disparities in the workforce. Black people account for just 7% of employees among the firms that were surveyed.

~ "ESG Investors Are Confronting a Race Problem of Their Own," WealthManagement.com, June 25, 2020

Friedrich Hayek on how trade requires diversity

Exchange is productive; it does increase the satisfaction of human needs from available resources.  Civilisation is so complex - and trade so productive - because the subjective worlds of the individuals living in the civilised world differ so much.  Apparently paradoxically, diversity of individual purposes leads to a greater power to satisfy needs generally than does homogeneity, unanimity and control - and, also paradoxically, this is so because diversity enables men to master and dispose of more information.  Only a clear analysis of the market process can resolve these apparent paradoxes.

~ Friedrich Hayek, The Fatal Conceit, Chapter 6: "The Mysterious World of Trade and Money"

Micron Technology publishes its second annual diversity report

Micron Technology, Inc. (MU), today announced the publication of its second annual diversity, equality and inclusion report. The report is part of the company’s continued efforts to build a diverse workforce and inclusive culture. It demonstrates Micron’s progress in several key areas, including women’s representation, pay equity and growth of employee resource groups (ERGs).

~ GlobeNewswire, "Micron Publishes Fiscal 2019 Diversity, Equality and Inclusion Report," December 4, 2019