Why ESG Isn't Really New

Some of the ESG corporate social responsibility type themes, I see lots of companies now, it's very de rigueur to publish annual sustainability reports. They're very thick, they come with lots of colorful pictures, I assume they're very expensive.

But this concept isn't a new one when it comes to our investing philosophy and company selection. As a rule, if you've got a company that tends to pollute its sites, treat its stakeholders poorly, run the business with shoddy governance, that's a recipe for a losing investment.

We've been doing this style of thing long before it had an acronym, and it's kind of blended into all the facets of our investing process.