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The week of February 7: ESG, net zero’s troubles, inflation, modern monetary theory, and much, much more.

Before we dive into this week’s Capital Letter, a reminder: NRI’s biennial regional seminars are back, starting with Palm Beach (February 16), Newport Beach (March 2), and Menlo Park (March 3). Please scroll down for more details.

NRPLUS MEMBER ARTICLE T he purpose of a pension fund (unless the pensioners actively choose otherwise) should be (on a risk-adjusted basis) to maximize financial return. The pursuit of a socio-political agenda should be no part of its managers’ mandate.

And yet (via Bloomberg):

New York’s $280 billion state pension fund will divest more than $238 million in shares and bonds of oil and gas companies including Pioneer Natural Resources Co.Hess

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