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Yeah, I work in ESG and the question of primary vs secondary markets is IMO not one asked enough when it comes to ESG investing.
What's interesting right now is "funding the transition" - ie if you blacklist all the oil companies you cut off their ability to invest in decarbonisation when they are some of the companies best placed to do so.
brokenbetty
We can set the analogy aside if you like.
I think this debate is really about a deeper point, i.e. the nature of capital in the modern economy and what we really mean when we talk about returns on capital. Are all dividends just stolen wages or is there a separate factor of production that needs to be compensated etc etc